<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q22006.txt
<DESCRIPTION>SEABOARD CORPORATION 2QTR 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 July 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 July 31, 2006.

                                   Total pages in filing - 19 pages

<PAGE> 1

  PART I - 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          Six Months Ended
                             July 1,      July 2,      July 1,      July 2,
                              2006         2005         2006         2005
Net sales:
   Products              $  482,493   $  547,689   $  925,100   $1,090,952
   Services                 183,017      168,475      353,634      323,756
   Other                     23,427       20,798       45,776       35,581
Total net sales             688,937      736,962    1,324,510    1,450,289
Cost of sales and
 operating expenses:
   Products                 410,563      475,454      793,054      929,861
   Services                 143,786      130,697      279,612      248,072
   Other                     19,491       16,311       38,782       29,295
Total cost of sales
 and operating expenses     573,840      622,462    1,111,448    1,207,228
Gross income                115,097      114,500      213,062      243,061
Selling, general and
 administrative expenses     37,029       32,352       74,137       63,833
Operating income             78,068       82,148      138,925      179,228
Other income (expense):
   Interest expense          (4,765)      (5,611)     (10,334)     (11,604)
   Interest income            5,537        2,752       11,531        6,256
   Income (loss) from
    foreign affiliates        2,120       (1,223)       2,029       (1,744)
   Minority and other
    noncontrolling
    interests                (1,668)         (40)      (3,122)        (472)
   Foreign currency
    gains (losses), net        (855)        (623)       2,413           59
   Loss from the sale of
    a portion of operations       -       (1,773)           -       (1,773)
   Miscellaneous, net         1,387       (2,701)       6,171          306
Total other income
 (expense), net               1,756       (9,219)       8,688       (8,972)
Earnings before income
 taxes                       79,824       72,929      147,613      170,256
Income tax expense          (10,634)     (10,345)     (26,883)     (38,995)
Net earnings             $   69,190   $   62,584   $  120,730   $  131,261

Earnings per common
 share                   $    54.85   $    49.87   $    95.71   $   104.59
Dividends declared
 per common share        $     0.75   $     0.75   $     1.50   $     1.50
Average number of
 shares outstanding       1,261,367    1,255,054    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)

                                                   July 1,     December 31,
                                                     2006          2005

                        Assets
Current assets:
   Cash and cash equivalents                       $ 36,623     $   34,622
   Short-term investments                           368,685        377,874
   Receivables, net                                 222,878        223,024
   Inventories                                      307,525        331,133
   Deferred income taxes                             11,513          9,743
   Other current assets                              56,816         70,814
Total current assets                              1,004,040      1,047,210
Investments in and advances to foreign affiliates    41,438         39,992
Net property, plant and equipment                   622,899        626,580
Goodwill                                             28,372         28,372
Intangible assets, net                               29,440         30,120
Other assets                                         49,394         44,047
Total assets                                     $1,775,583     $1,816,321

              Liabilities and Stockholders' Equity
Current liabilities:
   Notes payable to banks                        $    8,099     $   92,938
   Current maturities of long-term debt              61,101         61,415
   Accounts payable                                  90,642        112,177
   Other current liabilities                        136,326        152,859
Total current liabilities                           296,168        419,389
Long-term debt, less current maturities             171,959        201,063
Deferred income taxes                               121,816        124,749
Other liabilities                                    52,843         57,216
Total non-current and deferred liabilities          346,618        383,028
Minority and other noncontrolling interests          36,950         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             (53,886)       (53,025)
   Retained earnings                              1,126,898      1,008,060
Total stockholders' equity                        1,095,847        977,870
Total liabilities and stockholders' equity       $1,775,583     $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)

                                                        Six Months Ended
                                                      July 1,       July 2,
                                                       2006          2005
Cash flows from operating activities:
   Net earnings                                   $   120,730    $  131,261
   Adjustments to reconcile net earnings to cash
     from operating activities:
       Depreciation and amortization                   34,887        30,943
       Other investment income, net                      (827)         (613)
       Loss (income) from foreign affiliates           (2,029)        1,744
       Foreign currency exchange losses (gains)            35           (29)
       Minority and noncontrolling interest             3,122           472
       Loss from the sale of a portion of operations        -         1,773
       Deferred income taxes                             (579)       (2,101)
       Gain from sale of fixed assets                    (585)         (412)
   Changes in current assets and liabilities:
        Receivables, net of allowance                  (3,273)        7,525
        Inventories                                    22,374        16,420
        Other current assets                           14,350        (2,447)
        Current liabilities, exclusive of debt        (37,639)          186
   Other, net                                          (8,608)        2,718
Net cash from operating activities                    141,958       187,440
Cash flows from investing activities:
   Purchase of short-term investments              (1,962,579)     (381,475)
   Proceeds from the sale or maturity of
    short-term investments                          1,972,731       262,172
   Investments in and advances to foreign
    affiliates, net                                     2,015         1,590
   Capital expenditures                               (32,974)      (33,082)
   Proceeds from the sale of a portion of operations        -        23,633
   Proceeds from the sale of fixed assets               1,596         1,408
   Other, net                                            (978)        2,938
Net cash from investing activities                    (20,189)     (122,816)
Cash flows from financing activities:
   Notes payable to banks, net                        (84,839)         (404)
   Principal payments of long-term debt               (29,422)      (30,084)
   Dividends paid                                      (1,892)       (1,883)
   Other, net                                          (3,552)         (436)
Net cash from financing activities                   (119,705)      (32,807)
Effect of exchange rate change on cash                    (63)          122
Net change in cash and cash equivalents                 2,001        31,939
Cash and cash equivalents at beginning of year         34,622        14,620
Cash and cash equivalents at end of period        $    36,623    $   46,559

           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 three and six months ended  July
1,  2006,  Seaboard  recorded net gains of  $455,000  and  $3,374,000,
respectively,  related  to  these agreements  compared  to  losses  of
$4,365,000  and $1,387,000 during the same periods 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.
During  the  second quarter of 2006, Seaboard terminated all  interest
rate  exchange agreements with a total notional value of $150,000,000.
Seaboard  made  payments in the amount of $1,028,000 to  unwind  these
swaps.   In addition, during the three and six month periods of  2006,
Seaboard  made  net  payments of $222,000 and  $909,000  respectively,
compared  to payments made of $733,000 and $2,422,000 during the  same
periods  of 2005 resulting from the difference between the fixed  rate
paid and variable rate received on these agreements.

New Accounting Standards

In  June 2006, the Financial Accounting Standards Board (FASB)  issued
FASB  Interpretation No. 48 (FIN 48), "Accounting for  Uncertainty  in
Income  Taxes",  which  defines  the  threshold  for  recognizing  the
benefits of tax-return positions in the financial statements as "more-
likely-than-not" to be sustained by the taxing authority.  FIN 48 also
prescribes  a  method  for  computing the  tax  benefit  of  such  tax
positions to recognize in the financial statements.  In addition,  FIN
48  provides  guidance on derecognition, classification, interest  and
penalties,  accounting in interim periods, disclosure and  transition.
Seaboard is currently assessing the impacts of adoption of FIN  48  on
its  results  of  operations and its financial position  and  will  be
required to adopt FIN 48 as of January 1, 2007.

<PAGE> 5

Note 2 - Inventories

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

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

At lower of LIFO cost or market:
    Live hogs & materials                                $143,266  $146,661
    Fresh pork & materials                                 16,957    22,987
                                                          160,223   169,648
    LIFO adjustment                                          (570)      571
       Total inventories at lower of LIFO cost or market  159,653   170,219

At lower of FIFO cost or market:
    Grain, flour and feed                                 100,702   107,073
    Sugar produced & in process                            16,044    26,559
    Other                                                  31,126    27,282
        Total inventories at lower of FIFO cost or market 147,872   160,914
          Total inventories                              $307,525  $331,133

Note 3 - Income Taxes

Seaboard's  tax  returns are regularly audited by federal,  state,  and
foreign  tax  authorities, which may result  in  adjustments.   In  the
second quarter of 2006, Seaboard reached a settlement with the Internal
Revenue  Service on its audit of Seaboard's 2004 and 2003 U.S.  Federal
Tax Returns.  The favorable resolution of these tax issues resulted  in
a  tax  benefit of $2,786,000 for items previously reserved  which  was
recorded in the second quarter of 2006.

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 means Seaboard will no longer  accrue
U.S. tax on its post-2004 shipping income, as such income is now deemed
to  be  permanently deferred foreign earnings.  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 and 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 is considering funding options, but currently has  no  plans
to  provide funding for these supplemental plans in advance of when the
benefits are paid.

Effective July 6, 2006, Mr. H. H. Bresky retired as President  and  CEO
of  Seaboard, remaining as Chairman of the Board.  As a result  of  Mr.
Bresky's retirement, he is entitled to an estimated lump sum payment of
approximately  $7,400,000  from Seaboard's Executive  Retirement  Plan.
Under the Act discussed in Note 3 above, there is a six month delay  of
benefit payments for key employees and thus Mr. Bresky will not be paid
his  lump  sum until January 2007.  It is expected that this  lump  sum
payment  will exceed the Company's service and interest cost components
under  this  plan  and  thus will require the Company  to  recognize  a
portion  of its actuarial losses, that are currently deferred, in  2007
when  the  Company  is  relieved  of  its  obligation.   Using  current
assumptions, this settlement loss is estimated at $2,500,000.

<PAGE> 6

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

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

Components of net periodic benefit cost:
 Service cost                   $ 1,208  $   952   $ 2,128   $ 1,858
 Interest cost                    1,405    1,097     2,589     2,204
 Expected return on plan assets  (1,084)  (1,129)   (2,231)   (2,264)
 Amortization and other             807      293     1,292       590
 Net periodic benefit cost      $ 2,336  $ 1,213   $ 3,778   $ 2,388

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  fine  to $275,000.  Seaboard Foods believes that the EPA has
no  authority  to impose a civil fine under these  circumstances,  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  amounts  expended  and the estimated cumulative future
capital expenditures total approximately $7,600,000, 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, but  has paid  expenditures in
excess of this amount.  Seaboard  Foods  disputes PIC's  determination
of the costs to  be included in the calculation to determine   whether
the $5,000,000 limit has been 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  engaged
in  discussions with U.S. Customs and

<PAGE> 7

Border Protection regarding  the matter. 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.  As of July 1, 2006,  Seaboard  had  three
guarantees  outstanding with a total maximum exposure  of  $2,403,000.
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 July 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 insurance coverages.

Commitments

During  the  second  quarter of 2006, Seaboard Foods  extended  a  hog
procurement  contract  one  additional  year.   This  resulted  in  an
additional commitment in the amount of $53,925,000 for 2008.  Seaboard
Foods   also   renegotiated  this  contract  resulting  in  additional
commitments in the amount of $12,831,000 and $13,451,000 for 2006  and
2007, respectively.

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 July 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.

<PAGE> 8

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

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

Net earnings                             $69,190  $62,584   $120,730  $131,261
Other comprehensive income (loss)
net of applicable taxes:
Foreign currency translation adjustment      228      711       (869)    2,434
Unrealized gains (losses) on investments     528     (127)       130        47
Unrealized gains (losses) on cash flow
 hedges                                        -        -        (22)      155
Amortization of deferred gain on interest
 rate swaps                                  (50)     (50)      (100)     (100)

Total comprehensive income               $69,896  $63,118   $119,869  $133,797

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

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

Foreign currency translation adjustment    $(53,229)    $(869)   $(54,098)
Unrealized gain on investments                  928       130       1,058
Unrecognized pension cost                    (1,041)        -      (1,041)
Net unrealized loss on cash flow hedges         (33)      (22)        (55)
Deferred gain on interest rate swaps            350      (100)        250

Accumulated other comprehensive loss       $(53,025)    $(861)   $(53,886)

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 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 operation of this Business  until
the sale of this Business is completed.

If  the  sale  of certain assets does not occur during  the  next  few
months,  the  business  will need to secure  additional  financing  to
secure its grape purchases for the upcoming fall harvest.  Failure  to
secure  additional financing and barring any additional  support  from
the  existing  shareholders, including Seaboard, could result  in  the
Business  declaring  bankruptcy.   If  the  Business  is  forced  into
bankruptcy,  this would eliminate the remaining value of the  Business
to Seaboard resulting in a charge to losses from foreign affiliates in
the  All  Other segment during either the last half of 2006  or  early
2007.   As of July 1, 2006, the remaining carrying value of Seaboard's
investments  in  and  advances  to  this  Business  total  $3,164,000,
including $2,749,000 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 $415,000 at July 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

<PAGE> 9

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      Six Months Ended
                                 July 1,   July 2,      July 1,     July 2,
(Thousands of dollars)            2006      2005         2006        2005

Pork                            $252,139  $255,031   $  497,433  $  497,467
Commodity Trading and Milling    201,141   272,764      378,711     558,912
Marine                           178,901   161,246      346,284     309,581
Sugar and Citrus                  28,929    18,303       47,443      32,610
Power                             23,427    20,798       45,776      35,581
All Other                          4,400     8,820        8,863      16,138
   Segment/Consolidated Totals  $688,937  $736,962   $1,324,510  $1,450,289

Operating Income:

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

Pork                            $ 29,808  $ 47,905   $   59,908  $   98,329
Commodity Trading and Milling     18,424     7,541       28,389      27,745
Marine                            24,423    23,043       43,014      45,971
Sugar and Citrus                   4,978     2,261        7,793       5,271
Power                              3,035     3,522        5,035       4,568
All Other                            705     1,268        1,374       1,793
   Segment Totals                 81,373    85,540      145,513     183,677
Corporate Items                   (3,305)   (3,392)      (6,588)     (4,449)
   Consolidated Totals          $ 78,068  $ 82,148   $  138,925  $  179,228


Income (Loss) from Foreign Affiliates:

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

Commodity Trading and Milling   $  2,247  $  1,366   $    3,969  $    3,478
Sugar and Citrus                     (50)       15       (1,107)        213
All Other                            (77)   (2,604)        (833)     (5,435)
   Segment/Consolidated Totals  $  2,120  $ (1,223)  $    2,029  $   (1,744)


Investments in and Advances to Foreign Affiliates:

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

Commodity Trading and Milling                        $   37,688  $   34,013
Sugar and Citrus                                            586       1,987
All Other                                                 3,164       3,992
   Segment/Consolidated Totals                       $   41,438  $   39,992

<PAGE> 10

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

Pork                                                 $  709,327  $  731,422
Commodity Trading and Milling                           249,927     282,160
Marine                                                  163,991     150,797
Sugar and Citrus                                        120,885     112,882
Power                                                    76,370      77,206
All Other                                                 8,689       8,991
   Segment Totals                                     1,329,189   1,363,458
Corporate Items                                         446,394     452,863
   Consolidated Totals                               $1,775,583  $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 and six months ended  July
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> 11


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  $7.2   million   from
December 31, 2005 primarily reflecting the repayments of $84.8 million
of  short-term borrowings, $29.4 million of long-term debt  and  $33.0
million  for  capital expenditures partially offset by cash  generated
from  operations.   Cash  from  operating  activities  totaled  $142.0
million  for the first six months of 2006, compared to $187.4  million
for  the  same  period  in 2005.  Cash from 2006 operating  activities
decreased  compared to the 2005 six month period primarily  reflecting
the  lower  earnings  for the Pork segment and  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.

Capital Expenditures and Other Investing Activities

During  the  six  months ended July 1, 2006, Seaboard  invested  $33.0
million  in property, plant and equipment, of which $12.8 million  was
expended  in  the  Pork  segment, $2.2 million  was  expended  in  the
Commodity  Trading and Milling segment, $11.8 million  in  the  Marine
segment,  and $4.9 million in the Sugar and Citrus segment.   For  the
Pork segment, $6.2 million was spent on the biodiesel plant, expanding
the further processing capacity acquired from Daily's and upgrades  to
the Guymon processing plant.  For the Marine segment, $7.9 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 plans to expand 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  fourth
quarter  of  2006  or early 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 $34.0 million, which will be marketed  to  third
parties.   Construction  of this plant is expected  to  begin  in  the
second  half of 2006 with approximately $12.0 million to be  spent  in
the  remainder of 2006 and approximately $20.0 million to be spent  in
2007.

For the remainder of 2006 management has budgeted capital expenditures
totaling  $68.0 million.  In addition to the projects detailed  above,
the  Pork  segment  plans  to spend $7.9 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 $5.4 million primarily  for
milling  facility upgrades and related equipment.  The Marine  segment
has  budgeted $23.3 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  $18.4  million  for the purchase of  land, construct a  new
alcohol distillery,  improvements   to   the   mill,  plantation   and
harvesting equipment.  The  balance  of $1.0  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

During the second quarter of 2006, Seaboard terminated a $50.0 million
committed  line  of  credit  leaving  its  committed  credit  facility
totaling $100.0 million and uncommitted lines totaling $105.1  million
as  of  July  1,  2006.  Borrowings outstanding under the  uncommitted
lines  as  of July 1, 2006, totaled $8.1 million while there  were  no
outstanding   borrowings   under  the   committed   credit   facility.
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
$32.0 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> 12

RESULTS OF OPERATIONS

Net  sales  for the three and six month periods of 2006  decreased  by
$48.0  million  and  $125.8 million over the  same  periods  in  2005,
primarily  reflecting the sale of some components of Seaboard's  third
party commodity trading operations in May 2005.

Operating income decreased by $4.1 million and $40.3 million  for  the
three  and  six month periods of 2006, respectively, compared  to  the
same   periods  in  2005,  primarily  reflecting  lower  pork  prices,
partially offset by the effect of the mark-to-market of derivatives in
the Commodity Trading and Milling segment.

Operating  income for each segment presented below for the  three  and
six months ended July 1, 2006 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     Six Months Ended
                           July 1,   July 2,      July 1,  July 2,
(Dollars in millions)        2006      2005         2006     2005

Net sales                   $252.1    $255.0      $497.4    $497.5
Operating income            $ 29.8    $ 47.9      $ 59.9    $ 98.3

Net sales for the Pork segment decreased $2.9 million and $0.1 million
for  the  three  and six month periods of 2006 compared  to  the  same
periods  in  2005.  The decreases are primarily the  result  of  lower
sales  prices for pork products partially offset by sales  contributed
from  the acquisition of Daily's in July 2005 and, to a lesser  extent
marketing  fee  income from Triumph Foods discussed below.   Operating
income  for the Pork segment decreased $18.1 million and $38.4 million
for the three and six month periods of 2006, respectively, compared to
the  same  periods of 2005.  The decreases primarily relate  to  lower
prices  for  pork products partially offset by lower costs  for  third
party   hogs   used   for  processing,  additional  operating   income
contributed  by Daily's operations and, to a lesser extent,  marketing
fee  income  from  Triumph Foods.  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 fee primarily
based on the number of head processed by Triumph Foods.

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      Six Months Ended
                               July 1,   July 2,      July 1,   July 2,
(Dollars in millions)           2006      2005         2006      2005

Net sales                      $201.1    $272.8       $378.7    $558.9
Operating income               $ 18.4    $  7.5       $ 28.4    $ 27.7
Income from foreign affiliates $  2.2    $  1.4       $  4.0    $  3.5

Net  sales  for  the  Commodity Trading and Milling segment  decreased
$71.7  million and $180.2 million for the three and six month  periods
of  2006,  respectively, compared to the same periods  of  2005.   The
decreases  primarily reflect the sale of some components of Seaboard's
third party commodity trading operations in May 2005.

Operating  income  for this segment increased $10.9 million  and  $0.7
million  for  the  three and six month periods of 2006,  respectively,
compared to the same periods in 2005.  The increase for the three  and
six  month  periods  of 2006 compared to 2005 primarily  reflects  the
$12.5  million and $2.7 million fluctuation, respectively, of  marking
to  market  the derivative contracts as discussed below. In  addition,
the increases for both the three and six month periods of 2006 reflect
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> 13

Had  Seaboard  applied hedge accounting to its derivative instruments,
operating  income would have been lower by $7.6 million for the  three
and  six month periods of 2006, respectively, whereas operating income
for  the  three and six months of 2005 would have been higher by  $4.9
million  and  lower by $4.9 million, respectively.   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  type  of  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 three and six month periods of 2006 includes commodity
derivative  gains  of  $2.6  million and $4.2  million,  respectively,
compared to losses of $3.5 million and gains of $3.0 million  for  the
same  2005  periods related to these mark-to-market  adjustments.   In
addition,  operating  income for the three  and  six  months  of  2006
includes  gains  from foreign exchange derivative  contracts  of  $5.0
million and $3.4 million compared to losses of $1.4 million and  gains
of $1.9 million for the same 2005 periods.

Income from foreign affiliates for the three and six month periods  of
2006  increased $0.8 million and $0.5 million, respectively, from  the
same 2005 periods.  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       Six Months Ended
                            July 1,   July 2,       July 1,   July 2,
(Dollars in millions)        2006      2005          2006      2005

Net sales                   $178.9    $161.2        $346.3    $309.6
Operating income            $ 24.4    $ 23.0        $ 43.0    $ 46.0

Net  sales  for the Marine segment increased $17.7 million  and  $36.7
million  for  the  three and six month periods of 2006,  respectively,
compared  to  the  same  periods of 2005 primarily  reflecting  higher
average  cargo  rates  across most markets and, to  a  lesser  extent,
higher  cargo  volumes in certain 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 increased $1.4  million  and
decreased  $3.0 million for the three and six month periods  of  2006,
respectively, compared to the same periods of 2005.  The increase  for
the three month period primarily reflects higher cargo rates partially
offset   by   higher   costs  of  fuel,  charter   hire   and   inland
transportation,  while such cost increases exceeded higher  rates  for
the  six month period.  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      Six Months Ended
                            July 1,   July 2,      July 1,   July 2,
(Dollars in millions)        2006      2005         2006      2005

Net sales                   $ 28.9    $ 18.3        $ 47.4    $ 32.6
Operating income            $  5.0    $  2.3        $  7.8    $  5.3
Income (loss) from foreign
 affiliates                 $  0.0    $  0.0        $ (1.1)   $  0.2

Net sales for the Sugar and Citrus segment increased $10.6 million and
$14.8   million  for  the  three  and  six  month  periods  of   2006,
respectively,   compared  to  the  same  periods  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.  Partially offsetting the increase was a
decrease in citrus sales recognized during the second quarter of  2006
as  a result of more consignment sales not yet recognized compared  to
2005.   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 increased $2.7 million and $2.5 million for the three
and  six  month periods of 2006, respectively, compared  to  the  same
periods  of  2005,  as a result of higher sales volumes  and  increase
sugar  prices as discussed above.  Management expects operating income
will remain positive for the remainder of 2006.

<PAGE> 14

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

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

Net sales                   $ 23.4    $ 20.8        $ 45.8    $ 35.6
Operating income            $  3.0    $  3.5        $  5.0    $  4.6

Net  sales  for  the  Power segment increased $2.6 million  and  $10.2
million  for  the  three and six month periods of 2006,  respectively,
compared to the same periods in 2005 primarily reflecting higher rates
partially  offset  by  lower  power  production  levels.   Rates  have
increased  during 2006 primarily as a result of higher fuel  costs,  a
component of pricing.  During the first six months 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 decreased $0.5 million and increased $0.4 million for
the three and six month periods of 2006, respectively, compared to the
same  periods  in  2005.   For the three month  period  of  2006,  the
decrease was primarily the result of lower production levels and  fuel
costs  increasing more than the higher rates. For the six month period
of  2006, the increase was primarily the result of higher rates  being
only  partially  offset  by  lower production  levels  and  fuel  cost
increases.   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       Six Months Ended
                            July 1,   July 2,       July 1,  July 2,
(Dollars in millions)        2006      2005          2006     2005

Net sales                   $  4.4    $ 8.8        $  8.9    $ 16.1
Operating income            $  0.7    $ 1.3        $  1.4    $  1.8
Loss from foreign affiliate $ (0.1)   $(2.6)       $ (0.8)   $ (5.4)

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 decreased during 2006 primarily as
a  result  of  increased transportation costs 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
$4.7  million and $10.3 million during the three and six month periods
of  2006 compared to the same periods of 2005 primarily as a result of
the  acquisition of Daily's and additional selling costs for marketing
Triumph  Foods'  products in the Pork segment  and  increases  in  the
Marine  segment  reflecting increased selling  costs  related  to  the
volume  growth  of this business.  As a percentage of  revenues,  SG&A
increased  to 5.4% and 5.6% for the 2006 three and six month  periods,
respectively, compared to 4.4% for the same periods in 2005  primarily
from the increases noted above and 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 $2.8 million and $5.3 million in the  three
and  six  month periods of 2006, respectively, compared  to  the  same
periods  of  2005,  primarily reflecting the higher level  of  average
funds  invested  during 2006 and to a lesser extent,  higher  interest
rates.

<PAGE> 15

Minority and Other Noncontrolling Interests

Minority  and  other noncontrolling interests expense  increased  $1.6
million  and $2.7 million in the three and six month periods of  2006,
respectively,   compared  to  the  same  periods  of  2005   primarily
reflecting  the  minority interest resulting from the  acquisition  of
Daily's in July 2005.

Foreign Currency Gains (Losses)

Seaboard  realized  net foreign currency losses of  $0.9  million  and
gains  of  $2.4  million in the three and six month periods  of  2006,
respectively,  compared to losses of $0.6 million and  gains  of  $0.1
million  in  the same periods of 2005.   The fluctuations  in  foreign
currency   gains  and  losses  are  primarily  related   to   currency
appreciation  in  certain African operations of the Commodity  Trading
and Milling segment.

Loss from the Sale of a Portion of Operations

During  the  second quarter of 2005, Seaboard sold some components  of
its  third party commodity trading operations.  Because Seaboard  does
not  use  hedge  accounting  for its commodity  and  foreign  exchange
agreements, gains of $2.2 million from the mark-to-market of the  sold
derivative  instruments were recorded in cost of sales  prior  to  the
date  of the sale while the change in value of the related firm  sales
commitment  was  not,  resulting in a  loss  on  the  sale  from  this
transaction totaling $1.8 million during the second quarter of 2005.

Miscellaneous, Net

Miscellaneous, net for the three and six months of 2006 includes  $0.5
million  and  $3.4 million, respectively, of gains from  the  mark-to-
market  of  interest rate swap agreements compared to losses  of  $4.4
million  and $1.4 million, respectively for the same periods in  2005.
See  Note  1  to  the Condensed Consolidated Financial Statements  for
further  discussion.  Miscellaneous, net for the three and six  months
of  2006  also  includes  income of $0.6  million  and  $0.9  million,
respectively,  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 for the six months of 2006  compared
to  2005  primarily  as a result of increased amounts  of  permanently
deferred  foreign  earnings  and lower  amounts  of  domestic  taxable
income.  Also, during the second quarter of 2006, Seaboard recorded  a
$2.8  million  tax benefit related to a settlement with  the  Internal
Revenue  Service.  In addition, during the second quarter of  2005,  a
previous tax expense of $7.5 million was reversed.  See Note 3 to  the
Condensed Consolidated Financial Statements for further discussion.

OTHER FINANCIAL INFORMATION

In  June 2006, the Financial Accounting Standards Board (FASB)  issued
FASB  Interpretation No. 48 (FIN 48), "Accounting for  Uncertainty  in
Income  Taxes",  which  defines  the  threshold  for  recognizing  the
benefits of tax-return positions in the financial statements as "more-
likely-than-not" to be sustained by the taxing authority.  See Note  1
to   the  Condensed  Consolidated  Financial  Statements  for  further
discussion of FIN 48.  Seaboard is currently assessing the impacts  of
adoption  of  FIN  48 on its results of operations and  its  financial
position and will be required to adopt FIN 48 as of January 1, 2007.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Seaboard is exposed to various types of market risks in its day-to-day
operations.  Seaboard utilizes derivative instruments to mitigate some
of  these  risks  including both purchases and sales  of  futures  and
options  to  hedge inventories, forward purchase and  sale  contracts.
From  time  to  time,  Seaboard may enter into speculative  derivative
transactions  not  directly related to its raw material  requirements.
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 Rule 13a-15(e)  as
of  July  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.

<PAGE> 16

Change  in  Internal Controls -There has been no change in  Seaboard's
internal  control over financial reporting required  by  Exchange  Act
Rule 13a-15 that occurred during the fiscal quarter ended July 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.

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 fine to $275,000.  Seaboard  Foods  believes  that
the  EPA  has  no  authority to  impose  a  civil  fine  under  these
circumstances, but  settlement discussions are continuing.

The State of Oklahoma pursued a regulatory action with respect to the
same properties involved in the EPA RCRA Order; 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.  The amounts expended to date and   the
estimated cumulative future capital expenditures total  approximately
$7,600,000, not including the  additional  legal  costs  required  to
negotiate  the  settlement  or  the  fine 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, but
has paid expenditures in  excess  of  this  amount.   Seaboard  Foods
disputes PIC's determination of the  costs  to  be  included  in  the
calculation  to  determine  whether  the  $5,000,000  limit  has been
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 Environment Response, Compensation &
Liability Act ("CERCLA") and the Clean Air  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  of  its  proposed  settlement  to  $250,000.  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, held on April 24, 2006, included
three items submitted to a vote of stockholders. Item 4 of the Form 10-
Q for the first quarter ended April 1, 2006, which was filed on May 5,
2006 discloses the results of the shareholder's vote, which disclosure
is incorporated herein by reference.

<PAGE> 17


Item 5.  Other Information

Seaboard  Marine and Edward A. Gonzalez entered into an  Amendment  to
Employment Agreement dated August 8, 2006, extending the term  of  the
Agreement  to  five years, renewed annually for a like  term  of  five
years on July 1 of each year, unless Seaboard Marine Ltd. furnishes  a
written  notice  of  non-renewal.  All other terms of  the  Employment
Agreement continue in full force and effect.

Item 6.  Exhibits

10.1 Amendment  to  Employment Agreement between Seaboard  Corporation
     and Edward A. Gonzales, dated August 8, 2006.

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

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:  August 9, 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>
