<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q10-1q06.txt
<DESCRIPTION>SEABOARD CORPORATION 1QTR 2006 10-Q
<TEXT>


                             UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

                               FORM 10-Q

  (Mark One)

  { X } QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended April 1, 2006

                                  OR

  {   } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934

  For the transition period from ______________ to ________________

  Commission File Number 1-3390

                        Seaboard Corporation
       (Exact name of registrant as specified in its charter)

    Delaware                                       04-2260388
  (State or other jurisdiction of     (I.R.S. Employer Identification No.)
   incorporation or organization)

  9000 W. 67th Street, Shawnee Mission, Kansas                  66202
    (Address of principal executive offices)                 (Zip Code)

                            (913) 676-8800
         (Registrant's telephone number, including area code)

                           Not Applicable
    (Former name, former address and former fiscal year, if changed
                          since last report.)

       Indicate by check mark whether the registrant (1) has filed
  all reports required to be filed by Section 13 or 15(d) of the
  Securities Exchange Act of 1934 during the preceding 12 months
  (or for such shorter period that the registrant was required to
  file such reports), and (2) has been subject to such filing
  requirements for the past 90 days.  Yes   X  .  No    .

     Indicate by check mark whether the registrant is a large
  accelerated filer, an accelerated filer, or a non-accelerated
  filer. See definition of "accelerated filer and large accelerated
  filer" in Rule 12b-2 of the Exchange Act. (Check one):

  Large accelerated filer [   ]         Accelerated filer [ X ]

                       Non-accelerated filer [   ]

     Indicate by check mark whether the registrant is a shell company
  (as defined in Rule
      12b-2 of the Exchange Act).  Yes      .   No  X .

     There were 1,261,367.24 shares of common stock, $1.00 par
  value per share, outstanding on April 24, 2006.

                                   Total pages in filing - 19 pages

<PAGE> 1

PART 1 - FINANCIAL INFORMATION
Item 1.  Financial Statements


                  SEABOARD CORPORATION AND SUBSIDIARIES
              Condensed Consolidated Statements of Earnings
             (Thousands of dollars except per share amounts)
                               (Unaudited)

                                                  Three Months Ended
                                                 April 1,    April 2,
                                                   2006        2005
Net sales:
   Products                                   $  442,607  $  543,263
   Services                                      170,617     155,281
   Other                                          22,349      14,783
Total net sales                                  635,573     713,327
Cost of sales and operating expenses:
   Products                                      382,491     454,407
   Services                                      135,826     117,375
   Other                                          19,291      12,984
Total cost of sales and operating expenses       537,608     584,766
Gross income                                      97,965     128,561
Selling, general and administrative expenses      37,108      31,481
Operating income                                  60,857      97,080
Other income (expense):
   Interest expense                               (5,569)     (5,993)
   Interest income                                 5,994       3,504
   Loss from foreign affiliates                      (91)       (521)
   Minority and other noncontrolling interests    (1,454)       (432)
   Foreign currency gains                          3,268         682
   Miscellaneous, net                              4,784       3,007
Total other income, net                            6,932         247
Earnings before income taxes                      67,789      97,327
Income tax expense                               (16,249)    (28,650)
Net earnings                                  $   51,540  $   68,677

Earnings per common share                     $    40.86  $    54.72

Dividends declared per common share           $     0.75  $     0.75

Average number of shares outstanding           1,261,367   1,255,054

         See notes to condensed consolidated financial statements.

<PAGE> 2


                        SEABOARD CORPORATION AND SUBSIDIARIES
                        Condensed Consolidated Balance Sheets
                               (Thousands of dollars)
                                     (Unaudited)

                                                      April 1,   December 31,
                                                        2006        2005
                              Assets
Current assets:
   Cash and cash equivalents                       $   20,724   $   34,622
   Short-term investments                             350,336      377,874
   Receivables, net                                   212,560      223,024
   Inventories                                        325,256      331,133
   Deferred income taxes                               11,377        9,743
   Other current assets                                94,798       70,814
Total current assets                                1,015,051    1,047,210
Investments in and advances to foreign affiliates      41,035       39,992
Net property, plant and equipment                     624,394      626,580
Goodwill                                               28,372       28,372
Intangible assets, net                                 29,780       30,120
Other assets                                           47,749       44,047
Total assets                                       $1,786,381   $1,816,321

          Liabilities and Stockholders' Equity
Current liabilities:
   Notes payable to banks                          $   26,396   $   92,938
   Current maturities of long-term debt                61,355       61,415
   Accounts payable                                    86,709      112,177
   Other current liabilities                          167,986      152,859
Total current liabilities                             342,446      419,389
Long-term debt, less current maturities               198,693      201,063
Deferred income taxes                                 123,095      124,749
Other liabilities                                      58,869       57,216
Total non-current and deferred liabilities            380,657      383,028
Minority and other noncontrolling interests            36,381       36,034
Stockholders' equity:
  Common stock of $1 par value,
    Authorized 4,000,000 shares;
    issued and outstanding 1,261,367 shares             1,261        1,261
  Additional paid-in capital                           21,574       21,574
  Accumulated other comprehensive loss                (54,592)     (53,025)
  Retained earnings                                 1,058,654    1,008,060
Total stockholders' equity                          1,026,897      977,870
Total liabilities and stockholders' equity         $1,786,381   $1,816,321

            See notes to condensed consolidated financial statements.

<PAGE> 3


                           SEABOARD CORPORATION AND SUBSIDIARIES
                       Condensed Consolidated Statements of Cash Flows
                                  (Thousands of dollars)
                                       (Unaudited)

                                                       Three Months Ended
                                                      April 1,     April 2,
                                                        2006         2005
Cash flows from operating activities:
   Net earnings                                   $    51,540    $  68,677
   Adjustments to reconcile net earnings to cash
     from operating activities:
       Depreciation and amortization                   17,394       15,414
       Other investment loss (income), net               (746)         453
       Loss from foreign affiliates                        91          521
       Foreign currency exchange losses (gains)            35           (8)
       Minority and noncontrolling interest             1,454          432
       Deferred income taxes                           (1,754)      (1,691)
       Gain from sale of fixed assets                    (333)        (240)
   Changes in current assets and liabilities:
        Receivables, net of allowance                   9,411       (9,701)
        Inventories                                     4,716        4,286
        Other current assets                          (23,632)         431
        Current liabilities, exclusive of debt         (9,972)      21,002
   Other, net                                          (1,472)          62
Net cash from operating activities                     46,732       99,638
Cash flows from investing activities:
   Purchase of short-term investments              (1,249,900)    (175,381)
   Proceeds from the sale or maturity of
    short-term investments                          1,277,143      101,879
   Investments in and advances to foreign
    affiliates, net                                         -        1,557
   Capital expenditures                               (16,266)     (13,869)
   Proceeds from the sale of fixed assets               1,022          344
   Other, net                                            (263)       2,217
Net cash from investing activities                     11,736      (83,253)
Cash flows from financing activities:
   Notes payable to banks, net                        (66,542)       1,252
   Principal payments of long-term debt                (2,333)      (2,768)
   Dividends paid                                        (946)        (941)
   Other, net                                          (2,453)        (401)
Net cash from financing activities                    (72,274)      (2,858)
Effect of exchange rate change on cash                    (92)          71
Net change in cash and cash equivalents               (13,898)      13,598
Cash and cash equivalents at beginning of year         34,622       14,620
Cash and cash equivalents at end of period        $    20,724    $  28,218

           See notes to condensed consolidated financial statements.

<PAGE> 4

SEABOARD CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 - Accounting Policies and Basis of Presentation

The  condensed consolidated financial statements include the  accounts
of  Seaboard  Corporation  and its domestic and  foreign  subsidiaries
("Seaboard").  All significant intercompany balances and  transactions
have been eliminated in consolidation.  Seaboard's investments in non-
controlled  affiliates are accounted for by the  equity  method.   The
unaudited condensed consolidated financial statements should  be  read
in  conjunction with the consolidated financial statements of Seaboard
for the year ended December 31, 2005 as filed in its Annual Report  on
Form   10-K.    Seaboard's  first  three  quarterly  periods   include
approximately 13 weekly periods ending on the Saturday closest to  the
end of March, June and September.  Seaboard's year-end is December 31.

The accompanying unaudited condensed consolidated financial statements
include all adjustments (consisting only of normal recurring accruals)
which,  in  the  opinion  of  management, are  necessary  for  a  fair
presentation  of  financial position, results of operations  and  cash
flows.   Results of operations for interim periods are not necessarily
indicative of results to be expected for a full year.

Use of Estimates

The preparation of the consolidated financial statements in conformity
with U.S. generally accepted accounting principles requires management
to  make estimates and assumptions that affect the reported amounts of
assets  and  liabilities,  the disclosure  of  contingent  assets  and
liabilities at the date of the consolidated financial statements,  and
the  reported  amounts of revenues and expenses during  the  reporting
period.  Actual results could differ from those estimates.

Interest Rate Exchange Agreements

Seaboard's interest rate exchange agreements do not qualify as  hedges
for  accounting purposes.  During the first quarter of 2006,  Seaboard
recorded a gain of $2,919,000 compared to a gain of $2,978,000  during
the  first quarter of 2005 related to these agreements.  The gains and
losses   are   included  in  miscellaneous,  net  on   the   Condensed
Consolidated Statements of Earnings and reflect changes in fair market
value,  net of interest paid or received.  These include net  payments
of  $687,000  and  $1,689,000  during  2006  and  2005,  respectively,
resulting from the difference between the fixed rate paid and variable
rate received on these agreements.

Note 2 - Inventories

The  following  is  a  summary of inventories at  April  1,  2006  and
December 31, 2005:

                                                          April 1, December 31,
(Thousands of dollars)                                      2006      2005

At lower of LIFO cost or market:
    Live hogs & materials                                 $145,293   $146,661
    Fresh pork & materials                                  21,906     22,987
                                                           167,199    169,648
    LIFO adjustment                                            118        571
       Total inventories at lower of LIFO cost or market   167,317    170,219
At lower of FIFO cost or market:
    Grain, flour and feed                                  106,852    107,073
    Sugar produced & in process                             23,814     26,559
    Other                                                   27,273     27,282
       Total inventories at lower of FIFO cost or market   157,939    160,914
        Total inventories                                 $325,256   $331,133

Note 3 - Income Taxes

During the fourth quarter of 2004, President Bush signed into law H.R.
4520, the American Jobs Creation Act ("Act"). The Act is a significant
and  complicated  reform  of U.S. income tax  law.  The  Act  contains
several  provisions  which are favorable for Seaboard.  Of  particular
note, the Act repealed the prior law treatment of shipping income as a
component of subpart F income. This change allowed Seaboard  to  avoid
current  U.S. taxation on its post-2004 shipping income.   Originally,
there  was  ambiguity  with  the application  of  Treasury  Department
Regulations  resulting in Seaboard accruing $7,490,000 of tax  expense
on  shipping income in the first quarter of 2005. Ambiguity with  this
portion  of  the  Act  was favorably resolved by  a  Notice  from  the
Treasury

<PAGE> 5

Department subsequent to July 2, 2005.  Accordingly, Seaboard reversed
the previously accrued $7,490,000 as a reduction of income tax expense
in  the  second quarter of  2005.

Note 4 - Employee Benefits

Seaboard maintains a defined benefit pension plan ("the Plan") for its
domestic salaried and clerical employees.  As a result of its  current
liquidity  and  tax  positions,  in  February  2006  Seaboard  made  a
contribution   of   $3,811,000  which  was  the   maximum   deductible
contribution   allowed  for  the  2005  plan  year.    An   additional
contribution may be made during 2006 for the 2006 plan year, but  such
amount  is  not yet known.  Additionally, Seaboard also sponsors  non-
qualified,   unfunded  supplemental  executive  plans,  and   unfunded
supplemental  retirement agreements with certain executive  employees.
Management  currently  has  no  plans to  provide  funding  for  these
supplemental plans in advance of when the benefits are paid.

The net periodic benefit cost of these plans was as follows:

                                                    Three Months Ended
                                                    April 1,  April 2,
(Thousands of dollars)                                2006      2005

Components of net periodic benefit cost:
 Service cost                                       $   920   $   906
 Interest cost                                        1,185     1,107
 Expected return on plan assets                      (1,147)   (1,135)
 Amortization and other                                 484       297
 Net periodic benefit cost                          $ 1,442   $ 1,175

Note 5 - Commitments and Contingencies

Seaboard Foods LP ("Seaboard Foods") reached an agreement in  2002  to
settle litigation brought by the Sierra Club.  Under the terms of  the
settlement, Seaboard Foods conducted an investigation at three  farms.
Based  on the investigation, it has been determined that two farms  do
not  require  any  corrective action.  The investigation  at  the  one
remaining  farm  concluded that the lagoon at this farm  is  a  likely
source  of  elevated  nitrates in the ground  water.   Seaboard  Foods
advised the Oklahoma Department of Agriculture, Food & Forestry as  to
this  fact,  and is in the process of getting approval for and  making
the  necessary  corrective action, which will include  constructing  a
replacement lagoon.  The cost of the lagoon and any other implications
is  not  known  with  certainty,  but  the  cost  is  expected  to  be
approximately  $1,500,000.  Seaboard Foods has  given  notice  to  PIC
International Group, Inc. ("PIC"), the former owner of the farm, as to
its  right to indemnification from any loss as a result of the lagoon.
To date, PIC has declined to provide indemnification.

Seaboard  Foods is subject to a regulatory action and an investigation
by  the  United States Environmental Protection Agency ("EPA").   Such
action  involves  five  properties utilized  in  Seaboard  Foods'  hog
production  operations which were purchased from PIC.  Seaboard  Foods
has  undertaken  an extensive investigation, and has  had  significant
discussions  with  the EPA, proposing to take a number  of  corrective
actions  with respect to the farms, and one additional farm, in  order
to  attempt  to  settle  the  actions.  Originally,  the  EPA  advised
Seaboard Foods that any such settlement must include a civil  fine  of
$1,200,000, but the EPA has since reduced the amount of its demand for
a civil penalty to $305,000.  Seaboard Foods believes that the EPA has
no  authority  to impose a civil fine, but settlement discussions  are
continuing.

The  State of Oklahoma pursued a regulatory action with respect to the
same properties involved in the action by the EPA; however, the action
has  been settled.  Pursuant to the settlement, Seaboard Foods paid  a
fine   of  $100,000  and  agreed  to  undertake  certain  supplemental
environmental projects at a cost of $80,000, and agreed  to  undertake
specified  measures,  future monitoring  and  other  measures  if  the
specified measures are not effective.

PIC  is indemnifying Seaboard Foods with respect to the EPA action and
the  remedial  aspects of the State of Oklahoma settlement,  excluding
the  $100,000  state  fine  and  $80,000  in  costs  for  supplemental
environmental projects, pursuant to an indemnification agreement which
has  a  $5,000,000 limit.  To date, the $5,000,000 limit has not  been
exceeded.  The estimated cumulative costs which will be expended  will
total  approximately  $6,900,000, not including the  additional  legal
costs  required to negotiate the settlement or the penalties  demanded
by  the EPA and the settlement reached with the State of Oklahoma.  If
the  measures  taken  pursuant to the settlements are  not  effective,
other measures with additional costs may be required.  PIC has advised
Seaboard  Foods that it is not responsible for the costs in excess  of
$5,000,000.  Seaboard Foods disputes PIC's determination of the  costs
to  be included in the calculation to determine whether the $5,000,000
limit will  be

<PAGE> 6

exceeded, and believes that the costs to be considered are  less  than
$5,000,000, such that  PIC  is  responsible  for all  such  costs  and
penalties,  except for approximately $180,000 of  estimated costs that
would  be  incurred  over  5  years  subsequent  to the settlement for
certain testing and sampling. Seaboard  Foods  has  agreed  to conduct
such testing and sampling as  part  of the sampling it conducts in the
normal course  of  operations,  and  believes   that   the incremental
costs  incurred to conduct  such testing and  sampling  will  be  less
than $180,000.  Seaboard Foods  also  believes  that  a  more  general
indemnity  agreement  would  require  indemnification  of liability in
excess  of  $5,000,000 (excluding  the  estimated  $180,000  cost  for
testing   and   sampling),  although  PIC disputes this.

During  the  fourth  quarter of 2005, Seaboard's subsidiary,  Seaboard
Marine,  received a notice of violation letter from U.S.  Customs  and
Border  Protection demanding payment of a significant penalty  for  an
alleged  failure  to  manifest narcotics in connection  with  Seaboard
Marine's  shipping operations, in violation of a federal  statute  and
regulation.  Seaboard has responded to the allegations and is  waiting
for  a  response  from U.S. Customs and Border Protection.  Management
believes  that the resolution of the matter will not have  a  material
adverse effect on the consolidated financial statements of Seaboard.

Seaboard is subject to various other legal proceedings related to  the
normal  conduct  of  its  business,  including  various  environmental
related  actions.  In the opinion of management, none of these actions
is expected to result in a judgment having a materially adverse effect
on the consolidated financial statements of Seaboard.

Contingent Obligations

Certain of the non-consolidated affiliates and third party contractors
who  perform  services  for Seaboard have bank debt  supporting  their
underlying  operations.   From  time to time,  Seaboard  will  provide
guarantees   of  that  debt  allowing  a  lower  borrowing   rate   or
facilitating  third  party financing in order  to  further  Seaboard's
business  objectives.   Seaboard does not issue  guarantees  of  third
parties for compensation.  The following table sets forth the terms of
guarantees as of April 1, 2006.

Guarantee beneficiary                    Maximum exposure       Maturity

Foreign non-consolidated affiliate grain     $  712,000     Annual renewal
  processor - Uganda

Foreign non-consolidated affiliate food      $  400,000      August 2006
  product distributor - Ecuador

Various hog contract growers                 $1,578,000     Annual renewal

Seaboard  guaranteed a bank borrowing for a subsidiary  of  a  foreign
affiliate grain processor in Kenya, Unga Holdings Limited ("Unga"),  a
nonconsolidated milling affiliate, to facilitate bank  financing  used
for  the rehabilitation and expansion of a milling facility in Uganda.
This guarantee was a part of the original purchase agreement with Unga
when  Seaboard first invested in this company in 2000.  The  guarantee
can  be drawn upon in the event of non-payment of a bank borrowing  by
Unga.  While the guarantee may be cancelled by Seaboard annually,  the
bank has the right to draw on the guarantee in the event it is advised
that  the  guarantee will be cancelled.  The guarantee renews annually
until  the  debt  expires  in  2007.  Unga  Holdings  has  provided  a
reciprocal  guarantee to Seaboard.  As of April 1, 2006, $471,000  was
outstanding related to Seaboard's guarantee.

The  non-consolidated  affiliate food product distributor  in  Ecuador
purchases certain products from a U.S. domiciled vendor.  Seaboard has
guaranteed the payments for these purchases in order to secure  normal
credit terms for this affiliate.

Seaboard  has  guaranteed  a  portion of the  bank  debt  for  certain
farmers,  which  debt  proceeds were used to construct  facilities  to
raise  hogs  for Seaboard's Pork segment.  The guarantees enabled  the
farmers  to  obtain favorable financing terms.  These bank  guarantees
renew annually until the underlying debt is fully repaid in 2013-2014.
The maximum exposure to Seaboard from these guarantees is $1,578,000.

Seaboard  has  not accrued a liability for any of the third  party  or
affiliate guarantees as management considered the likelihood  of  loss
to be remote.

As  of  April 1, 2006, Seaboard had outstanding $56,521,000 of letters
of credit ("LCs") with various banks that reduced Seaboard's borrowing
capacity under its committed credit facility.  Included in this amount
are  LCs totaling $42,688,000 which support the Industrial Development
Revenue  Bonds  included  as long-term debt  and  $13,158,000  of  LCs
related to insurances coverages.

<PAGE> 7

Note  6  -  Stockholders' Equity and Accumulated  Other  Comprehensive
Income (Loss)

In  conjunction  with  a 2002 transaction ("the Transaction")  between
Seaboard  and  its  parent company, Seaboard Flour  LLC  ("the  Parent
Company"),  whereby  Seaboard effectively repurchased  shares  of  its
common  stock  owned by the Parent Company in return for repayment  of
all  indebtedness owed by the Parent Company to Seaboard,  the  Parent
Company also transferred to Seaboard rights to receive possible future
cash  payments from a subsidiary of the Parent Company and the benefit
of other assets owned by that subsidiary.   Seaboard also received tax
net  operating  losses  ("NOLs") which allow Seaboard  to  reduce  the
amount  of future income taxes it otherwise would pay.  To the  extent
Seaboard receives cash payments as a result of the transferred  rights
or  reduces  its federal income taxes payable by utilizing  the  NOLs,
Seaboard  agreed to issue to the Parent Company new shares  of  common
stock  with  a  value  equal  to the cash  received  and/or  the  NOLs
utilized.   The value of the common stock for purposes of  determining
the  number  of shares issued is equal to the ten day rolling  average
closing  price, determined as of the twentieth day prior to the  issue
date.   The  maximum  number of shares of common stock  which  may  be
issued  to  the  Parent  Company under the Transaction  is  capped  at
232,414.85, the number of shares which were originally purchased  from
the Parent Company.

On  September 15, 2005, Seaboard filed tax returns utilizing the  NOLs
resulting in reducing its federal income tax by $8,317,416.  Based  on
terms of the Transaction, the price of the shares of Seaboard's common
stock  to  be  issued to the Parent Company is equal to  the  ten  day
rolling  average  closing price prior to October 1,  2005,  which  was
$1,317.44.   This  resulted  in Seaboard issuing  6,313.34  shares  to
Parent Company on November 3, 2005.  As of April 1, 2006, Seaboard had
not  received  any  cash payments from the subsidiary  of  its  Parent
Company  and does not currently expect to receive any material  amount
of cash prior to the expiring of the right to receive such payments on
September 17, 2007.

Components  of total comprehensive income, net of related  taxes,  are
summarized as follows:

                                                        Three Months Ended
                                                         April 1,  April 2,
(Thousands of dollars)                                     2006      2005

Net earnings                                             $51,540   $68,677
Other comprehensive income (loss)
  net of applicable taxes:
   Foreign currency translation adjustment                (1,097)    1,723
   Unrealized gains (losses) on investments                 (398)      174
   Unrealized gains (losses) on cash flow hedges             (22)      155
   Amortization of deferred gain on interest rate swaps      (50)      (50)

Total comprehensive income                               $49,973   $70,679

The  components of and changes in accumulated other comprehensive loss
for the three months ended April 1, 2006 are as follows:

                                              Balance                Balance
                                            December 31,   Period    April 1,
(Thousands of dollars)                         2005        Change      2006

Foreign currency translation adjustment      $(53,229)    $(1,097)  $(54,326)
Unrealized gain on investments                    928        (398)       530
Unrecognized pension cost                      (1,041)          -     (1,041)
Net unrealized loss on cash flow hedges           (33)        (22)       (55)
Deferred gain on interest rate swaps              350         (50)       300

Accumulated other comprehensive loss         $(53,025)    $(1,567)  $(54,592)

The  unrecognized  pension cost is calculated  and  adjusted  annually
during the fourth quarter.  With the exception of the foreign currency
translation  loss to which a 35% federal tax rate is  applied,  income
taxes  for  components  of accumulated other comprehensive  loss  were
recorded using a 39% effective tax rate.

Note 7 - Segment Information

In  February  2005,  the  Board of Directors  of  the  Bulgarian  wine
business  ("the  Business"), and the majority of  the  owners  of  the
Business, including Seaboard, agreed to pursue the sale of the  entire
Business  or  all  of its assets.  As a result of additional  advances
made  during 2005, which changed distribution priorities, Seaboard  is
entitled to

<PAGE> 8

receive approximately 50% of any net sale proceeds of  this  Business'
equity after all  third  party  bank  debt  has  been  repaid.  As   a
result,  Seaboard decreased its share of the losses from 100% in  2005
to  50%  in 2006.  Based on current negotiations to sell a substantial
portion  of  the  Business  and all related  wine  labels,  and  other
information on the fair value for the sale of all other assets of this
Business,  management  believes  if negotiations  are  successful  the
remaining  carrying value of its investment at the time of disposition
will   be   recoverable  from  sales  proceeds.  Seaboard  anticipates
incurring additional losses from the operations of this Business until
the  sale  of  this Business is completed. As of April  1,  2006,  the
remaining carrying value of Seaboard's investments in and advances  to
this  Business  total  $3,180,000,  including  $2,689,000  of  foreign
currency translation gains recorded in other comprehensive income from
this Business which will be recognized in earnings upon completion  of
the sale. The investment and losses from the Business are included  in
the All Other segment. This Business is considered a variable interest
entity  and  the related maximum exposure to Seaboard is  $491,000  at
April 1, 2006.

The  following  tables set forth specific financial information  about
each  segment  as reviewed by Seaboard's management. Operating  income
for  segment reporting is prepared on the same basis as that used  for
consolidated operating income.  Operating income, along with income or
losses  from foreign affiliates for the Commodity Trading and  Milling
segment,  is  used  as  the measure of evaluating segment  performance
because  management does not consider interest and income tax  expense
on a segment basis.

Sales to External Customers:
                                                 Three Months Ended
                                                 April 1,   April 2,
(Thousands of dollars)                             2006       2005

Pork                                             $245,294   $242,436
Commodity Trading and Milling                     177,570    286,148
Marine                                            167,383    148,335
Sugar and Citrus                                   18,514     14,307
Power                                              22,349     14,783
All Other                                           4,463      7,318
   Segment/Consolidated Totals                   $635,573   $713,327

Operating Income:
                                                 Three Months Ended
                                                 April 1,   April 2,
(Thousands of dollars)                             2006       2005

Pork                                             $ 30,100   $ 50,424
Commodity Trading and Milling                       9,965     20,204
Marine                                             18,591     22,928
Sugar and Citrus                                    2,815      3,010
Power                                               2,000      1,046
All Other                                             669        525
   Segment Totals                                  64,140     98,137
Corporate Items                                    (3,283)    (1,057)
   Consolidated Totals                           $ 60,857   $ 97,080

Income (Loss) from Foreign Affiliates:

                                                 Three Months Ended
                                                 April 1,   April 2,
(Thousands of dollars)                             2006       2005

Commodity Trading and Milling                    $  1,722   $  2,112
Sugar and Citrus                                   (1,057)       198
All Other                                            (756)    (2,831)
   Segment/Consolidated Totals                   $    (91)  $   (521)

<PAGE> 9

Investments in and Advances to Foreign Affiliates:

                                                 April 1,  December 31,
(Thousands of dollars)                             2006       2005

Commodity Trading and Milling                    $ 37,055   $ 34,013
Sugar and Citrus                                      800      1,987
All Other                                           3,180      3,992
   Segment/Consolidated Totals                   $ 41,035   $ 39,992

Total Assets:
                                                   April 1,  December 31,
(Thousands of dollars)                               2006       2005

Pork                                             $  718,446 $  731,422
Commodity Trading and Milling                       308,534    282,160
Marine                                              155,000    150,797
Sugar and Citrus                                    109,001    112,882
Power                                                65,619     77,206
All Other                                             8,191      8,991
   Segment Totals                                 1,364,791  1,363,458
Corporate Items                                     421,590    452,863
   Consolidated Totals                           $1,786,381 $1,816,321

During  the third quarter of 2005, Seaboard revised its allocation  of
corporate  administrative  services  to  the  individual  segments  to
primarily represent corporate services rendered to and costs  incurred
for  each  specific division with no allocation to individual segments
of   general   corporate  management  oversight   costs.   Previously,
administrative  services  provided  by  the  corporate   office   were
primarily allocated to the individual segments based on the  size  and
nature  of  their  operations  with  certain  operating  expenses  not
specifically allocated to individual segments.  Operating  income  for
each  segment presented above for the three months ended April 2, 2005
have   been   adjusted  to  reflect  changes  in  the  allocation   of
administrative  services  by the corporate office.   Corporate  assets
include short-term investments, certain investments in and advances to
foreign  affiliates,  fixed assets, deferred  tax  amounts  and  other
miscellaneous  items.   Corporate operating losses  represent  certain
operating costs not specifically allocated to individual segments.

<PAGE> 10

Item  2.   Management's Discussion and Analysis of Financial Condition
and Results of Operations

LIQUIDITY AND CAPITAL RESOURCES

Summary of Sources and Uses of Cash

Cash   and   short-term  investments  decreased  $41.4  million   from
December 31, 2005 reflecting the repayments of $66.5 million of short-
term  borrowings  partially offset by cash generated from  operations.
Cash  from  operating activities totaled $46.7 million for  the  three
months  ended  April  1, 2006, of which $16.3  million  was  used  for
capital  expenditures and $66.5 million was used to  repay  short-term
borrowings.  Cash from operating activities for the three months ended
April  1,  2006 decreased $52.9 compared to the same period  one  year
earlier  primarily  reflecting  the  lower  earnings  for  the   Pork,
Commodity  Trading  and  Milling, and Marine segments.   Increases  in
working  capital needs in the Pork and Commodity Trading  and  Milling
segments  resulting from the timing of normal transactions  for  trade
payables  and voyage settlements, respectively, compared to the  first
quarter  of  2005  also  contributed to  the  decrease  in  cash  from
operating activities.

Capital Expenditures and Other Investing Activities

During  the three months ended April 1, 2006, Seaboard invested  $16.3
million  in  property, plant and equipment, of which $4.4 million  was
expended  in  the  Pork  segment, $0.7 million  was  expended  in  the
Commodity  Trading  and Milling segment, $7.1 million  in  the  Marine
segment,  and $2.9 million in the Sugar and Citrus segment.   For  the
Marine segment, $5.4 million was spent to purchase cargo carrying  and
handling  equipment.   In the Sugar and Citrus  segment,  the  capital
expenditures   were  primarily  used  for  harvesting  equipment   and
improvements to the plantation.  All other capital expenditures are of
a  normal  recurring  nature  and primarily  include  replacements  of
machinery  and  equipment,  and general  facility  modernizations  and
upgrades.

The  Pork  segment  is expanding its processed meats  capabilities  by
constructing a separate further processing plant, primarily for  bacon
and  sausage  processing, at an approximate  cost  of  $40.0  million.
Construction  of  this facility is expected to  begin  in  the  second
quarter  of 2006 with approximately $30.0 million to be spent in  2006
and approximately $10.0 million to be spent in 2007.  In addition, the
Pork  segment  is pursuing the construction of a processing  plant  to
utilize  by-products  from  its Guymon  processing  plant  to  produce
biodiesel  at  an  approximate cost of $35.0 million,  which  will  be
marketed to third parties.  Construction of this plant is expected  to
begin  in the second half of 2006 with approximately $15.0 million  to
be spent in 2006 and approximately $20.0 million to be spent in 2007.

For the remainder of 2006 management has budgeted capital expenditures
totaling $108.0 million.  In addition to the projects detailed  above,
the  Pork  segment  plans to spend $17.3 million  for  improvement  to
existing  hog facilities, expansion of the further processing capacity
acquired  from  Daily's, upgrades to the Guymon processing  plant  and
additional  facility  upgrades and related equipment.   The  Commodity
Trading and Milling segment plans to spend $6.2 million primarily  for
milling  facility upgrades and related equipment.  The Marine  segment
has  budgeted $31.3 million for additional cargo carrying and handling
equipment,  expansion of port facilities and to purchase containerized
cargo vessels currently chartered.  The Sugar and Citrus segment plans
to   spend  $6.6  million  for  improvements  to  the  plantation  and
harvesting  equipment.  The balance of $1.6 million is planned  to  be
spent  in all other businesses.  Management anticipates funding  these
capital expenditures from available cash and short-term investments.

Financing Activities and Debt

As  of  April 1, 2006, Seaboard had committed lines of credit totaling
$150.0  million  and  uncommitted lines totaling approximately  $104.9
million.  Borrowings outstanding under committed and uncommitted lines
as  of  April  1,  2006,  totaled $15.0  million  and  $11.4  million,
respectively.   The  $15.0  million  borrowing  under   the   two-year
committed line is classified in current liabilities at April  1,  2006
as Seaboard has the ability and intent to repay such borrowings during
the year. Outstanding standby letters of credit totaling $56.5 million
reduced Seaboard's borrowing capacity under its committed credit line,
primarily   representing  $42.7  million  for  Seaboard's  outstanding
Industrial  Development  Revenue Bonds and $13.2  million  related  to
insurance coverages.

Seaboard's  remaining 2006 scheduled long-term debt  maturities  total
$59.0 million.  Management believes that Seaboard's existing liquidity
from  available  cash and short term investments will be  adequate  to
make  these  scheduled debt payments and support  existing  operations
during   fiscal   2006.   Management  intends  to   continue   seeking
opportunities  for  expansion  in the  industries  in  which  Seaboard
operates.   Management periodically reviews various  alternatives  for
future financings to provide additional liquidity for future operating
plans.

See  Note 5 to the Condensed Consolidated Financial Statements  for  a
summary  of  Seaboard's contingent obligations,  including  guarantees
issued to support certain activities of non-consolidated affiliates or
third parties who provide services for Seaboard.

<PAGE> 11

RESULTS OF OPERATIONS

Net  sales decreased to $635.6 million for the first quarter  of  2006
compared  to  $713.3 million during the first quarter  of  2005.   The
decrease  in net sales primarily reflects the sale of some  components
of Seaboard's third party commodity trading operations in May 2005.

Operating income decreased to $60.9 million in 2006, compared to $97.1
during  the first quarter of 2005.  The decrease for the 2006  quarter
primarily represents lower pork prices and the effect of the  mark-to-
market  of commodity futures and options in the Commodity Trading  and
Milling segment.

Seaboard's  operations  typically  experience  cyclical  upswings  and
downswings.   During  2005 and the last half  of  2004,  Seaboard  had
experienced the positive effects from favorable pricing conditions  in
the  Pork  and Marine segments.  Cyclical downswings in  the  Pork  or
Marine industries or other industries in which Seaboard operates, will
adversely affect Seaboard's results from operations.

Operating income for each segment presented below for the three months
ended  April  2,  2005 have been adjusted to reflect  changes  in  the
allocation  of  administrative services by  the  corporate  office  as
discussed   in   Note  7  to  the  Condensed  Consolidated   Financial
Statements.

Pork Segment
                                                  Three Months Ended
                                                   April 1, April 2,
(Dollars in millions)                                2006     2005

Net sales                                          $245.3   $242.4
Operating income                                   $ 30.1   $ 50.4

Net  sales  for the Pork segment increased $2.9 million in  the  first
quarter  of 2006 compared to the first quarter of 2005.  The  increase
primarily  reflects the acquisition of Daily's in July 2005  partially
offset by lower sales prices for pork products.  Operating income  for
the  Pork segment decreased $20.3 million in the first quarter of 2006
compared to the first quarter of 2005 as a result of lower prices  for
pork  products  partially offset by lower costs for third  party  hogs
used  for processing.  During the first quarter of 2006, Triumph Foods
began  production at its new pork processing plant and Seaboard  began
marketing the related pork products for a commission.

Management is unable to predict future market prices for pork products
or the effect on market prices from marketing the increased volumes of
pork  products produced by Triumph Foods, and the cost of third  party
hogs  used  for  processing.  During 2005 and the last half  of  2004,
market  prices for pork products were high relative to historic norms.
Historically  high  market prices have not been  sustained  over  long
periods  of  time but rather rise and fall based on prevailing  market
conditions. Overall, management expects pork prices for the  remainder
of  2006  to  be  lower than 2005, which could result in significantly
lower  operating income for this segment during the remainder of  2006
compared to 2005.

Commodity Trading and Milling Segment
                                                  Three Months Ended
                                                   April 1, April 2,
(Dollars in millions)                                2006     2005

Net sales                                          $177.6   $286.1
Operating income                                   $ 10.0   $ 20.2
Income from foreign affiliates                     $  1.7   $  2.1

Net  sales  for  the  Commodity Trading and Milling segment  decreased
$108.5  million  in the first quarter of 2006 compared  to  the  first
quarter  of  2005.  The decrease primarily reflects the sale  of  some
components  of Seaboard's third party commodity trading operations  in
May 2005.

Operating income for this segment decreased $10.2 million in the first
quarter  of  2006  compared to the first quarter  of  2005,  primarily
reflecting  the $9.8 million fluctuation in 2006 compared to  2005  of
marking to market the derivative contracts as discussed below and,  to
a lesser extent, the sale of operations as mentioned above.  Partially
offsetting  the decrease was the improved gross margin percentage  for
the  commodity  trading business.  Due to the uncertain political  and
economic  conditions  in  the countries in  which  Seaboard  operates,
management  is  unable to predict future sales and operating  results,
but  anticipates positive operating income for the remainder of  2006,
excluding  the  potential  effects of  marking  to  market  derivative
contracts.

<PAGE> 12

Had  Seaboard  applied hedge accounting to its derivative instruments,
operating  income  would have been unchanged in the first  quarter  of
2006  and  lower by $9.8 million in the first quarter of 2005.   While
management  believes  its  foreign exchange  contracts  and  commodity
futures and options are economic hedges of its firm purchase and sales
contracts,  Seaboard  does  not perform the  extensive  record-keeping
required  to  account  for  either type of derivative  as  hedges  for
accounting purposes.  Accordingly, while the changes in value  of  the
derivative instruments were marked to market, the changes in value  of
the firm purchase or sales contracts were not.  As a result, operating
income  for  the  first quarter of 2006 includes commodity  derivative
gains  of  $1.6  million compared to gains of  $6.5  million  in  2005
related  to  these mark-to-market adjustments. In addition,  operating
income  for  the  first quarter of 2006 includes losses  from  foreign
exchange  derivative contracts of $1.6 million compared  to  gains  of
$3.3 million in 2005

Income  from foreign affiliates in the first quarter of 2006 decreased
by  $0.4  million  compared to the first quarter of  2005.   Based  on
current  political and economic situations in the countries  in  which
the  flour  and feed mills operate, management cannot predict  whether
the  foreign  affiliates will remain profitable for the  remainder  of
2006.

Marine Segment
                                                  Three Months Ended
                                                   April 1, April 2,
(Dollars in millions)                                2006     2005

Net sales                                          $167.4   $148.3
Operating income                                   $ 18.6   $ 22.9

Net  sales for the Marine segment increased $19.1 million in the first
quarter  of  2006  compared to the first quarter  of  2005  reflecting
higher average cargo rates in most markets.  Management cannot predict
whether  rates will continue to increase or be in an amount sufficient
to cover increases in charter hire and fuel related expenses.

Operating income for the Marine segment decreased $4.3 million in  the
first quarter of 2006 compared to the first quarter of 2005, primarily
reflecting  higher  fuel  costs,  charter  hire  expenses  and  inland
transportation costs.  Although management cannot predict  changes  in
future  cargo rates, fuel related costs, charter hire expenses  or  to
what  extent changes in economic conditions will impact cargo volumes,
it  does expect this segment to remain profitable for the remainder of
2006 although lower than 2005.

Sugar and Citrus Segment
                                                  Three Months Ended
                                                   April 1, April 2,
(Dollars in millions)                                2006     2005

Net sales                                          $ 18.5   $ 14.3
Operating income                                   $  2.8   $  3.0
Income (loss) from foreign affiliates              $ (1.1)  $  0.2

Net  sales for the Sugar and Citrus segment increased $4.2 million  in
the  first  quarter  of 2006 compared to the first  quarter  of  2005,
primarily  reflecting  higher sales volumes of  sugar  from  increased
purchases  of  sugar from third parties for resale and,  to  a  lesser
extent,  increased  sugar  prices on export  sales.   Although  export
prices  have  increased,  management does not expect  Argentine  sugar
prices  to  significantly  increase during 2006  because  governmental
authorities are attempting to control inflation by limiting the  price
of  basic commodities, including sugar.  However, Seaboard expects  to
maintain its historical sales volume to Argentinean customers.

Operating income decreased $0.2 million in the first quarter  of  2006
compared  to the first quarter of 2005, even though sales were  higher
reflecting  the  small margin on sales of purchased sugar  from  third
parties.  Also affecting operating income were lower margins on  sales
of  owned sugar as a result of increased cost of production during the
last  harvest season and, to a lesser extent, higher selling,  general
and administrative expenses.  Management expects operating income will
remain positive for the remainder of 2006.

The  loss  from  foreign  affiliates for the  first  quarter  of  2006
represents  the expense of cancelling a franchisee agreement  incurred
during the quarter.

<PAGE> 13

Power Segment
                                                  Three Months Ended
                                                   April 1, April 2,
(Dollars in millions)                                2006     2005

Net sales                                          $ 22.3   $ 14.8
Operating income                                   $  2.0   $  1.0

Net  sales  for the Power segment increased $7.5 million in the  first
quarter  of  2006  compared to the first quarter  of  2005,  primarily
reflecting  higher rates.  Rates have increased during 2006  primarily
as  a result of higher fuel costs, a component of pricing.  During the
first  quarter of 2006, Seaboard's power production was restricted  by
the  regulatory authorities in the Dominican Republic.  The regulatory
body  schedules production based on the amount of funds  available  to
pay  for  the  power  produced and the relative  costs  of  the  power
produced.

Operating  income increased for the first quarter of 2006 compared  to
the  first quarter of 2005 primarily reflecting higher rates partially
offset  by  higher  fuel  cost and bad debt recoveries  in  the  first
quarter  of  2005.   Management currently cannot predict  if  it  will
remain profitable for the remainder of 2006 since the extent to  which
the  regulatory authority will restrict Seaboard's production of power
is uncertain.

All Other
                                                  Three Months Ended
                                                   April 1, April 2,
(Dollars in millions)                                2006     2005

Net sales                                          $  4.5   $  7.3
Operating income                                   $  0.7   $  0.5
Loss from foreign affiliate                        $ (0.8)  $ (2.8)

Net  sales decreased primarily as a result of discontinuing a  portion
of  Seaboard's transportation business during the second half of  2005
and combining the remaining related party portion of the business with
the  Pork segment.  Operating income increased during 2006 as a result
of improvements in the jalapeno pepper operations.

The  loss  from foreign affiliate reflects Seaboard's share of  losses
from  its  equity method investment in a Bulgarian wine business.   In
2006  Seaboard recorded 50% of the losses from this business  compared
to  100%  in  2005.    Management expects additional losses  from  the
operations of this business for the remainder of 2006.  See Note 7  to
the Condensed Consolidated Financial Statements for further discussion
of this business and intentions to sell the business.

Selling, General and Administrative Expenses

Selling,  general  and administrative ("SG&A") expenses  increased  by
$5.6  million  in  the  first quarter of 2006 compared  to  the  first
quarter of 2005 primarily as a result of the acquisition of Daily's in
the Pork segment, increases in the Marine segment reflecting increased
selling costs related to the volume growth of this business and, to  a
lesser extent, as a result of bad debt recoveries in the first quarter
of  2005  in  the Power segment.  In addition, during 2006 there  were
increased  costs related to Seaboard's deferred compensation  programs
(which   are   primarily  offset  by  the  effect  of   mark-to-market
investments  recorded  in miscellaneous, net discussed  below).  As  a
percentage of revenues, SG&A increased to 5.8% in the first quarter of
2006  compared  to 4.4% for the first quarter of 2005  primarily  from
lower  net  sales  as  a  result of the sale  of  some  components  of
Seaboard's third party commodity trading operations in May 2005.

Interest Income

Interest  income increased $2.5 million in the first quarter  of  2006
compared to the first quarter of 2005 primarily reflecting the  higher
level  of  average funds invested during 2006 and to a lesser  extent,
higher interest rates.

Minority and Other Noncontrolling Interests

Minority  and  other noncontrolling interests expense  increased  $1.0
million in the first quarter of 2006 compared to the first quarter  of
2005  primarily  reflecting the minority interest resulting  from  the
acquisition of Daily's in July 2005.

Foreign Currency Gains

Seaboard  realized net foreign currency gains of $3.3 million  in  the
first quarter of 2006 compared with $0.7 million of gains in 2005. The
increase  in  foreign currency gains is primarily related to  currency
appreciation  in  certain African operations of the Commodity  Trading
and Milling segment.

<PAGE> 14

Miscellaneous, Net

Increase  in miscellaneous, net in the first quarter of 2006 primarily
reflects  an  increase  of  $1.3 million from  the  mark-to-market  of
Seaboard's investments related to its deferred compensation  programs.
The  first  quarter of 2006 also includes income of $0.3 million  from
the  decrease in the value of put option value relating to the Daily's
acquisition in July 2005.

Income Tax Expense

The  effective  tax  rate  decreased  during  2006  compared  to  2005
primarily  as a result of changes to the treatment of shipping  income
by  the  U.S.  taxing authorities as further discussed in  Note  3  of
Condensed Consolidated Financial Statements.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Seaboard is exposed to various types of market risks from its  day-to-
day  operations.  Seaboard utilizes derivative instruments to mitigate
certain  of these risks including both purchases and sales of  futures
and   options  to  hedge  inventories,  forward  purchase  and   sales
contracts,  and anticipatory raw material needs.  From time  to  time,
Seaboard may enter into speculative derivative transactions related to
its  market  risks.   The nature of Seaboard's  market  risk  exposure
related   to   these   items   has  not   changed   materially   since
December 31, 2005.

Item 4.  Controls and Procedures

Evaluation   of  Disclosure  Controls  and  Procedures  -   Seaboard's
management  evaluated, under the direction of our chief executive  and
chief  financial officers, the effectiveness of Seaboard's  disclosure
controls and procedures as defined in Exchange Act 15(d) - 15(e) as of
April  1,  2006.   Based upon and as of the date of  that  evaluation,
Seaboard's chief executive and chief financial officers concluded that
Seaboard's disclosure controls and procedures were effective to ensure
that information required to be disclosed in the reports it files  and
submits  under  the  Securities Exchange  Act  of  1934  is  recorded,
processed, summarized and reported as and when required.  It should be
noted  that any system of disclosure controls and procedures,  however
well  designed  and  operated, can provide only  reasonable,  and  not
absolute,  assurance that the objectives of the system  are  met.   In
addition,  the  design  of  any  system  of  disclosure  controls  and
procedures  is based in part upon assumptions about the likelihood  of
future  events.   Due to these and other inherent limitations  of  any
such  system,  there can be no assurance that any design  will  always
succeed  in  achieving  its stated goals under  all  potential  future
conditions.

Change  in  Internal  Controls - During the  third  quarter  of  2005,
Seaboard   completed  the  acquisition  of  Daily's.   Management   is
currently  completing  post  merger integration  plans  which  include
converting  certain  accounting information  systems  and  is  in  the
process  of documenting and evaluating internal controls with  respect
to Daily's.   Although management does not consider it material to its
results  of  operations, Seaboard intends to extend its Sarbanes-Oxley
Act of 2002 Section 404 compliance program to include Daily's with  an
effective  date  of  July  1,  2006.  There  has  been  no  change  in
Seaboard's  internal  control over financial reporting  that  occurred
during  the  fiscal  quarter ended April 1, 2006 that  has  materially
affected,  or  is  reasonably likely to materially affect,  Seaboard's
internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Seaboard's  subsidiary,  Seaboard  Foods  LP  ("Seaboard  Foods"),  is
subject  to an ongoing Unilateral Administrative Order ("RCRA  Order")
pursuant  to  Section 7003 of the Resource Conservation  and  Recovery
Act,  as  amended, 42 U.S.C. Sec. 6973 ("RCRA"), filed by  the  United
States Environmental Protection Agency ("EPA") on June 29, 2001. These
same  farms  were the subject of a Notice of Violation letter received
from  the   State  of  Oklahoma,  alleging  that  Seaboard  Foods  has
violated  various  provisions  of  state law and the operating permits
based on the same conditions which gave rise to the RCRA Order.

Effective April 20, 2006, a settlement was reached with the  State  of
Oklahoma, pursuant to which Seaboard Foods paid a fine of $100,000 and
agreed to undertake certain supplemental environmental projects  at  a
cost  of  $80,000, and agreed to undertake specified measures,  future
monitoring  and  other  measures if the  specified  measures  are  not
effective.

PIC  is indemnifying Seaboard Foods with respect to the EPA action and
the  remedial  aspects of the State of Oklahoma settlement,  excluding
the  $100,000  state  fine  and  $80,000  in  costs  for  supplemental
environmental projects, pursuant to an indemnification agreement which
has  a  $5,000,000 limit.  To date, the $5,000,000 limit has not  been
exceeded.  The estimated cumulative costs which will be expended  will
total  approximately  $6,900,000, not including the  additional  legal
costs  required to negotiate the settlement or the penalties

<PAGE> 15

demanded by  the  EPA  and  the  settlement reached  with the State of
Oklahoma.  If the measures taken  pursuant to the settlements are  not
effective,  other measures with additional costs may be required.  PIC
has advised Seaboard Foods that it is not responsible for the costs in
excess  of $5,000,000.  Seaboard Foods disputes PIC's determination of
the  costs to  be included in the calculation to determine whether the
$5,000,000 limit  will  be exceeded, and believes that the costs to be
considered are less  than $5,000,000, such that PIC is responsible for
all  such  costs  and  penalties, except for approximately $180,000 of
estimated  costs that would be incurred over 5 years subsequent to the
settlement  for  certain  testing  and sampling.  Seaboard  Foods  has
agreed to conduct such testing and sampling as part of the sampling it
conducts  in  the  normal  course of operations, and believes that the
incremental  costs  incurred to conduct such testing and sampling will
be less  than  $180,000.   Seaboard  Foods  also  believes that a more
general indemnity agreement would require indemnification of liability
in  excess  of $5,000,000 (excluding the estimated $180,000  cost  for
testing  and sampling), although PIC disputes this.

The  EPA  also  has been conducting a broad-reaching investigation  of
Seaboard  Foods, seeking information as to compliance with  the  Clean
Water  Act ("CWA"), Comprehensive Environmental Response, Compensation
& Liability Act ("CERCLA") and the Clean Water Act.  The EPA initially
proposed to settle the matter by Seaboard Foods paying a civil fine of
$345,000   and   taking  various  other  actions   which   will   cost
approximately  $150,000.   The EPA recently  reduced  the  civil  fine
portion   to  its  proposed  settlement  to  $305,000.   In  addition,
Seaboard Foods has applied to participate in the National AFO/CAFO Air
Emissions  Agreement with the EPA, with a portion of  the  civil  fine
being  applied  to satisfy the $100,000 payment owing  under  the  Air
Emissions Agreement.  Management believes it has meritorious legal and
factual  defenses and objections to the EPA's demands, but  settlement
discussions are continuing.

Item 1A.  Risk Factors

There have been no material changes in the risk factors as previously
disclosed in Seaboard's Annual Report on form 10-K for the year ended
December 31, 2005.

Item 4. Submission of Matters to a Vote of Security Holders

The annual meeting of stockholders was held on April 24, 2006 in
Needham, Massachusetts. Three items were
submitted to a vote of stockholders as described in Seaboard's Proxy
Statement dated March 30, 2006. The
following table briefly describes the proposals and results of the
stockholders' vote.

                                         Votes in    Votes
                                          Favor    Withheld

1. To elect the following persons
   as directors.

   H. Harry Bresky                     1,105,247.2   107,537
   David A. Adamsen                    1,196,804.2    15,980
   Douglas W. Baena                    1,196,851.2    15,933
   Joseph E. Rodrigues                 1,105,643.2   107,141
   Kevin M. Kennedy and                1,196,907.2    15,877
   Steven J. Bresky                    1,105,294.2   107,490

                                        Votes in     Votes     Votes
                                         Favor      Against  Abstaining

2. To ratify selection of KPMG LLP
   as independent auditors for 2006.   1,211,366.2   1,360      58

3. Approval of a proposed amendment to
   Article Third, Section 3 of
   Seaboard's Restated Certificate of
   Incorporation (relating to
   authorized business purposes)       1,211,325.2   1,340     119

4. Approval of a proposed amendment to
   Article Third, Section 4 of
   Seaboard's Restated Certificate of
   Incorporation (relating to
   pre-emptive rights and conversion
   rights)                             1,133,831.2   1,612   1,344

5. Approval of a proposed amendment to
   Article Third, Section 5 of
   Seaboard's Restated Certificate of
   Incorporation (relating to
   Seaboard's perpetual existence)     1,211,432.2   1,226     126

<PAGE> 16

6. Approval of a proposed amendment to
   Article Third, Section 6 of
   Seaboard's Restated Certificate of
   Incorporation (relating to
   insulation of stockholders from
   Seaboard's debts)                   1,135,526.2   1,124     137

7. Approval of a proposed amendment to
   Article Third, Section 7 of
   Seaboard's Restated Certificate of
   Incorporation (relating to the
   powers of the Board of Directors)   1,209,737.2   1,699   1,348

8. Approval of a proposed amendment to
   Article Third, Section 8 of
   Seaboard's Restated Certificate of
   Incorporation (relating to
   director's self-interest in
   transactions)                       1,210,319.2   2,073     392

9. Approval of a proposed amendment to
   Article Third, Section 8 of
   Seaboard's Restated Certificate of
   Incorporation (relating to
   indemnification of directors and
   officers)                           1,209,109.2   2,090   1,585

10. Approval of a proposed amendment
    and restatement of Seaboard's
    Restated Certificate of
    Incorporation                      1,210,720.2   1,631     433

Item 6.  Exhibits

 3.1 Restated Certificate of  Incorporation  of  Seaboard  Corporation

31.1 Certification of the Chief Executive Officer Pursuant to Exchange
     Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302
     of the Sarbanes-Oxley Act of 2002

31.2 Certification of the Chief Financial Officer Pursuant to Exchange
     Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302
     of the Sarbanes-Oxley Act of 2002

32.1 Certification  of  the  Chief Executive Officer  Pursuant  to  18
     U.S.C.  Section 1350, as Adopted Pursuant to Section 906  of  the
     Sarbanes-Oxley Act of 2002

32.2 Certification  of  the  Chief Financial Officer  Pursuant  to  18
     U.S.C.  Section 1350, as Adopted Pursuant to Section 906  of  the
     Sarbanes-Oxley Act of 2002

<PAGE> 17

This Form 10-Q contains forward-looking statements with respect to the
financial condition, results of operations, plans, objectives,  future
performance  and business of Seaboard Corporation and its subsidiaries
(Seaboard).  Forward-looking statements generally may be identified as
statements that are not historical in nature; and statements  preceded
by,  followed  by  or  that include the words  "believes,"  "expects,"
"may,"   "will,"   "should,"   "could,"  "anticipates,"   "estimates,"
"intends,"  or similar expressions.  In more specific terms,  forward-
looking statements, include, without limitation: statements concerning
projection of revenues, income or loss, capital expenditures,  capital
structure  or other financial items, including the impact of  mark-to-
market accounting on operating income; statements regarding the  plans
and  objectives  of  management for future operations;  statements  of
future  economic performance; statements regarding the intent,  belief
or  current  expectations of Seaboard and its management with  respect
to: (i) Seaboard's ability to obtain adequate financing and liquidity,
(ii)  the  price of feed stocks and other materials used by  Seaboard,
(iii)  the  sale price or market conditions for pork, sugar and  other
products, (iv) the sales price or market conditions for other products
and  services, (v) statements concerning management's expectations  of
recorded tax effects under existing circumstances, (vi) the ability of
trading  and milling to successfully compete in the markets it  serves
and the volume of business and working capital requirements associated
with  the  competitive trading environment, (vii)   the  charter  hire
rates  and  fuel  prices  for vessels, (viii)  the  stability  of  the
Dominican Republic's economy and demand for power, related spot market
prices  and  collectibility of receivables in the Dominican  Republic,
(ix) the effect of the fluctuation in exchange rates for the Dominican
Republic peso, (x) the potential effect of Seaboard's investment in  a
wine  business  on  the  consolidated financial statements,  (xi)  the
potential   impact  of  various  environmental  actions   pending   or
threatened against Seaboard, (xii) statements concerning profitability
or  sales volume of any of Seaboard's segments,  (xiii) the impact  of
the  2005  Daily's  acquisition  in enhancing  Seaboard's  ability  to
venture  into  other  further  processed  pork  products,  (xiv)   the
timetable  for the Triumph Foods pork processing plant to  reach  full
double  shift  operating  capacity, (xv) the ability  of  Seaboard  to
successfully market the increased volume of pork produced  by  Triumph
Foods,  (xvi)  the  anticipated  costs and  completion  timetable  for
Seaboard's  scheduled  capital improvements, or  (xvii)  other  trends
affecting Seaboard's financial condition or results of operations, and
statements  of the assumptions underlying or relating to  any  of  the
foregoing statements.

Forward-looking statements are not guarantees of future performance or
results.   They involve risks, uncertainties and assumptions.   Actual
results  may differ materially from those contemplated by the forward-
looking  statements  due  to a variety of  factors.   The  information
contained in this report, including without limitation the information
under  the headings "Management's Discussion and Analysis of Financial
Condition  and  Results of Operations," identifies  important  factors
which could cause such differences.

<PAGE> 18



                              SIGNATURES


Pursuant  to the requirements of the Securities Exchange Act of  1934,
the  registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.




                           DATE:  May 5, 2006
                           Seaboard Corporation


                           by:  /s/ Robert L. Steer
                                Robert L. Steer, Senior Vice President,
                                Treasurer and Chief Financial Officer
                                (principal financial officer)



                           by:  /s/ John A. Virgo
                                John A. Virgo, Vice President,
                                Corporate Controller and
                                Chief Accounting Officer
                                (principal accounting officer)

<PAGE> 19


</TEXT>
</DOCUMENT>
