<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q32006.txt
<DESCRIPTION>SEABOARD CORPORATION 3QTR 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 September 30, 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 October 30, 2006.

                                     Total pages in filing - 22 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            Nine Months Ended
                       September 30,  October 1,    September 30,  October 1,
                          2006          2005            2006          2005
Net sales:
   Products            $  463,853   $  451,247      $1,388,953     $1,542,199
   Services               193,108      164,387         546,742        488,143
   Other                   21,421       21,145          67,197         56,726
Total net sales           678,382      636,779       2,002,892      2,087,068
Cost of sales and
 operating expenses:
   Products               393,605      384,128       1,186,659      1,313,989
   Services               150,721      133,414         430,333        381,486
   Other                   19,279       17,831          58,061         47,126
Total cost of sales
 and operating expenses   563,605      535,373       1,675,053      1,742,601
Gross income              114,777      101,406         327,839        344,467
Selling, general and
 administrative expenses   39,109       36,023         113,246         99,856
Operating income           75,668       65,383         214,593        244,611
Other income (expense):
   Interest expense        (4,299)      (5,206)        (14,633)       (16,810)
   Interest income          4,875        3,729          16,406          9,985
   Income (loss) from
    foreign affiliates        455          235           2,484         (1,509)
   Minority and other
    noncontrolling
     interests             (1,803)      (2,118)         (4,925)        (2,590)
   Foreign currency
    gains (losses), net    (1,898)        (439)            515           (380)
   Loss from the sale of
    a portion of operations     -           27               -         (1,746)
   Miscellaneous, net       1,480        4,385           7,651          4,691
Total other income
 (expense), net            (1,190)         613           7,498         (8,359)
Earnings before income
 taxes                     74,478       65,996         222,091        236,252
Income tax expense        (13,289)     (13,406)        (40,172)       (52,401)
Net earnings           $   61,189   $   52,590      $  181,919     $  183,851

Earnings per common share
   Basic               $    48.51   $    41.90      $   144.22     $   146.49
   Diluted             $    48.51   $    41.69      $   144.22     $   146.24
Weighted average shares outstanding
   Basic                1,261,367    1,255,123       1,261,367      1,255,077
   Diluted              1,261,367    1,261,367       1,261,367      1,257,151
Dividends declared per
 common share          $     0.75   $     0.75      $     2.25     $     2.25

             See notes to condensed consolidated financial statements.

<PAGE> 2


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

                                               September 30,     December 31,
                                                   2006              2005
                    Assets
Current assets:
   Cash and cash equivalents                     $   33,940        $   34,622
   Short-term investments                           404,724           377,874
   Receivables, net                                 246,773           223,024
   Inventories                                      305,751           331,133
   Deferred income taxes                             11,884             9,743
   Other current assets                              62,697            70,814
Total current assets                              1,065,769         1,047,210
Investments in and advances to foreign affiliates    41,256            39,992
Net property, plant and equipment                   623,207           626,580
Goodwill                                             28,372            28,372
Intangible assets, net                               29,100            30,120
Other assets                                         50,776            44,047
Total assets                                     $1,838,480        $1,816,321

             Liabilities and Stockholders' Equity
Current liabilities:
   Notes payable to banks                        $    7,530        $   92,938
   Current maturities of long-term debt              72,112            61,415
   Accounts payable                                  90,907           112,177
   Other current liabilities                        157,036           152,859
Total current liabilities                           327,585           419,389
Long-term debt, less current maturities             139,200           201,063
Deferred income taxes                               125,140           124,749
Other liabilities                                    52,998            57,216
Total non-current and deferred liabilities          317,338           383,028
Minority and other noncontrolling interests          37,910            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             (54,329)          (53,025)
   Retained earnings                              1,187,141         1,008,060
Total stockholders' equity                        1,155,647           977,870
Total liabilities and stockholders' equity       $1,838,480        $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)

                                                       Nine Months Ended
                                               September 30,       October 1,
                                                   2006               2005
Cash flows from operating activities:
   Net earnings                                 $   181,919         $ 183,851
   Adjustments to reconcile net earnings to cash
     from operating activities:
       Depreciation and amortization                 52,753            47,859
       Other investment income, net                  (1,427)           (1,535)
       Loss (income) from foreign affiliates         (2,484)            1,509
       Put option value                              (1,900)             (800)
       Minority and noncontrolling interest           4,925             2,590
       Loss from the sale of a portion of operations      -             1,746
       Deferred income taxes                           (104)           (1,709)
       Gain from sale of fixed assets                  (708)             (686)
   Changes in current assets and liabilities:
        Receivables, net of allowance               (26,420)           37,246
        Inventories                                  23,865           (28,184)
        Other current assets                          8,950            (3,745)
        Current liabilities, exclusive of debt      (16,504)           19,956
   Other, net                                        (5,602)            5,887
Net cash from operating activities                  217,263           263,985
Cash flows from investing activities:
   Purchase of short-term investments            (2,261,175)         (488,938)
   Proceeds from the sale or maturity of
    short-term investments                        2,236,460           361,008
   Investments in and advances to foreign
    affiliates, net                                   2,004               245
   Capital expenditures                             (51,645)          (43,208)
   Acquisition of business                                -           (47,540)
   Proceeds from the sale of a portion of operations      -            25,821
   Proceeds from the sale of fixed assets             2,026             2,576
   Other, net                                        (1,667)            3,412
Net cash from investing activities                  (73,997)         (186,624)
Cash flows from financing activities:
   Notes payable to banks, net                      (85,408)              194
   Principal payments of long-term debt             (51,182)          (37,937)
   Repurchase of minority interest
    in a controlled subsidiary                            -              (485)
   Dividends paid                                    (2,838)           (2,824)
   Other, net                                        (4,395)           (1,187)
Net cash from financing activities                 (143,823)          (42,239)
Effect of exchange rate change on cash                 (125)              342
Net change in cash and cash equivalents                (682)           35,464
Cash and cash equivalents at beginning of year       34,622            14,620
Cash and cash equivalents at end of period      $    33,940         $  50,084

              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

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.  These  interest rate exchange agreements did  not  qualify  as
hedges  for  accounting  purposes.   During  the  nine  months   ended
September 30, 2006, Seaboard recorded net gains of $3,374,000  related
to  these  agreements compared to gains of $3,101,000  and  $1,713,000
during  the three and nine months ended October 1, 2005, respectively.
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.   In  addition,
during  the  nine months ended September 30, 2006, Seaboard  made  net
payments  of  $909,000  compared to payments made  of  $1,162,000  and
$3,585,000  for  the  three and nine months  ended  October  1,  2005,
respectively,  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.

In  September 2006, the Securities and Exchange Commission (SEC) staff
issued  Staff Accounting Bulletin No. 108 (SAB 108), "Considering  the
Effects of Prior Year Misstatements when Quantifying Misstatements  in
Current  Year Financial Statements."  Traditionally, there  have  been
two widely-recognized methods for quantifying the effects of financial
statement misstatements: the "roll-over" method and the "iron curtain"
method.  The  roll-over method focuses primarily on the  impact  of  a
misstatement  on the income statement, including the reversing  effect
of prior year misstatements. The iron-curtain method focuses primarily
on  the  effect of correcting the period-end balance sheet  with  less
emphasis  on the reversing effects of prior year errors on the  income
statement. In SAB 108, the SEC staff established an approach  that  is
commonly  referred  to as a "dual approach" because  it  now  requires
quantification of errors under both the iron curtain and the roll-over
methods.   For  Seaboard, SAB 108 is effective  for  the  fiscal  year
ending December 31, 2006.  The adoption of SAB 108 is not expected  to
have  any  effect  on Seaboard's financial position, net  earnings  or
prior year financial statements.

<PAGE> 5

In  September 2006, the FASB issued Statement of Financial  Accounting
Standards  No.  157  (SFAS  157),  "Fair  Value  Measurements".   This
statement establishes a single authoritative definition of fair value,
sets out a framework for measuring fair value, and requires additional
disclosures about fair-value measurements. SFAS 157 defines fair value
as  "the  price  that would be received to sell an asset  or  paid  to
transfer  a  liability  in  an  orderly  transaction  between   market
participants  at  the  measurement date". For Seaboard,  SFAS  157  is
effective for the fiscal year beginning January 1, 2008. Management is
currently evaluating this standard to determine its impact, if any, on
Seaboard.

In  September  2006, the FASB issued SFAS 158, "Employers'  Accounting
for  Defined  Benefit Pension and Other Postretirement  Plans".   This
statement  requires  companies to fully  recognize,  as  an  asset  or
liability, the overfunded or underfunded status of its benefit plan(s)
with the offset to accumulated other comprehensive income, a component
of stockholders' equity.  The funded status amount will be measured as
the difference between the fair value of plan assets and the projected
benefit  obligation.   This  statement also requires  that  previously
disclosed  but unrecognized gains/losses, prior service costs/credits,
and  transition  assets/obligations be recognized  at  adoption  as  a
component  of  shareholders' equity in accumulated other comprehensive
income.   For  Seaboard, SFAS 158 is effective  for  the  fiscal  year
ending December 31, 2006 and will be adopted in the fourth quarter  of
2006.   As the December 31, 2006 pension liabilities have not yet been
calculated  and  related assumptions not yet established,  the  actual
amount  of  the effect of adopting SFAS 158 cannot yet be  determined.
However,  based  on  the  December 31, 2005  pension  liabilities  and
related  assumptions, the adoption of SFAS 158 would increase  pension
liabilities  by  $12,723,000, reduce prepaid  and  intangible  pension
assets  by  $18,179,000  and  reduce  total  shareholders'  equity  by
approximately $22,112,000, net of an estimated deferred tax  asset  of
$8,790,000.  SFAS 158 will not have an effect on 2006 net earnings  or
prior year financial statements.

Note 2 - Inventories

The  following is a summary of inventories at September  30,  2006  and
December 31, 2005:

                                                   September 30, December 31,
(Thousands of dollars)                                   2006         2005

At lower of LIFO cost or market:
      Live hogs & materials                             $142,251    $146,661
      Fresh pork & materials                              18,186      22,987
                                                         160,437     169,648
      LIFO adjustment                                        (54)        571
       Total inventories at lower of LIFO cost or market 160,383     170,219

At lower of FIFO cost or market:
      Grain, flour and feed                               86,563     107,073
      Sugar produced & in process                         23,139      26,559
      Other                                               35,666      27,282
       Total inventories at lower of FIFO cost or market 145,368     160,914
           Total inventories                            $305,751    $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 (IRS) 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.

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 for the 2006 plan year  prior to December 31,
2006.  Currently, no decision has been  made and such

<PAGE> 6

amount, if any, is not yet known, although such amount  would be  less
than the  maximum deduction.  The maximum tax  deductible contribution
for  the  2006 plan year is $28,445,000.   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  IRS regulations, 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.

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

                                Three Months Ended    Nine Months Ended
                           September 30, October 1, September 30,October 1,
(Thousands of dollars)          2006        2005       2006        2005

Components of net periodic benefit cost:
 Service cost                  $ 1,064    $   924      $ 3,192    $ 2,782
 Interest cost                   1,294      1,096        3,883      3,300
 Expected return on plan assets (1,115)    (1,123)      (3,346)    (3,387)
 Amortization and other            646        294        1,938        884
 Net periodic benefit cost     $ 1,889    $ 1,191      $ 5,667    $ 3,579

Note 5 - Commitments and Contingencies

Seaboard's subsidiary, 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  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  $1.5 million.  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   has   been  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.  The RCRA Order relates to
five  swine  farms  located  in Major County  and  Kingfisher  County,
Oklahoma  purchased from PIC International Group, Inc. ("PIC"),  which
is also a party to the RCRA Order.

On  September 11, 2006, Seaboard Foods and PIC signed a Consent Decree
with  the  United States to resolve the RCRA Order.  Pursuant  to  the
Consent  Decree,  Seaboard Foods and PIC agreed  to  a  civil  penalty
totaling  $240,000,  which PIC has agreed  to  pay.   In  addition  to
payment of the civil penalty, Seaboard Foods and PIC agreed to take  a
number  of remedial actions with respect to the five farms subject  to
the  RCRA Order, and Seaboard Foods agreed to take additional remedial
actions  with respect to one additional farm.  These remedial  actions
include:  groundwater remediation and lagoon replacement  and/or  barn
repairs  at three of the farms, ongoing leak detection and groundwater
monitoring  at all of the farms, contingency response plans  effective
upon  the future detection of infrastructure leaks or over-application
of  effluent on land application acreage, investigation work regarding
infrastructure  at two of the farms, modification of land  application
procedures, and study of land application practices.  Consummation  of
the  Consent  Decree with the United States is subject to approval  of
the United States District Court for the Western District of Oklahoma.

In March 2006, Seaboard Foods entered into a Settlement Agreement with
the  State of Oklahoma to resolve a regulatory action with respect  to
the  same properties involved in the EPA RCRA Order.  Pursuant to this

<PAGE> 7

Settlement  Agreement, Seaboard Foods paid a fine of $100,000,  agreed
to  undertake certain supplemental environmental projects at a cost of
$80,000,  and  agreed to take remedial actions that are  substantially
identical to those provided for in the Consent Decree with the  United
States.

PIC  is  indemnifying Seaboard Foods with respect to the  EPA  Consent
Decree,  including the $240,000 EPA civil penalty,  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 consummate  the
Consent Decree.  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 five  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 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 September 30,  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  September  30, 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

<PAGE> 8

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  September  30,  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.

As  all  contingencies regarding the issuance of  the  shares  to  the
Parent  Company  were  resolved as of October 1,  2005,  the  weighted
average number of shares presented below for 2005 reflect such  shares
as  outstanding for one day for the basic earnings per  share  periods
and  for  the entire third quarter for the diluted earnings per  share
periods.

The  following table reconciles the number of shares utilized  in  the
earnings per share calculations:

                               Three Months Ended        Nine Months Ended
                            September 30,  October 1,  September 30, October 1,
                               2006           2005        2006          2005

Weighted average number of shares

Common shares - basic           1,261,367  1,255,123      1,261,367  1,255,077
Effect of dilutive securities
     Stock issuance to Parent           -      6,244              -      2,074
Common shares - diluted         1,261,367  1,261,367      1,261,367  1,257,151

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

                               Three Months Ended        Nine Months Ended
                            September 30,  October 1,  September 30, October 1,
(Thousands of dollars)         2006           2005        2006          2005

Net earnings                      $61,189    $52,590       $181,919   $183,851
Other comprehensive income (loss)
net of applicable taxes:
Foreign currency translation
 adjustment                          (998)      (993)        (1,867)     1,441
Unrealized gains on investments       605         62            735        109
Unrealized gains (losses) on cash
 flow hedges                            -          -            (22)       155
Amortization of deferred gain on
 interest rate swaps                  (50)       (50)          (150)      (150)

Total comprehensive income        $60,746    $51,609       $180,615   $185,406

<PAGE> 9

The  components of and changes in accumulated other comprehensive  loss
for the nine months ended September 30, 2006 are as follows:


                                          Balance                  Balance
                                        December 31,    Period   September 30,
(Thousands of dollars)                     2005         Change       2006

Foreign currency translation adjustment   $(53,229)    $(1,867)      $(55,096)
Unrealized gain on investments                 928         735          1,663
Unrecognized pension cost                   (1,041)          -         (1,041)
Net unrealized loss on cash flow hedges        (33)        (22)           (55)
Deferred gain on interest rate swaps           350        (150)           200

Accumulated other comprehensive loss      $(53,025)    $(1,304)      $(54,329)


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.

During  September and October 2006, the Business was  able  to  obtain
credits from its suppliers to secure its grape purchases for the  2006
fall harvest. In addition, certain equity holders  agreed  to  advance
the final  400,000   Euros  (approximately $507,000)  to  the Business
during the fourth quarter of 2006, one-half of which would be provided
by  Seaboard, to fulfill the original terms of an agreement reached in
2005.  The  suppliers'  credits   and additional  advances from equity
holders should  secure the  operations of  the  Business into the next
year.   As  of  September  30,  2006,  the remaining carrying value of
Seaboard's  investments  in  and  advances  to  this   Business  total
$2,737,000,  including  $2,859,000  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
there is no related exposure to Seaboard at September  30, 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.

<PAGE> 10



Sales to External Customers:
                              Three Months Ended         Nine Months Ended
                           September 30,  October 1,  September 30,  October 1,
(Thousands of dollars)         2006          2005         2006          2005

Pork                           $255,872    $259,185     $  753,305  $  756,652
Commodity Trading and Milling   176,295     159,304        555,006     718,216
Marine                          187,574     161,111        533,858     470,692
Sugar and Citrus                 32,809      31,469         80,252      64,079
Power                            21,421      21,145         67,197      56,726
All Other                         4,411       4,565         13,274      20,703
  Segment/Consolidated Totals  $678,382    $636,779     $2,002,892  $2,087,068


Operating Income:
                              Three Months Ended         Nine Months Ended
                           September 30,  October 1,  September 30,  October 1,
(Thousands of dollars)         2006          2005         2006          2005

Pork                           $ 39,493    $ 42,719     $   99,401  $  141,011
Commodity Trading and Milling     8,120       2,113         36,509      29,858
Marine                           24,389      18,075         67,403      64,046
Sugar and Citrus                  4,592       3,156         12,385       8,427
Power                             1,140       2,072          6,175       6,640
All Other                           605         521          1,979       2,351
   Segment Totals                78,339      68,656        223,852     252,333
Corporate Items                  (2,671)     (3,273)        (9,259)     (7,722)
   Consolidated Totals         $ 75,668    $ 65,383     $  214,593  $  244,611


Income (Loss) from Foreign Affiliates:

                              Three Months Ended         Nine Months Ended
                           September 30,  October 1,  September 30,  October 1,
(Thousands of dollars)         2006          2005         2006          2005

Commodity Trading and Milling  $  1,019    $  2,157     $    4,988  $    5,635
Sugar and Citrus                    (28)       (230)        (1,135)        (17)
All Other                          (536)     (1,692)        (1,369)     (7,127)
   Segment/Consolidated Totals $    455    $    235     $    2,484  $   (1,509)


Investments in and Advances to Foreign Affiliates:

                                                  September 30,    December 31,
(Thousands of dollars)                                2006             2005

Commodity Trading and Milling                      $   37,963       $   34,013
Sugar and Citrus                                          556            1,987
All Other                                               2,737            3,992
   Segment/Consolidated Totals                     $   41,256       $   39,992

<PAGE> 11

Total Assets:
                                                  September 30,    December 31,
(Thousands of dollars)                                2006             2005

Pork                                               $  707,376       $  731,422
Commodity Trading and Milling                         268,393          282,160
Marine                                                161,531          150,797
Sugar and Citrus                                      132,745          112,882
Power                                                  76,283           77,206
All Other                                               9,274            8,991
   Segment Totals                                   1,355,602        1,363,458
Corporate Items                                       482,878          452,863
   Consolidated Totals                             $1,838,480       $1,816,321


Allocation  of  corporate  administrative services  to  the  individual
segments  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.  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> 12

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  increased  $26.2  million   from
December  31,  2005  primarily  reflecting  the  cash  generated  from
operations  partially offset by the repayments  of  $85.4  million  of
short-term  borrowings,  $51.2 million of  long-term  debt  and  $51.6
million  for  capital  expenditures.  Cash from  operating  activities
totaled  $217.3 million for the nine months ended September 30,  2006,
compared  to  $264.0 million for the same period in 2005.   Cash  from
2006  operating activities decreased compared to the 2005  nine  month
period primarily reflecting the 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.

Acquisitions, Capital Expenditures and Other Investing Activities

During  the  nine  months ended September 30, 2006, Seaboard  invested
$51.6 million in property, plant and equipment, of which $22.3 million
was  expended  in the Pork segment, $3.5 million was expended  in  the
Commodity  Trading and Milling segment, $15.9 million  in  the  Marine
segment,  and $8.3 million in the Sugar and Citrus segment.   For  the
Pork  segment, $10.9 million was spent on improvements to  the  Guymon
processing  plant, the biodiesel plant discussed below, and  expanding
the further processing capacity acquired from Daily's.  For the Marine
segment,  $11.3  million  was  spent to purchase  cargo  carrying  and
handling  equipment  and  two containerized cargo  vessels  previously
chartered.   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 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 fourth quarter of 2006 with approximately $5.0 million to
be  spent in the remainder of 2006 and approximately $23.6 million  to
be  spent in 2007.  In addition, the Pork segment plans to expand  its
processed  meats  capabilities  by  constructing  a  separate  further
processing plant in Guymon, Oklahoma, primarily for bacon and  sausage
processing, at an approximate cost of $40.0 million.  Construction  of
this facility is expected to begin in 2007.

For the remainder of 2006 management has budgeted capital expenditures
totaling  $47.3 million.  In addition to the projects detailed  above,
the  Pork  segment  plans  to spend $9.9 million  for  improvement  to
existing  hog facilities, expansion of the further processing capacity
acquired  from  Daily's, and upgrades to the Guymon processing  plant.
The  Commodity Trading and Milling segment plans to spend $2.1 million
primarily  for  milling facility upgrades and related equipment.   The
Marine  segment  has  budgeted  $17.3  million  for  additional  cargo
carrying and handling equipment and expansion of port facilities.  The
Sugar and Citrus segment plans to spend $12.8 million for the purchase
of land, the commencement of construction of a new alcohol distillery,
and  improvements  to  the mill, plantation and harvesting  equipment.
The  balance  of  $0.2 million is planned to be  spent  in  all  other
businesses.  Management anticipates funding these capital expenditures
from available cash and short-term investments.

At  the beginning of the third quarter of 2005, Seaboard completed the
acquisition  of a bacon processing company (Daily's) in  exchange  for
$44.5  million  in  cash,  plus working capital  adjustments  of  $3.1
million,  a  4.74%  equity interest in Seaboard  Foods  LLC  (formerly
Seaboard  Farms, Inc.) initially valued at $44.5 million, a put  right
associated  with  the 4.74% interest in Seaboard Foods  LLC  initially
valued at $6.7 million and $0.7 million of acquisition costs incurred.
The  cash payment was funded with proceeds from the sale of 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   September  30,  2006.   Borrowings  outstanding  under   the
uncommitted lines as of September 30, 2006, totaled $7.5 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
$10.2 million.  Management believes that Seaboard's existing liquidity
from  available  cash and short term investments will be  adequate  to
make  these

<PAGE> 13

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.

RESULTS OF OPERATIONS

Net  sales  for the three and nine month periods of 2006 increased  by
$41.6 million and decreased by $84.2 million over the same periods  in
2005.   The increase for the quarter is primarily the result of higher
volumes  and higher rates for marine cargo service and higher  volumes
sold  by  the commodity trading business.  The decrease for  the  nine
month period primarily is the result of the sale of some components of
Seaboard's third party commodity trading operations in May 2005.

Operating  income  increased by $10.3 million and decreased  by  $30.0
million  for  the three and nine month periods of 2006,  respectively,
compared to the same periods in 2005.  The increase for the quarter is
primarily  the  result of higher volumes and higher rates  for  marine
cargo  service and the effect of the mark-to-market of derivatives  in
the  Commodity Trading and Milling segment, partially offset by  lower
sales  volumes in the Pork segment.  The decrease for the  nine  month
period  is primarily the result of lower pork prices, partially offset
by  the  effect of the mark-to-market of derivatives in the  Commodity
Trading and Milling segment.

Pork Segment
                              Three Months Ended         Nine Months Ended
                           September 30, October 1,  September 30, October 1,
(Dollars in millions)          2006         2005         2006         2005

Net sales                     $255.9      $259.2        $753.3      $756.7
Operating income              $ 39.5      $ 42.7        $ 99.4      $141.0

Net sales for the Pork segment decreased $3.3 million and $3.4 million
for  the  three and nine month periods of 2006 compared  to  the  same
periods in 2005.  The decrease in the quarter is primarily the  result
of  lower  sales volumes for processed meats and, to a lesser  extent,
slightly  lower prices for pork products partially offset by marketing
fee  income from Triumph Foods discussed below.  The decrease for  the
nine  month  period is primarily the result of lower prices  for  pork
products and, to a lesser extent, lower sales volume 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 $3.2 million and $41.6
million  for  the three and nine month periods of 2006,  respectively,
compared to the same periods of 2005.  The decrease for the quarter is
primarily related to the lower sales volumes of processed meats.   The
decrease  for the nine month period primarily is the result  of  lower
prices  for  pork products partially offset by lower costs  for  third
party hogs used for processing, a higher percentage of Seaboard-raised
hogs  processed  which  cost less than third  party  hogs,  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.

<PAGE> 14

Commodity Trading and Milling Segment

                               Three Months Ended        Nine Months Ended
                            September 30, October 1, September 30, October 1,
(Dollars in millions)           2006         2005        2006         2005

Net sales                      $176.3      $159.3       $555.0      $718.2
Operating income               $  8.1      $  2.1       $ 36.5      $ 29.9
Income from foreign affiliates $  1.0      $  2.2       $  5.0      $  5.6

Net  sales  for  the  Commodity Trading and Milling segment  increased
$17.0  million  and decreased $163.2 million for the  three  and  nine
month  periods of 2006, respectively, compared to the same periods  of
2005.   The  increase  for  the quarter primarily  reflects  increased
commodity  trading volumes with affiliates and, to  a  lesser  extent,
increased  sale  volumes at certain African milling  operations.   The
decrease for the nine month period primarily reflects the sale of some
components  of Seaboard's third party commodity trading operations  in
May  2005 partially offset by increased commodity trading volumes with
affiliates and sales volumes at certain African milling operations.

Operating  income  for this segment increased $6.0  million  and  $6.6
million  for  the three and nine month periods of 2006,  respectively,
compared to the same periods in 2005.  The increase for the three  and
nine  month  periods of 2006 compared to 2005 primarily  reflects  the
$5.8 million and $8.5 million fluctuation, respectively, of marking to
market  the derivative contracts as discussed below.  Operating income
for  both  periods was also positively impacted by improved  operating
results  from  increased  sales volumes  at  certain  African  milling
operations.   Additionally, operating income was  negatively  impacted
for  the  nine month period as a result of the sale of certain trading
operations  discussed  above.   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.

Had  Seaboard  applied hedge accounting to its derivative instruments,
operating  income  would  have been lower by  $1.2  million  and  $8.8
million  for  the three and nine month periods of 2006,  respectively,
whereas  operating income for the three and nine months of 2005  would
have   been  higher  by  $4.6  million  and  lower  by  $0.3  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.

Income from foreign affiliates for the three and nine month periods of
2006  decreased $1.2 million and $0.6 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         Nine Months Ended
                           September 30, October 1,  September 30, October 1,
(Dollars in millions)          2006         2005         2006         2005

Net sales                     $187.6      $161.1        $533.9      $470.7
Operating income              $ 24.4      $ 18.1        $ 67.4      $ 64.0

Net  sales  for the Marine segment increased $26.5 million  and  $63.2
million  for  the three and nine month periods of 2006,  respectively,
compared to the same periods of 2005.  The increase for the quarter is
the  result of higher cargo volumes in most markets and, to  a  lesser
extent,  higher average cargo rates in certain markets.  The  increase
for the nine month period primarily reflects both higher average cargo
rates  and  higher  cargo volumes in most markets.  Cargo  rates  were
higher  as a result of general rate increases across many markets  and
higher cost-recovery surcharges for fuel.

Operating  income  for the Marine segment increased $6.3  million  and
$3.4   million  for  the  three  and  nine  month  periods  of   2006,
respectively, compared to the same periods of 2005.  The increase  for
the   quarter  primarily  reflects  higher  cargo  rates  and  volumes
partially  offset  by higher costs of fuel and inland  transportation,
while such cost increases and higher charter hire expenses had a  more
significant  offset  to higher cargo rates and volumes  for  the  nine
month  period.  Although management cannot predict changes  in  future
cargo  rates,  fuel

<PAGE> 15

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.

Sugar and Citrus Segment

                              Three Months Ended         Nine Months Ended
                           September 30, October 1,  September 30, October 1,
(Dollars in millions)          2006         2005         2006         2005

Net sales                     $ 32.9      $ 31.5        $ 80.3      $ 64.1
Operating income              $  4.6      $  3.2        $ 12.4      $  8.4
Income (loss) from foreign
 affiliates                   $  0.0      $ (0.2)       $ (1.1)     $  0.0

Net  sales for the Sugar and Citrus segment increased $1.4 million and
$16.2   million  for  the  three  and  nine  month  periods  of  2006,
respectively, compared to the same periods of 2005.  For the  quarter,
the  increase  was  the  result of higher sugar prices  especially  on
export sales and, to a lesser extent, higher domestic sales volume  of
sugar. For the nine month period, the increase reflects overall higher
sales  volumes  of sugar primarily from increased purchases  of  sugar
from third parties for resale and, to a lesser extent, increased sugar
prices  especially on export sales.  Partially offsetting the increase
for  both  the three and nine month periods was a decrease  in  citrus
sales  for  2006 compared to 2005 as a result of lower citrus  trading
volumes.    Although   export   prices  for   sugar   have   increased
significantly during 2006, Argentine sugar prices have only  increased
slightly  during  2006 as governmental authorities are  attempting  to
control   inflation  by  limiting  the  price  of  basic  commodities,
including sugar.  Accordingly, management cannot predict whether sugar
prices  will  continue to increase.  However, Seaboard expects  to  at
least maintain its historical sales volume to Argentinean customers.

Operating income increased $1.4 million and $4.0 million for the three
and  nine  month periods of 2006, respectively, compared to  the  same
periods of 2005, as a result of higher sales volumes and increases  in
sugar  prices  as discussed above along with decreased losses  in  the
citrus  operations as a result of improved prices for citrus  products
sold.   Management expects operating income will remain  positive  for
the remainder of 2006.

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

Power Segment

                              Three Months Ended         Nine Months Ended
                           September 30, October 1,  September 30, October 1,
(Dollars in millions)         2006          2005        2006          2005

Net sales                     $ 21.4       $21.1        $ 67.2      $ 56.7
Operating income              $  1.1       $ 2.1        $  6.2      $  6.6

Net  sales  for  the  Power segment increased $0.3 million  and  $10.5
million  for  the three and nine 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  nine  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 $1.0 million and $0.4 million for the three
and  nine  month periods of 2006, respectively, compared to  the  same
periods  in  2005.  The decreases were primarily the result  of  lower
production  levels while fuel costs, transmission and other regulatory
fees   charged  to  Seaboard  increased  more  than  rates  increased.
Management currently cannot predict operating income for the remainder
of  2006  since  the  extent  to which the regulatory  authority  will
restrict   Seaboard's  production  of  power  is  uncertain   although
operating income is expected to be lower than 2005.

<PAGE> 16

All Other

                              Three Months Ended         Nine Months Ended
                           September 30, October 1,  September 30, October 1,
(Dollars in millions)         2006          2005        2006          2005

Net sales                     $  4.4       $ 4.6        $ 13.3      $ 20.7
Operating income              $  0.6       $ 0.5        $  2.0      $  2.4
Loss from foreign affiliate   $ (0.5)      $(1.7)       $ (1.4)     $ (7.1)

Net  sales  and operating income decreased for the nine  months  ended
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.

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
$3.1 million and $13.4 million during the three and nine month periods
of  2006 compared to the same periods of 2005.  The increase for  both
periods is the result of increased selling costs in the Marine segment
related to the volume growth of this business and, to a lesser extent,
additional  selling  expenses in the Sugar and  Citrus  segment.   The
increase  for  the nine month period also reflects the acquisition  of
Daily's in July 2005.  As a percentage of revenues, SG&A increased  to
5.8% and 5.7% for the 2006 three and nine month periods, respectively,
compared to 5.7% and 4.8%, respectively, for the same periods in  2005
primarily  from the increases noted above.  In addition, the  increase
for  the nine month period reflects lower net sales as a result of the
sale  of  some components of Seaboard's third party commodity  trading
operations in May 2005.

Interest Expense

Interest expense decreased $0.9 million and $2.2 million in the  three
and  nine  month periods of 2006, respectively, compared to  the  same
periods  of  2005,  primarily reflecting the lower  average  level  of
borrowings during 2006.

Interest Income

Interest  income increased $1.1 million and $6.4 million in the  three
and  nine  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.

Minority and Other Noncontrolling Interests

Minority  and  other noncontrolling interests expense  decreased  $0.3
million and increased $2.3 million in the three and nine month periods
of  2006,  respectively, compared to the same periods  of  2005.   The
increase  for  the nine month period primarily reflects  the  minority
interest resulting from the acquisition of Daily's in July 2005.

Foreign Currency Gains (Losses)

Seaboard  realized  net foreign currency losses of  $1.9  million  and
gains  of  $0.5 million in the three and nine month periods  of  2006,
respectively, compared to losses of $0.4 million in each of  the  same
periods  of 2005.   The fluctuation for the quarter primarily  relates
to  losses from currency appreciation in certain African operations of
the  Commodity  Trading and Milling segment while the fluctuation  for
the  nine  month period primarily relates to gains from the  Dominican
Republic peso relating to the Power 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 $1.7 million during the second quarter of 2005.

<PAGE> 17

Miscellaneous, Net

Miscellaneous, net for the three and nine months of 2006 includes $0.0
million  and  $3.4 million, respectively, of gains from  the  mark-to-
market  of  interest rate swap agreements compared to  gains  of  $3.1
million  and $1.7 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 nine  months
of  2006  also  includes  income of $1.0  million  and  $1.9  million,
respectively,  from  the decrease in the value  of  put  option  value
relating to the Daily's acquisition in July 2005 compared to gains  of
$0.8 million for the same periods in 2005.

Income Tax Expense

The  effective tax rate decreased for the nine 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.  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.

In  September 2006, the Securities and Exchange Commission (SEC) staff
issued  Staff Accounting Bulletin No. 108 (SAB 108), "Considering  the
Effects of Prior Year Misstatements when Quantifying Misstatements  in
Current  Year Financial Statements."  Traditionally, there  have  been
two widely-recognized methods for quantifying the effects of financial
statement misstatements: the "roll-over" method and the "iron curtain"
method.   In  SAB 108, the SEC staff established an approach  that  is
commonly  referred  to as a "dual approach" because  it  now  requires
quantification of errors under both the iron curtain and the roll-over
methods.    See  Note  1  to  the  Condensed  Consolidated   Financial
Statements for further discussion of SAB 108.  For Seaboard,  SAB  108
is  effective  for  the  fiscal year ending December  31,  2006.   The
adoption  of SAB 108 is not expected to have any effect on  Seaboard's
financial position, net earnings or prior year financial statements.

In  September  2006,  FASB  issued Statement of  Financial  Accounting
Standards  No.  157  (SFAS  157),  "Fair  Value  Measurements".   This
statement  establishes  a  single  authoritative  definition  of  fair
value,  sets  out  a  framework for measuring fair value, and requires
additional disclosures about fair-value measurements.  See Note  1  to
the Condensed Consolidated Financial Statements for further discussion
of SFAS 157.  For Seaboard, SFAS 157 is effective for the fiscal  year
beginning January 1, 2008.  Management is  currently  evaluating  this
standard to determine its impact, if any, on Seaboard.

In  September  2006,  FASB  issued Statement of  Financial  Accounting
Standards  No.  158  (SFAS 158), "Employers'  Accounting  for  Defined
Benefit  Pension  and  Other Postretirement  Plans".   This  statement
requires  companies to fully recognize, as an asset or liability,  the
overfunded  or  underfunded status of its  benefit  plan(s)  with  the
offset  to  accumulated  other comprehensive income,  a  component  of
stockholders'  equity.  This statement also requires  that  previously
disclosed  but unrecognized gains/losses, prior service costs/credits,
and  transition  assets/obligations be recognized  at  adoption  as  a
component  of  shareholders' equity in accumulated other comprehensive
income.  See Note 1 to the Condensed Consolidated Financial Statements
for  further  discussion  of  SFAS 158.  For  Seaboard,  SFAS  158  is
effective  for the fiscal year ending December 31, 2006  and  will  be
adopted  in  the  fourth quarter of 2006.   As the December  31,  2006
pension   liabilities  have  not  yet  been  calculated  and   related
assumptions  not yet established, the actual amount of the  effect  of
adopting  SFAS 158 cannot yet be determined.  However,  based  on  the
December  31,  2005 pension liabilities and related  assumptions,  the
adoption   of   SFAS  158  would  increase  pension   liabilities   by
$12.7 million, reduce prepaid pension  assets  by  $18.2  million  and
reduce total  shareholders' equity by approximately $22.1 million, net
of  an estimated deferred tax asset of $8.8 million. SFAS 158 will not
have  an  effect  on  2006  net  earnings  or  prior   year  financial
statements.

<PAGE> 18

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  September  30,  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 -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  September
30,  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"), has  been
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.   The
RCRA  Order  relates to five swine farms located in Major  County  and
Kingfisher  County,  Oklahoma purchased from PIC International  Group,
Inc. ("PIC"), which is also a party to the RCRA Order.

On  September 11, 2006, Seaboard Foods and PIC signed a Consent Decree
with  the  United States to resolve the RCRA Order.  Pursuant  to  the
Consent  Decree,  Seaboard Foods and PIC agreed  to  a  civil  penalty
totaling  $240,000,  which PIC has agreed  to  pay.   In  addition  to
payment of the civil penalty, Seaboard Foods and PIC agreed to take  a
number  of remedial actions with respect to the five farms subject  to
the  RCRA Order, and Seaboard Foods agreed to take additional remedial
actions  with respect to one additional farm.  These remedial  actions
include:  groundwater remediation and lagoon replacement  and/or  barn
repairs  at three of the farms, ongoing leak detection and groundwater
monitoring  at all of the farms, contingency response plans  effective
upon  the future detection of infrastructure leaks or over-application
of  effluent on land application acreage, investigation work regarding
infrastructure  at two of the farms, modification of land  application
procedures, and study of land application practices.  Consummation  of
the  Consent  Decree with the United States is subject to approval  of
the United States District Court for the Western District of Oklahoma.

In March 2006, Seaboard Foods entered into a Settlement Agreement with
the  State of Oklahoma to resolve a regulatory action with respect  to
the  same properties involved in the EPA RCRA Order.  Pursuant to this
Settlement  Agreement, Seaboard Foods paid a fine of $100,000,  agreed
to  undertake certain supplemental environmental projects at a cost of
$80,000,  and  agreed to take remedial actions that are  substantially
identical to those provided for in the Consent Decree with the  United
States.

PIC  is  indemnifying Seaboard Foods with respect to the  EPA  Consent
Decree,  including the $240,000 EPA civil penalty,  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 consummate  the
Consent Decree.  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

<PAGE> 19

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 five  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.   On  September  11,
2006,  Seaboard  Foods entered into a Consent Decree with  the  United
States  to settle the matter, pursuant to which Seaboard Foods  agreed
to  pay  a civil penalty of $205,000 and to take various other actions
which  will  cost approximately $150,000.  As a part  of  the  Consent
Decree,  Seaboard  Foods has applied to participate  in  the  National
AFO/CAFO Air Emissions Agreement  with  the EPA.  The $100,000 penalty
that Seaboard  Foods will pay to participate in the National  AFO/CAFO
Air Emissions Agreement  will  be  applied to satisfy a portion of the
civil  penalty  payment under the Consent Decree.  Consummation of the
Consent Decree  with  the United States is subject to approval of  the
United States District Court for the Western District of Oklahoma.

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 5.  Other Information

Until  November  1,  2006, H. H.  Bresky,  through   his   direct  and
indirect  ownership  and control of Seaboard  Corporation, a  Delaware
corporation  (the  "Company"),  and Seaboard  Flour  LLC,  a  Delaware
limited liability company ("Seaboard Flour"), was the beneficial owner
of 903,809.24 shares  of  common stock  of the  Company, which  shares
represented  approximately  71.7  percent  of  the  outstanding voting
securities of the Company.  These  shares  beneficially owned by H. H.
Bresky  included  5,611 shares owned individually, 4,250  shares  that
could be attributed to  him  as  co-trustee  of the  Bresky Foundation
Trust and 893,948.24 shares  owned by Seaboard  Flour,  of which H. H.
Bresky was the  sole  manager  and  as  such, pursuant to  the Limited
Liability Company Agreement of Seaboard Flour, made all the voting and
investment decisions with respect to the shares of the  Company  owned
by Seaboard Flour.

According to the report on Schedule 13D dated November 2, 2006 jointly
filed by Steven J. Bresky  and Seaboard Flour, on November 1, 2006, H.
H. Bresky resigned as sole manager  of  Seaboard  Flour, and Steven J.
Bresky was appointed as his  successor.  As set forth in said Schedule
13D, Steven J. Bresky, through  his direct  and indirect ownership and
control of the Company and Seaboard Flour, was the beneficial owner of
906,347.24 shares  of  common  stock  of  the  Company,  which  shares
represented  approximately  71.9 percent   of  the  outstanding voting
securities of the Company.  These shares, beneficially owned by Steven
J. Bresky, included the 893,948.24 shares  of  the  Company  owned  by
Seaboard Flour, of which effective November 1, 2006, Steven  J. Bresky
holds   sole   voting   and  investment  power,  2,538  shares   owned
individually,  5,611  shares  owned  by  H. H.  Bresky  that could  be
attributed  to  Steven  J. Bresky  and  4,250  shares  that  could  be
attributed to him as  co-trustee of the Bresky Foundation Trust.

No consideration was exchanged in conjuction with the above-described
change of control.

Item 6.  Exhibits

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> 20

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 sales price or market conditions for pork, sugar and  other
products  and  services,  (iv)  statements   concerning   management's
expectations of recorded tax effects under existing circumstances, (v)
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, (vi)
the  charter  hire  rates  and  fuel   prices   for vessels, (vii) the
stability of  the  Dominican  Republic's economy and demand for power,
related spot market prices  and  collectibility  of receivables in the
Dominican Republic,(viii) the effect of the  fluctuation  in  exchange
rates for the Dominican Republic peso, (ix)  the  potential  effect of
Seaboard's investment in a wine business on the consolidated financial
statements, (x) the potential impact of  various environmental actions
pending   or threatened against  Seaboard, (xi)  statements concerning
profitability or  sales volume  of  any of Seaboard's segments,  (xii)
the impact  of the 2005 Daily's  acquisition  in enhancing  Seaboard's
ability to venture into other  further processed pork products, (xiii)
the timetable for the  Triumph  Foods  pork processing plant to  reach
full double shift operating  capacity, (xiv) the ability  of  Seaboard
to  successfully  market  the  increased  volume  of  pork produced by
Triumph Foods, (xv) the  anticipated costs  and  completion  timetable
for  Seaboard's scheduled   capital   improvements,  or  (xvi)   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> 21

                                   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:  November 3, 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> 22





</TEXT>
</DOCUMENT>
