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

                               FORM 10-Q

  (Mark One)

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

             For the quarterly period ended April 2, 2011

                                  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  has  submitted
  electronically and posted on its corporate Web site, if  any,  every
  Interactive  Data File required to be submitted and posted  pursuant
  to  Rule  405  of  Regulation S-T ( 232.405 of this chapter)  during
  the  preceding  12  months  (or for such  shorter  period  that  the
  registrant  was  required to submit and post  such  files).  Yes
  No

     Indicate  by  check  mark  whether  the  registrant  is  a  large
  accelerated filer, an accelerated filer, a non-accelerated filer  or
  a   smaller  reporting  company.  See  the  definitions  of   "large
  accelerated  filer,"  "accelerated  filer"  and  "smaller  reporting
  company" in Rule 12b-2 of the Exchange Act.

  Large Accelerated Filer [   ]       Accelerated Filer [ X ]
  Non-Accelerated Filer   [   ] (Do not check if a smaller reporting company)
                                      Smaller Reporting  Company [   ]

     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  1,215,879 shares of common stock,  $1.00  par  value  per
share, outstanding on April 22, 2011.

                                     Total pages in filing -  22 pages

 1

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

                                                       Three Months Ended
                                                      April 2,      April 3,
                                                        2011          2010
Net sales:
   Products (includes sales to affiliates
             of $162,268 and $125,830)              $1,197,622    $  772,587
   Services                                            238,212       214,720
   Other                                                32,345        32,969
Total net sales                                      1,468,179     1,020,276

Cost of sales and operating expenses:
   Products                                          1,049,797       691,156
   Services                                            206,218       185,728
   Other                                                27,058        27,376
Total cost of sales and operating expenses           1,283,073       904,260

Gross income                                           185,106       116,016

Selling, general and administrative expenses            54,830        48,550

Operating income                                       130,276        67,466

Other income (expense):
   Interest expense                                     (1,516)       (2,316)
   Interest income                                       2,297         3,317
   Interest income from affiliates                       3,833           139
   Income from affiliates                                6,162         4,888
   Other investment income, net                          2,340         3,044
   Foreign currency gain, net                            4,764            38
   Miscellaneous, net                                      788           194
Total other income, net                                 18,668         9,304

Earnings before income taxes                           148,944        76,770

Income tax expense                                     (32,251)      (14,107)

Net earnings                                        $  116,693    $   62,663
   Less: Net loss attributable to noncontrolling
         interests                                         171           115
Net earnings attributable to Seaboard               $  116,864    $   62,778

Earnings per common share                           $    96.11    $    50.84

Dividends declared per common share                 $        -    $     0.75

Average number of shares outstanding                 1,215,879     1,234,710

    See accompanying notes to condensed consolidated financial statements.

 2

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

                                                   April 2,     December 31,
                                                     2011           2010
                      Assets

Current assets:
   Cash and cash equivalents                     $   34,463     $   41,124
   Short-term investments                           300,210        332,205
   Receivables, net of allowance                    456,052        359,944
   Inventories                                      547,420        533,761
   Deferred income taxes                             18,497         18,393
   Deferred costs                                         -         84,141
   Other current assets                             142,927        115,844
Total current assets                              1,499,569      1,485,412

Investments in and advances to affiliates           341,020        331,322
Net property, plant and equipment                   718,546        701,131
Note receivable from affiliate                       92,631         90,109
Goodwill                                             40,628         40,628
Intangible assets, net                               19,684         19,746
Other assets                                         67,701         65,738
Total assets                                     $2,779,779     $2,734,086

           Liabilities and Stockholders' Equity

Current liabilities:
   Notes payable to banks                        $  120,961     $   78,729
   Current maturities of long-term debt               1,711          1,697
   Accounts payable                                 120,332        146,265
   Deferred revenue                                  41,160        122,344
   Deferred revenue from affiliates                  34,537         38,719
   Other current liabilities                        236,487        250,441
Total current liabilities                           555,188        638,195

Long-term debt, less current maturities             106,640         91,407
Deferred income taxes                                68,605         75,695
Other liabilities                                   154,604        150,540
Total non-current and deferred liabilities          329,849        317,642

Stockholders' equity:
  Common stock of $1 par value,
    Authorized 1,250,000 shares;
    issued and outstanding 1,215,879 shares           1,216          1,216
  Accumulated other comprehensive loss             (124,060)      (123,907)
  Retained earnings                               2,014,761      1,897,897
Total Seaboard stockholders' equity               1,891,917      1,775,206
  Noncontrolling interests                            2,825          3,043
Total equity                                      1,894,742      1,778,249
Total liabilities and stockholders' equity       $2,779,779     $2,734,086

   See accompanying notes to condensed consolidated financial statements.

 3

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

                                                           Three Months Ended
                                                          April 2,    April 3,
                                                            2011        2010

Cash flows from operating activities:
   Net earnings                                          $ 116,693   $  62,663
   Adjustments to reconcile net earnings to cash
     from operating activities:
       Depreciation and amortization                        20,274      21,853
       Income from affiliates                               (6,162)     (4,888)
       Other investment income, net                         (2,340)     (3,044)
       Deferred income taxes                                (6,897)        478
       Pay-in-kind interest on note receivable from
        affiliate                                           (2,521)          -
       Other                                                   225        (519)
   Changes in current assets and liabilities:
        Receivables, net of allowance                      (96,552)    (47,592)
        Inventories                                        (14,261)     66,404
        Other current assets                                58,418     (23,145)
        Current liabilities, exclusive of debt            (125,463)      1,873
   Other, net                                                3,701       3,458
Net cash from operating activities                         (54,885)     77,541

Cash flows from investing activities:
   Purchase of short-term investments                      (38,664)   (187,625)
   Proceeds from the sale of short-term investments         67,000     142,788
   Proceeds from the maturity of short-term investments      3,985      11,150
   Investments in and advances to affiliates, net           (3,637)     (7,652)
   Capital expenditures                                    (39,029)    (16,342)
   Other, net                                                   99       1,145
Net cash from investing activities                         (10,246)    (56,536)

Cash flows from financing activities:
   Notes payable to banks, net                              42,232     (14,301)
   Proceeds from the issuance of long-term debt             15,345           -
   Principal payments of long-term debt                        (96)       (843)
   Repurchase of common stock                                    -      (7,149)
   Dividends paid                                                -        (925)
   Other, net                                                   53          80
Net cash from financing activities                          57,534     (23,138)

Effect of exchange rate change on cash                         936        (109)

Net change in cash and cash equivalents                     (6,661)     (2,242)

Cash and cash equivalents at beginning of year              41,124      61,857

Cash and cash equivalents at end of period               $  34,463   $  59,615

      See accompanying notes to condensed consolidated financial statements.

 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-
consolidated 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, 2010 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.   As  Seaboard
conducts   its   commodity  trading  business  with   third   parties,
consolidated  subsidiaries  and  non-consolidated  affiliates  on   an
interrelated basis, gross margin on non-consolidated affiliates cannot
be clearly distinguished without making numerous assumptions primarily
with respect to mark-to-market accounting for commodity derivatives.

Note Receivable from Affiliate

Seaboard has a note receivable from an affiliate (Butterball, LLC)  in
the  amount  of $92,631,000 at April 2, 2011.  Seaboard  monitors  the
credit  quality  of  this note receivable by obtaining  and  reviewing
financial  information for this affiliate on a monthly  basis  and  by
having  Seaboard  representatives serve on the Board of  Directors  of
this   affiliate.   Seaboard  recognized  $2,521,000  of   pay-in-kind
interest in the first quarter of 2011 related to this note receivable.

Use of Estimates

The preparation of the condensed 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 condensed consolidated  financial
statements,  and the reported amounts of revenues and expenses  during
the reporting period.  Significant items subject to such estimates and
assumptions include those related to allowance for doubtful  accounts,
valuation  of  inventories, impairment of long-lived assets,  goodwill
and   other  intangible  assets,  income  taxes  and  accrued  pension
liability.  Actual results could differ from those estimates.

Note 2- Investments

Seaboard's  short-term investments are treated  as  either  available-
for-sale   securities  or  trading  securities.   All  of   Seaboard's
available-for-sale  and trading securities are classified  as  current
assets  as  they  are readily available to support Seaboard's  current
operating needs.  Available-for-sale securities are recorded at  their
estimated fair value with unrealized gains and losses reported, net of
tax,  as  a  separate  component  of accumulated  other  comprehensive
income.  Trading securities are recorded at their estimated fair value
with  unrealized  gains  and  losses reflected  in  the  statement  of
earnings.

As  of  April  2,  2011 and December 31, 2010, the  available-for-sale
investments  primarily  consisted of money market  funds,  fixed  rate
municipal notes and bonds, corporate bonds, fixed income mutual  funds
and U.S. Government obligations.  At April 2, 2011, money market funds
included  $73,031,000  denominated in Euros.  At  April  2,  2011  and
December  31, 2010, amortized cost and estimated fair value  were  not
materially different for these investments.

As  of  April  2, 2011, the trading securities primarily consisted  of
high  yield debt securities.  Unrealized net gains related to  trading
securities  were  $330,000  and $87,000 for  the  three  months  ended
April 2, 2011 and April 3, 2010, respectively.

 5


The  following  is a summary of the amortized cost and estimated  fair
value  of  short-term  investments  for  both  available-for-sale  and
trading securities at April 2, 2011 and December 31, 2010.

                                              2011                  2010
                                     Amortized     Fair    Amortized     Fair
(Thousands of dollars)                  Cost      Value       Cost      Value

Corporate bonds                      $ 92,006   $ 93,143   $ 86,182   $ 87,401
Money market funds                     74,269     74,269    110,164    110,164
Fixed income mutual funds              60,334     60,490     60,256     60,302
Fixed rate municipal notes and bonds   20,819     20,927     20,564     20,648
U.S. Government agency securities      15,849     15,750     17,503     17,514
Variable rate demand notes              3,000      3,000          -          -
U.S. Treasury securities                2,446      2,445      7,139      7,148
Asset backed debt securities            2,364      2,364      2,847      2,848
Other                                   2,360      2,364      2,360      2,355
Total available-for-sale short-term
 investments                          273,447    274,752    307,015    308,380
High yield trading debt securities     20,369     21,848     19,447     20,783
Other trading debt securities           3,317      3,610      2,807      3,042
Total available-for-sale and
 trading short term investments      $297,133   $300,210   $329,269   $332,205

The  following table summarizes the estimated fair value of fixed rate
securities   designated  as  available-for-sale  classified   by   the
contractual maturity date of the security as of April 2, 2011.

(Thousands of dollars)                                                   2011

Due within one year                                                   $ 19,515
Due after one year through three years                                  66,724
Due after three years                                                   21,366
  Total fixed rate securities                                         $107,605

In  addition to its short-term investments, Seaboard also has  trading
securities   related   to  Seaboard's  deferred   compensation   plans
classified  in  other  current assets on  the  Condensed  Consolidated
Balance  Sheets.   See Note 5 to the Condensed Consolidated  Financial
Statements  for  information on the types of trading  securities  held
related to the deferred compensation plans.

 6

Note 3 - Inventories

The  following  is  a  summary of inventories at  April  2,  2011  and
December 31, 2010:

                                                          April 2, December 31,
(Thousands of dollars)                                      2011      2010

At lower of LIFO cost or market:
  Live hogs and materials                                 $208,870  $200,600
  Fresh pork and materials                                  33,077    24,779
                                                           241,947   225,379
  LIFO adjustment                                          (32,975)  (24,085)
       Total inventories at lower of LIFO cost or market   208,972   201,294
At lower of FIFO cost or market:
  Grains and oilseeds                                      211,380   203,232
  Sugar produced and in process                             51,431    50,190
  Other                                                     41,561    44,013
       Total inventories at lower of FIFO cost or market   304,372   297,435
Grain, flour and feed at lower of weighted average
 cost or market                                             34,076    35,032
           Total inventories                              $547,420  $533,761

As  of  April  2,  2011, Seaboard had $4,200,000 recorded  in  grain
inventories  related  to  its commodity trading  business  that  are
committed  to  various  customers in  foreign  countries  for  which
customer  contract performance is a heightened concern.  If Seaboard
is  unable  to  collect  amounts from these customers  as  currently
estimated  or  Seaboard  is forced to find  other  customers  for  a
portion of this inventory, it is possible that Seaboard could  incur
a  material write-down in the value of this inventory if Seaboard is
not successful in selling at the current carrying value.  During the
first  quarter of 2011, Seaboard incurred a write-down of $1,698,000
(with  no  tax benefit recognized), or $1.40 per share,  related  to
these types of inventories.

Note 4 - Income Taxes

Seaboard's  tax  returns are regularly audited by federal,  state  and
foreign  tax authorities, which may result in adjustments.  Seaboard's
U.S.  federal income tax returns have been reviewed through  the  2004
tax  year.   The statute of limitations has expired on  the  2005  tax
year.   Seaboard's  2006-2009 U.S. income tax  returns  are  currently
under  IRS  examination.  There have not been any material changes  in
unrecognized  income tax benefits since December 31,  2010.   Interest
related  to  unrecognized tax benefits and penalties was not  material
for the three months ended April 2, 2011.

Note 5 -Derivatives and Fair Value of Financial Instruments

U.S.  GAAP discusses valuation techniques, such as the market approach
(prices  and other relevant information generated by market conditions
involving  identical or comparable assets or liabilities), the  income
approach  (techniques  to  convert future amounts  to  single  present
amounts   based   on  market  expectations  including  present   value
techniques  and  option-pricing), and the cost approach  (amount  that
would be required to replace the service capacity of an asset which is
often  referred  to as replacement cost).  U.S. GAAP utilizes  a  fair
value  hierarchy  that prioritizes the inputs to valuation  techniques
used to measure fair value into three broad levels.  The following  is
a brief description of those three levels:

Level 1:     Observable inputs such as unadjusted quoted prices in
active markets for identical assets or liabilities that the Company
has the ability to access at the measurement date.

Level  2:    Inputs other than quoted prices included within  Level  1
that  are  observable for the asset or liability, either  directly  or
indirectly.   These  include  quoted  prices  for  similar  assets  or
liabilities  in  active  markets and quoted prices  for  identical  or
similar assets or liabilities in markets that are not active.

Level 3:   Unobservable inputs that reflect the reporting entity's own
assumptions.

 7

The  following  table shows assets and liabilities  measured  at  fair
value  on  a  recurring basis as of April 2, 2011 and also  the  level
within  the  fair  value hierarchy used to measure  each  category  of
assets.  Seaboard uses the end of the reporting period to determine if
there  were  any  transfers between levels.  There were  no  transfers
between  levels  that  occurred in the first  quarter  of  2011.   The
trading securities classified as other current assets below are assets
held for Seaboard's deferred compensation plans.

                                             Balance
                                             April 2,
(Thousands of dollars)                         2011   Level 1  Level 2  Level 3

 Assets:
Available-for-sale securities - short-term
 investments:
 Corporate bonds                            $ 93,143   $      - $ 93,143   $  -
 Money market funds                           74,269     74,269        -      -
 Fixed income mutual funds                    60,490     60,490        -      -
 Fixed rate municipal notes and bonds         20,927          -   20,927      -
 U.S. Government agency securities            15,750          -   15,750      -
 Variable rate demand notes                    3,000          -    3,000      -
 U.S. Treasury securities                      2,445          -    2,445      -
 Asset backed debt securities                  2,364          -    2,364      -
 Other                                         2,364          -    2,364      -
Trading securities - short-term investments:
 High yield debt securities                   21,848          -   21,848      -
 Other debt securities                         3,610          -    3,610      -
Trading securities - other current assets:
 Domestic equity securities                   14,857     14,857        -      -
 Foreign equity securities                     9,222      4,784    4,438      -
 Fixed income mutual funds                     4,936      4,936        -      -
 Money market funds                            3,494      3,494        -      -
 U.S. Treasury securities                      2,257          -    2,257      -
 U.S. Government agency securities             1,972          -    1,972      -
 Other                                           179        154       25      -
Derivatives:
 Commodities                                  16,602     16,475      127      -
 Interest rate swaps                           1,977          -    1,977      -
 Foreign currencies                               22          -       22      -
 Total Assets                               $355,728   $179,459 $176,269   $  -

 Liabilities:
Derivatives:
 Commodities(1)                             $ 14,917   $ 14,917 $      -   $  -
 Interest rate swaps                             497          -      497      -
 Foreign currencies                            7,672          -    7,672      -
 Total Liabilities                          $ 23,086   $ 14,917 $  8,169   $  -

     (1) Excludes $11,912 of option proceeds resulting in a net liability of
         $3,005 as of April 2, 2011.

 8

The  following  table shows assets and liabilities  measured  at  fair
value  on a recurring basis as of December 31, 2010 and also the level
within  the  fair  value hierarchy used to measure  each  category  of
assets.

                                            Balance
                                          December 31,
(Thousands of dollars)                         2010   Level 1  Level 2  Level 3

  Assets:
Available-for-sale securities - short-term
 investments:
   Money market funds                       $110,164   $110,164 $      -   $  -
   Corporate bonds                            87,401          -   87,401      -
   Fixed income mutual funds                  60,302     60,302        -      -
   Fixed rate municipal notes and bonds       20,648          -   20,648      -
   U.S. Government agency securities          17,514          -   17,514      -
   U.S. Treasury securities                    7,148          -    7,148      -
   Asset backed debt securities                2,848          -    2,848      -
   Other                                       2,355          -    2,355      -
Trading securities- short term investments:
   High yield debt securities                 20,783          -   20,783      -
   Other debt securities                       3,042          -    3,042      -
Trading securities - other current assets:
   Domestic equity securities                 13,332     13,332        -      -
   Foreign equity securities                   8,157      4,131    4,026      -
   Fixed income mutual funds                   3,758      3,758        -      -
   Money market funds                          3,208      3,208        -      -
   U.S. Treasury securities                    2,732          -    2,732      -
   U.S. Government agency securities           1,371          -    1,371      -
   Other                                         183        157       26      -
Derivatives:
   Commodities                                15,966     15,958        8      -
   Interest rate swaps                         1,410          -    1,410      -
   Foreign currencies                            120          -      120      -
   Total Assets                             $382,442   $211,010 $171,432   $  -

   Liabilities:
Derivatives:
   Commodities (1)                          $ 9,170    $  9,170 $      -   $  -
   Interest rate swaps                        1,161           -    1,161      -
   Foreign currencies                        11,652           -   11,652      -
 Total Liabilities                          $21,983    $  9,170 $ 12,813   $  -

      (1) Excludes $5,163 of option proceeds resulting in a net liability of
          $4,007 as of December 31, 2010.

Financial  instruments  consisting of cash and cash  equivalents,  net
receivables, notes payable, and accounts payable are carried at  cost,
which approximates fair value, as a result of the short-term nature of
the instruments.

The  fair  value of long-term debt is estimated by comparing  interest
rates  for debt with similar terms and maturities. The amortized  cost
and  estimated  fair  values  of investments  and  long-term  debt  at
April 2, 2011 and December 31, 2010 are presented below.

                                              2011                  2010
                                    Amortized      Fair    Amortized     Fair
(Thousands of dollars)                 Cost       Value       Cost      Value

Short-term investments,
 available-for-sale                  $273,447    $274,752   $307,015   $308,380
Short-term investments,
 trading debt securities               23,686      25,458     22,254     23,825
Long-term debt                        108,351     111,343     93,104     96,438

 9

While  management  believes  its derivatives  are  primarily  economic
hedges  of its firm purchase and sales contracts or anticipated  sales
contracts,  Seaboard  does  not perform the  extensive  record-keeping
required  to  account for these types of transactions  as  hedges  for
accounting  purposes.   Since  these  derivatives  and  interest  rate
exchange agreements discussed below, are not accounted for as  hedges,
fluctuations in the related commodity prices, currency exchange  rates
and  interest  rates could have a material impact on earnings  in  any
given  period.  The nature of Seaboard's market risk exposure has  not
changed materially since December 31, 2010.

Commodity Instruments

Seaboard  uses  various grain, meal, hog, and energy resource  related
futures  and options to manage its risk to price fluctuations for  raw
materials and other inventories, finished product sales and firm sales
commitments.   At  April  2, 2011, Seaboard had  open  net  derivative
contracts to purchase 5,854,000 bushels of grain, 3,240,000 pounds  of
hogs, 91,000 tons of soybean meal and 22,080,000 pounds of soybean oil
and open net derivative contracts to sell 4,032,000 gallons of heating
oil.  At December 31, 2010, Seaboard had open net derivative contracts
to purchase 5,880,000 bushels of grain, 2,900 tons of soybean meal and
43,240,000  pounds of hogs and open net derivative contracts  to  sell
1,806,000  gallons  of heating oil. From time to  time,  Seaboard  may
enter into speculative derivative transactions not directly related to
its raw material requirements.  Commodity derivatives are recorded  at
fair value with any changes in fair value being marked to market as  a
component of cost of sales on the Condensed Consolidated Statements of
Earnings.

Foreign Currency Exchange Agreements

Seaboard  enters into foreign currency exchange agreements  to  manage
the  foreign  currency  exchange rate risk  with  respect  to  certain
transactions  denominated  in  foreign currencies.   Foreign  exchange
agreements  that  were  primarily related to the underlying  commodity
transaction  were recorded at fair value with changes in value  marked
to   market  as  a  component  of  cost  of  sales  on  the  Condensed
Consolidated Statements of Earnings.  Foreign exchange agreements that
were  not related to an underlying commodity transaction were recorded
at fair value with changes in value marked to market as a component of
foreign  currency gain (loss) on the Condensed Consolidated Statements
of Earnings.

At  April 2, 2011, Seaboard had trading foreign exchange contracts  to
cover  its  firm  sales  and purchase commitments  and  related  trade
receivables  and  payables with net notional amounts  of  $209,246,000
primarily related to the South African Rand.

At  December 31, 2010, Seaboard had trading foreign exchange contracts
to  cover  its  firm sales and purchase commitments and related  trade
receivables  and  payables with net notional amounts  of  $183,042,000
primarily related to the South African Rand.

Interest Rate Exchange Agreements

In  May  2010,  Seaboard  entered into three  ten-year  interest  rate
exchange  agreements  which  involve the exchange  of  fixed-rate  and
variable-rate  interest  payments over  the  life  of  the  agreements
without  the  exchange of the underlying notional amounts to  mitigate
the  effects of fluctuations in interest rates on variable rate  debt.
Seaboard pays a fixed rate and receives a variable rate of interest on
three  notional amounts of $25,000,000 each.  In August 2010, Seaboard
entered into another ten-year interest rate exchange agreement with  a
notional amount of $25,000,000 that has terms similar to those for the
other  three  interest  rate exchange agreements  referred  to  above.
While  Seaboard  has certain variable rate debt, these  interest  rate
exchange  agreements do not qualify as hedges for accounting purposes.
Accordingly,  the  changes  in  fair value  of  these  agreements  are
recorded in Miscellaneous, net in the Condensed Consolidated Statement
of Earnings.

Counterparty Credit Risk

Seaboard is subject to counterparty credit risk related to its foreign
currency  exchange  agreements and interest  rate  swaps,  should  the
counterparties  fail  to  perform  according  to  the  terms  of   the
contracts.   Seaboard's foreign currency exchange  agreements  have  a
maximum  amount  of loss due to credit risk in the amount  of  $22,000
with  two  counterparties.   Seaboard's interest  rate  swaps  have  a
maximum  amount of loss due to credit risk in the amount of $1,977,000
with  two  counterparties.   Seaboard does  not  hold  any  collateral
related to these agreements.

 10

The  following table provides the amount of gain or (loss)  recognized
for  each  type  of  derivative and where it  was  recognized  in  the
Condensed  Consolidated Statement of Earnings  for  the  three  months
ended April 2, 2011 and April 3, 2010.

(Thousands of dollars)

                                           April 2, 2011     April 3, 2010
                       Location of Gain    Amount of Gain    Amount of Gain
                          or (Loss)           or (Loss)         or (Loss)
                          Recognized         Recognized        Recognized
                          in Income          in Income         in Income

Commodities           Cost of sales            $13,986          $16,068
Foreign currencies    Cost of sales              8,787           (4,294)
Foreign currencies    Foreign currency            (136)             (25)
Interest rate         Miscellaneous, net           519                -

The following table provides the fair value of each type of derivative
held  as  of  April  2,  2011 and December 31,  2010  and  where  each
derivative is included on the Condensed Consolidated Balance Sheets.




(Thousands of dollars)            Asset Derivatives                              Liability Derivatives
                          Balance             Fair Value                   Balance              Fair Value
                           Sheet          April 2,  December 31,            Sheet           April 2,  December 31,
                          Location          2011       2010                Location           2011        2010
                                                                                      
Commodities         Other current assets  $16,602    $15,966      Other current liabilities $14,917(1)  $ 9,170
Foreign currencies  Other current assets       22        120      Other current liabilities   7,672      11,652
Interest rate       Other current assets    1,977      1,410      Other current liabilities     497       1,161


  (1) Excludes $11,912 of option proceeds resulting in a net liability of $3,005  as of April 2, 2011.



Note 6 - Employee Benefits

Seaboard  maintains two defined benefit pension plans for its domestic
salaried  and clerical employees.  At this time, no contributions  are
expected  to  be made to these plans in 2011.  Seaboard also  sponsors
non-qualified,  unfunded supplemental executive  plans,  and  unfunded
supplemental  retirement agreements with certain executive  employees.
Management  has  no  plans to provide funding for  these  supplemental
plans in advance of when the benefits are paid.

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

                                                    Three Months Ended
                                                    April 2,  April 3,
(Thousands of dollars)                                2011      2010

Components of net periodic benefit cost:
  Service cost                                   $   1,927  $  1,611
  Interest cost                                      2,294     2,162
  Expected return on plan assets                    (1,635)   (1,534)
  Amortization and other                             1,051     1,003
  Net periodic benefit cost                      $   3,637  $  3,242

 11

Note 7 - Commitments and Contingencies

Seaboard is subject to various 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  April  2,  2011,  Seaboard   had
guarantees  outstanding  to two third parties  with  a  total  maximum
exposure of $1,354,000.  Seaboard has not accrued a liability for  any
of the third party or affiliate guarantees as management considers the
likelihood of loss to be remote.

As  of  April  2,  2011, Seaboard had outstanding  letters  of  credit
("LCs") with various banks which reduced its borrowing capacity  under
its  committed  and uncommitted credit facilities by  $42,578,000  and
$8,161,000, respectively.  Included in these amounts are LCs  totaling
$26,385,000,  which support the Industrial Development  Revenue  Bonds
included as long-term debt and $20,221,000 of LCs related to insurance
coverages.

Note 8 - Stockholders' Equity and Accumulated Other Comprehensive Loss

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

                                                Three Months Ended
                                                April 2,   April 3,
(Thousands of dollars)                            2011       2010

Net earnings                                   $116,693   $ 62,663
Other comprehensive income
net of applicable taxes:
Foreign currency translation adjustment            (593)    (1,392)
Unrealized gain on investments                       99     (1,100)
Unrecognized pension cost                           341        713

Total comprehensive income                     $116,540   $ 60,884

The  components of and changes in accumulated other comprehensive loss
for the three months ended April 2, 2011 are as follows:

                                                 Balance               Balance
                                               December 31,  Period    April 2,
(Thousands of dollars)                              2010     Change      2011

Cumulative foreign currency translation
 adjustment                                     $ (81,280)   $(593)  $ (81,873)
Unrealized gain on investments                        445       99         544
Unrecognized pension cost                         (43,072)     341     (42,731)

Accumulated other comprehensive loss            $(123,907)   $(153)  $(124,060)

The  foreign currency translation adjustment primarily represents  the
effect of the Argentine peso currency exchange fluctuation on the  net
assets of the Sugar segment.  At April 2, 2011, the Sugar segment  had
$201,936,000  in  net  assets  denominated  in  Argentine  pesos   and
$43,703,000 in net liabilities denominated in U.S. dollars.

With  the exception of the foreign currency translation adjustment  to
which  a  35  percent federal tax rate is applied,  income  taxes  for
components of accumulated other comprehensive loss were recorded using
a  39  percent  effective  tax  rate.  In addition,  the  unrecognized
pension  cost  includes $12,918,000 related to  employees  at  certain
subsidiaries for which no tax benefit has been recorded.

 12

On  November  6, 2009, the Board of Directors authorized  Seaboard  to
repurchase  from  time  to  time prior  to  October  31,  2011  up  to
$100,000,000  market  value of its Common  Stock  in  open  market  or
privately negotiated purchases which may be above or below the  traded
market price.  Such purchases may be made by Seaboard or Seaboard  may
from  time to time enter into a 10b5-1 plan authorizing a third  party
to  make  such purchases on behalf of Seaboard.  The stock  repurchase
will  be  funded by cash on hand.  Shares repurchased will be  retired
and  shall  resume the status of authorized and unissued shares.   Any
stock  repurchases  will be made in compliance with  applicable  legal
requirements  and  the timing of the repurchases  and  the  number  of
shares  to  be  repurchased at any given time  may  depend  on  market
conditions, Securities and Exchange Commission regulations  and  other
factors.  The Board's stock repurchase authorization does not obligate
Seaboard  to acquire a specific amount of common stock and  the  stock
repurchase  program  may  be  suspended  at  any  time  at  Seaboard's
discretion.   For the three months ended April 2, 2011,  Seaboard  did
not  repurchase  any shares of common stock.  As  of  April  2,  2011,
$70,006,000  remained  available for repurchase  under  this  program.
Also,  Seaboard  currently does not intend to  declare  any  dividends
during 2011 and 2012.

Note 9 - Segment Information

During the second quarter of 2009, Seaboard started operations at  its
ham-boning  and  processing plant in Mexico.  Since  that  time,  this
plant has experienced certain difficulties including challenges facing
many U.S. border towns in Mexico.  Despite being in operation for over
one year and reaching near-capacity production levels, overall margins
have  been  below  expectations.  Management has  implemented  various
changes  related to this operation, and margins improved  starting  in
the  fourth quarter of 2010.  As of April 2, 2011, Seaboard  performed
an  impairment evaluation of this plant and determined  there  was  no
impairment  based  on management's current cash flow  assumptions  and
probabilities of outcomes.  However, if margins from this operation do
not  meet  acceptable levels, there is a possibility that the recorded
value  of  this facility could be deemed impaired during  some  future
period including 2011, which may result in a charge to earnings.   The
net book value of these assets as of April 2, 2011 was $9,864,000.

In  the  first  quarter  of 2011, the Commodity  Trading  and  Milling
segment  recognized  $101,080,000 in net sales related  to  previously
deferred  costs and deferred revenues under contracts  for  which  the
final sale prices were not fixed and determinable until 2011.

On  April 8, 2011, Seaboard closed the sale of its two floating  power
generating  facilities  in the Dominican Republic,  the  Estrella  Del
Norte  ("EDN") and Estrella Del Mar ("EDM"), for $73,102,000  (net  of
$3,000,000  placed  in escrow for potential dry dock  costs).   During
March  2009,  $15,000,000 was paid to Seaboard (recorded  as  deferred
revenue  in  current liabilities as of April 2, 2011).  In the  second
quarter of 2011, the previously escrowed balance of $55,000,000,  less
$3,000,000  million to remain in escrow for potential dry dock  costs,
plus   $2,796,000  of  escrow  earnings  and  $3,306,000  for  various
inventory  items  related to the EDN, was paid to Seaboard.   Seaboard
ceased  depreciation on January 1, 2010 for these two power generating
facilities but continued to operate them until March 30, 2011.  As  of
April  2,  2011,  the  net  book value of  the  two  power  generating
facilities  and various inventory items related to EDN was $21,679,000
and  is  classified as held for sale and inventory  in  other  current
assets.   Seaboard  will  recognize  a  gain  on  sale  of  assets  of
$51,423,000  in operating income in the second quarter of  2011.    In
late  March 2011, the purchaser entered into discussions with Seaboard
to lease the EDM to Seaboard for a short period of time.  On April 20,
2011,  Seaboard  signed  a  short-term lease  agreement  that  allowed
Seaboard to resume operations of the EDM (72 megawatts) and operate it
through approximately March 31, 2012.  Seaboard and the purchaser also
agreed to defer the sale to the purchaser of the inventory related  to
the  EDM until the end of the lease term.  Seaboard retained all other
physical  properties  of  this business and is  currently  building  a
106  megawatt  floating  power generating  facility  for  use  in  the
Dominican Republic for approximately $125,000,000.  This new  facility
is  anticipated to begin operations by the end of 2011 or early  2012,
resulting in lower sales for this segment for the remainder of 2011.

The  Turkey segment, accounted for using the equity method, had  total
net  sales  and  operating  income in the first  quarter  of  2011  of
$278,457,000 and $5,673,000, respectively.  As of April  2,  2011  and
December 31, 2010, the Turkey segment had total assets of $782,137,000
and $725,464,000, respectively.

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 affiliates for the Commodity Trading and Milling segment,
is  used  as  the  measure of evaluating segment  performance  because
management  does  not consider interest, other investment  income  and
income tax expense on a segment basis.

 13

Sales to External Customers:
                                                 Three Months Ended
                                                April 2,      April 3,
(Thousands of dollars)                            2011          2010

Pork                                          $  423,969    $  317,906
Commodity Trading and Milling                    712,231       408,103
Marine                                           229,720       203,423
Sugar                                             67,003        53,822
Power                                             32,345        32,969
All Other                                          2,911         4,053
   Segment/Consolidated Totals                $1,468,179    $1,020,276


Operating Income (Loss):
                                                 Three Months Ended
                                                April 2,      April 3,
(Thousands of dollars)                            2011          2010

Pork                                          $   79,595    $   26,408
Commodity Trading and Milling                     23,072        22,634
Marine                                             7,022         8,266
Sugar                                             22,439        11,277
Power                                              3,549         4,028
All Other                                           (302)          412
   Segment Totals                                135,375        73,025
Corporate Items                                   (5,099)       (5,559)
   Consolidated Totals                        $  130,276    $   67,466


Income from Affiliates:
                                                 Three Months Ended
                                                April 2,      April 3,
(Thousands of dollars)                            2011          2010

Commodity Trading and Milling                 $    5,819    $    4,817
Sugar                                                317            71
Turkey                                                26             -
   Segment/Consolidated Totals                $    6,162    $    4,888


Total Assets:
                                                April 2,     December 31,
(Thousands of dollars)                            2011          2010

Pork                                          $  798,018    $  761,490
Commodity Trading and Milling                    698,294       686,379
Marine                                           267,516       246,902
Sugar                                            232,067       223,223
Power                                            107,127        91,739
Turkey                                           280,326       277,778
All Other                                          8,568         6,332
   Segment Totals                              2,391,916     2,293,843
Corporate Items                                  387,863       440,243
   Consolidated Totals                        $2,779,779    $2,734,086

 14

Investments in and Advances to Affiliates:

                                                April 2,     December 31,
(Thousands of dollars)                            2011          2010

Commodity Trading and Milling                 $  150,082    $  140,696
Sugar                                              3,243         2,957
Turkey                                           187,695       187,669
   Segment/Consolidated Totals                $  341,020    $  331,322

Administrative services provided by the corporate office allocated  to
the  individual segments represent corporate services rendered to  and
costs  incurred  for  each  specific segment  with  no  allocation  to
individual  segments of general corporate management oversight  costs.
Corporate assets include short-term investments, other current  assets
related  to  deferred compensation plans, fixed assets,  deferred  tax
amounts  and  other miscellaneous items.  Corporate  operating  losses
represent  certain  operating  costs  not  specifically  allocated  to
individual segments.

      __________________________________________________

 15

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  as  of  April  2,  2011  decreased
$38.7  million to $334.7 million from December 31, 2010.  The decrease
was  the  result of cash used by operating activities of $54.9 million
and  cash  used for capital expenditures of $39.0 million.   Partially
offsetting  this decrease was cash from borrowings of  $57.6  million.
Cash  from operating activities decreased $132.4 million for the three
months  ended  April  2, 2011 compared to the  same  period  in  2010,
primarily  as  a  result of changes in working capital  needs  in  the
Commodity Trading and Milling segment for increases in receivables and
inventories  and  also  timing of payments  for  current  liabilities.
Partially  offsetting this decrease was higher net  earnings  for  the
three months ended April 2, 2011 compared to the same period in 2010.

Acquisitions, Capital Expenditures and Other Investing Activities

During  the  three  months  ended April  2,  2011,  Seaboard  invested
$39.0  million in property, plant and equipment, of which $6.4 million
was  expended in the Pork segment, $9.7 million in the Marine segment,
$4.5  million  in  the Sugar segment and $17.4 million  in  the  Power
segment.   The Pork segment expenditures were primarily for additional
finishing  barns and improvements to existing facilities  and  related
equipment.   The  Marine  segment  expenditures  were  primarily   for
purchases   of  cargo  carrying  and  handling  equipment   and   port
development  projects.  In the Sugar segment, the capital expenditures
were primarily for the continued development of the cogeneration plant
with  the remaining amount for normal upgrades to existing operations.
The   Power   segment  expenditures  were  primarily  used   for   the
construction of a 106 megawatt power generating facility  for  use  in
the Dominican Republic.  The total cost of the project is estimated to
be  approximately $125.0 million.  Operations are anticipated to begin
by  the end of 2011 or early 2012.  All other capital expenditures are
of  a  normal  recurring nature and primarily include replacements  of
machinery  and  equipment,  and general  facility  modernizations  and
upgrades.

For   the   remainder  of  2011,  management  has   budgeted   capital
expenditures totaling $165.7 million.  The Pork segment plans to spend
$23.9  million  primarily for additional finishing  barns  and,  to  a
lesser   degree,  improvements  to  existing  facilities  and  related
equipment.   The  Marine segment has budgeted $41.0 million  primarily
for   additional  cargo  carrying  and  handling  equipment  and  port
development  projects.   In addition, management  will  be  evaluating
whether  to  purchase additional containerized cargo vessels  for  the
Marine  segment  and  dry bulk vessels for the Commodity  Trading  and
Milling segment during 2011.  The Sugar segment plans to spend a total
of  $11.9  million  consisting  of  $0.8  million  for  the  continued
development  of a 40 megawatt cogeneration plant, with  the  remaining
amount  for  normal upgrades to existing operations.  The cogeneration
plant  is expected to be operational by the end of the second  quarter
of 2011 at a total completed cost of approximately $47.0 million.  The
Power segment plans to spend $73.6 million primarily for the new power
generating facility being constructed as discussed above.  See Note  9
to   the  Condensed  Consolidated  Financial  Statements  for  further
discussion.   The balance of $15.3 million is planned to be  spent  in
all other businesses.  Management anticipates paying for these capital
expenditures  from  available cash, the use  of  available  short-term
investments or Seaboard's available borrowing capacity.

During 2010, Seaboard agreed to invest in various limited partnerships
as  a  limited partner that are expected to enable Seaboard to  obtain
certain  low income housing tax credits over a period of approximately
ten  years.   The total commitment is approximately $17.5 million  and
the majority of the investment is expected to be made during late 2011
and 2012.

Seaboard has a 50% non-controlling interest in a bakery being built in
Central  Africa.   The  total project cost is estimated  to  be  $58.0
million  but  Seaboard's total investment has not yet been  determined
pending  finalization  of  third party financing  alternatives  for  a
portion  of the project.  The bakery is not expected to be operational
until  the  second  half of 2011.  As of April 2, 2011,  Seaboard  had
invested $14.1 million in this project.

On April 8, 2011, Seaboard closed the sale of its two power generating
facilities in the Dominican Republic for $73.1 million.  See Note 9 to
the   Condensed   Consolidated  Financial   Statements   for   further
discussion.

Financing Activities and Debt

As  of  April 2, 2011, Seaboard had committed lines of credit totaling
$300.0 million and uncommitted lines totaling $165.5 million.   As  of
April  2,  2011,  there  were  no  borrowings  outstanding  under  the
committed  lines of credit and borrowings under the uncommitted  lines
of  credit  totaled  $76.0 million.  Outstanding  standby  letters  of
credit  reduced Seaboard's borrowing capacity under its committed  and
uncommitted   credit  lines  by  $42.6  million  and

 16

$8.2   million,  respectively,  primarily  representing $26.4  million
for  Seaboard's outstanding  Industrial Development Revenue Bonds  and
$20.2  million  related to insurance coverage.  Also included in notes
payable  as  of  April  2,  2011  was  a  term  note of $45.0  million
denominated  in U.S. dollars.

Seaboard  has  a  long-term credit agreement  for  $114.0  million  to
finance the construction of the new power generating facility  in  the
Dominican  Republic noted above.  During the first  quarter  of  2011,
Seaboard  borrowed  an  additional $15.3  million  under  this  credit
facility.   As of April 2, 2011, $31.7 million had been borrowed  from
this credit facility.

Seaboard's  remaining 2011 scheduled long-term debt  maturities  total
$1.6  million.  As of April 2, 2011, Seaboard had cash and  short-term
investments   of  $334.7  million,  total  net  working   capital   of
$944.4  million and a $300.0 million committed line of credit maturing
on   July  10,  2013.   Accordingly,  management  believes  Seaboard's
combination of internally generated cash, liquidity, capital resources
and   borrowing  capabilities  will  be  adequate  for  its   existing
operations  and any currently known potential plans for  expansion  of
existing operations or business segments for 2011. Management  intends
to  continue seeking opportunities for expansion in the industries  in
which  Seaboard  operates,  utilizing  existing  liquidity,  available
borrowing capacity and other financing alternatives.

On  November  6,  2009,  the  Board  of  Directors  authorized  up  to
$100.0  million  for a new share repurchase program.   For  the  three
months ended April 2, 2011, Seaboard did not repurchase any shares  of
common  stock.  See  Note  8 to the Condensed  Consolidated  Financial
Statements for further discussion.  Also, Seaboard currently does  not
intend to declare any dividends during 2011 and 2012.

See  Note 7 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 increased to $1,468.2 million for the first quarter of 2011
compared  to  $1,020.3  million for the first  quarter  of  2010.  The
increase  primarily  reflected increased prices  for  and  volumes  of
commodities  traded and also an increase in overall  sale  prices  for
pork products.

Operating  income increased to $130.3 million in the first quarter  of
2011,  compared to $67.5 million in the first quarter of  2010,  which
primarily reflected higher pork and sugar prices.

Pork Segment
                                                Three Months Ended
                                                 April 2,  April 3,
(Dollars in millions)                              2011      2010

Net sales                                       $ 424.0   $ 317.9
Operating income                                $  79.6   $  26.4

Net  sales for the Pork segment increased $106.1 million in the  first
quarter  of 2011 compared to the first quarter of 2010.  The  increase
primarily  reflected  an increase in overall  sales  prices  for  pork
products  and,  to a lesser extent, increased sales of  biodiesel  and
higher volume of pork products sold.

Operating income for the Pork segment increased $53.2 million for  the
first  quarter  of 2011 compared to the first quarter  of  2010.   The
increase  was  primarily a result of higher sales  prices  and,  to  a
lesser  extent,  higher  volumes  of pork  products  sold.   Partially
offsetting  the increase was higher feed costs, primarily from  higher
corn  prices,  and  costs  for  hogs  purchased  from  third  parties.
Management is unable to predict future market prices for pork products
or  the  cost of feed and hogs purchased from third parties.  However,
management anticipates positive operating income for the remainder  of
2011,  although at a lower level than the first quarter.  As discussed
in Note 9 to the Condensed Consolidated Financial Statements, there is
a possibility that some amount of the ham-boning plant in Mexico could
be deemed impaired during some future period including 2011, which may
result in a charge to earnings if current projections are not met.

 17

Commodity Trading and Milling Segment
                                                Three Months Ended
                                                April 2,   April 3,
(Dollars in millions)                             2011       2010

Net sales                                      $  712.2   $ 408.1
Operating income as reported                   $   23.1   $  22.6
     Less mark-to-market adjustments              (12.0)     (8.7)
Operating income excluding mark-to-market
 adjustments                                   $   11.1   $  13.9
Income from affiliates                         $    5.8   $   4.8

Net  sales  for  the  Commodity Trading and Milling segment  increased
$304.1  million for the first quarter of 2011 compared  to  the  first
quarter  of 2010.  The increase was primarily the result of  increased
prices  for corn and wheat, and increased volumes of commodities  sold
to  third  parties, principally soybean meal and corn.   In  addition,
$101.1  million  in  net  sales were recognized  in  2011  related  to
previously  deferred costs and deferred revenues under  contracts  for
which  the  final  sale prices were not fixed and  determinable  until
2011.   As worldwide commodity price fluctuations cannot be predicted,
management is unable to predict the level of future sales.

Operating income for this segment increased $0.5 million for the first
quarter  of 2011 compared to the first quarter of 2010.  The  increase
primarily  reflects the $3.3 million fluctuation of marking to  market
the derivative contracts, as discussed below, and, to a lesser extent,
increased  volumes of commodities sold as discussed above.  Offsetting
these  increases were lower operating income for consolidated  milling
operations  as  a  result of less favorable market conditions,  write-
downs  of $1.7 million in the first quarter of 2011 for certain  grain
inventories  for  customer contract performance issues,  as  discussed
further  in Note 3 to the Condensed Consolidated Financial Statements,
and higher selling and administrative personnel costs.

Due  to  the  uncertain  political  and  economic  conditions  in  the
countries in which Seaboard operates and the current volatility in the
commodity  markets, management is unable to predict future  sales  and
operating  results. However, management anticipates positive operating
income  for the remainder of 2011, excluding the potential effects  of
marking to market derivative contracts.

Had  Seaboard not applied mark-to-market accounting to its  derivative
instruments, operating income for this segment would have  been  lower
by  $12.0  million and $8.7 million,for the first quarter of 2011  and
2010,  respectively.  While management believes its commodity  futures
and  options  and  foreign exchange contracts are  primarily  economic
hedges  of its firm purchase and sales contracts or anticipated  sales
contracts,  Seaboard  does  not perform the  extensive  record-keeping
required  to  account for these types of transactions  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  products  are
delivered  to  customers,  these existing  mark-to-market  adjustments
should be primarily offset by realized margins or losses as revenue is
recognized and thus, these mark-to-market adjustments could reverse in
fiscal  2011.   Management believes eliminating these adjustments,  as
noted  in the table above, provides a more reasonable presentation  to
compare  and  evaluate  period-to-period financial  results  for  this
segment.

Income  from  affiliates in the first quarter  of  2011  increased  by
$1.0  million compared to the first quarter of 2010.    Based  on  the
uncertainty  of  local  political  and  economic  situations  in   the
countries in which the flour and feed mills operate, management cannot
predict future results.

Marine Segment
                                                Three Months Ended
                                                 April 2,  April 3,
(Dollars in millions)                              2011      2010

Net sales                                       $ 229.7   $ 203.4
Operating income                                $   7.0   $   8.3

Net sales for the Marine segment increased $26.3 million for the first
quarter  of 2011 compared to the first quarter of 2010.  The  increase
was  primarily  a  result of higher cargo volumes  and,  to  a  lesser
extent, increased rates in most markets served during 2011 as economic
activity continued to increase.

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Operating income for the Marine segment decreased $1.3 million for the
first  quarter  of 2011 compared to the first quarter  of  2010.   The
decrease was primarily the result of cost increases for charter  hire,
fuel  for  vessels and trucking on a per unit shipped basis  and  also
higher   selling   and  administrative  personnel  costs.    Partially
offsetting  the  decrease were higher cargo rates as discussed  above.
Management  cannot predict changes in future cargo volumes  and  cargo
rates  or  to  what extent changes in economic conditions  in  markets
served  will affect net sales or operating income during the remainder
of  2011.   However, management anticipates positive operating  income
for this segment in 2011, although lower than 2010.

Sugar Segment
                                                 Three Months Ended
                                                  April 2,  April 3,
(Dollars in millions)                               2011      2010

Net sales                                        $  67.0   $  53.8
Operating income                                 $  22.4   $  11.3
Income from affiliates                           $   0.3   $   0.1

Net  sales for the Sugar segment increased $13.2 million for the first
quarter  of 2011 compared to the first quarter of 2010.  The  increase
for  the  quarter primarily reflects increased domestic  sugar  prices
and,  to  a lesser extent, increased domestic sugar volumes, partially
offset  by  lower  sugar export volumes.   Management  cannot  predict
sugar  prices  for the remainder of 2011.  Management anticipates  the
cogeneration  power plant, discussed above, will begin  operations  by
the end of the second quarter of 2011.

Operating income increased $11.1 million for the first quarter of 2011
compared  to  the  first  quarter of  2010.   The  increase  primarily
represents higher margins from the increase in sugar prices  discussed
above.   Management  anticipates positive operating  income  for  this
segment for the remainder of 2011, although at a lower level than  the
first quarter.

Power Segment
                                                 Three Months Ended
                                                  April 2,  April 3,
(Dollars in millions)                               2011      2010

Net sales                                        $  32.3   $  33.0
Operating income                                 $   3.5   $   4.0

Net  sales for the Power segment decreased $0.7 million for the  first
quarter  of  2011  compared  to the first quarter  of  2010  primarily
reflecting lower production levels, partially offset by higher  rates.
The  higher rates were attributable primarily to higher fuel costs,  a
component of pricing.  Operating income decreased $0.5 million for the
first  quarter of 2011 compared to the first quarter of 2010 primarily
as a result of lower production levels.

See  Note 9 to the Condensed Consolidated Financial Statements for the
closing  of  the sale of certain assets of this business on  April  8,
2011,  subsequent  leasing of one power generating  facility  and  the
construction  of a new replacement power generating  facility.   As  a
result of the sale, during the second quarter of 2011, a gain on  sale
of  assets  of  $51.4 million will be recognized in operating  income.
Management anticipates that sales will be significantly lower for  the
remainder  of  2011  as a result of the reduced operations  until  the
start-up of the new power generating facility, anticipated by the  end
of  2011 or early 2012.   Management cannot predict future fuel  costs
or  the  extent to which rates will fluctuate compared to fuel  costs,
although  management anticipates positive operating  income  for  this
segment  in  2011.  However, after the first half of  2011,  operating
income  is  expected to be lower than 2010 as a result of lower  sales
discussed above.

Selling, General and Administrative Expenses

Selling,  general  and administrative ("SG&A") expenses  increased  by
$6.3  million  for  the three month period of 2011  compared  to  same
period  in 2010.  The increase is primarily due to increased personnel
costs  in  most segments.  As a percentage of revenues, SG&A decreased
to  3.7% in the first quarter of 2011 compared to 4.8% for the quarter
of  2010  primarily as a result of increased sales  in  the  Commodity
Trading and Milling and Pork segments.

Interest Income from Affiliates

Interest income from affiliates for 2011 primarily represents interest
from a note receivable from Butterball, an affiliated company in which
Seaboard has a 50% non-controlling voting interest.  This note was put
in place in

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December 2010.

Foreign Currency Gains, Net

The  fluctuations in foreign currency gains, net in the first  quarter
of  2011  compared  to  the first quarter of 2010 primarily  reflected
foreign currency gains in the first quarter of 2011 from Euro cash and
short-term investment positions.

Income Tax Expense

The   effective  tax  rate  for  the  first  quarter  of  2011,  which
approximates  the expected annual tax rate, remained  fairly  constant
compared  to  the  tax  rate  for the year ended  December  31,  2010.
However, the tax rate for the first quarter of 2011 is higher than the
tax  rate  for  the  first  quarter of 2010 primarily  due  to  higher
projected domestic earnings relative to foreign earnings, as  was  the
case in the last half of 2010.

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  and
forward purchases.  Primary market risk exposures result from changing
commodity prices, foreign currency exchange rates and interest  rates.
From time to time, Seaboard may also 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, 2010.  See Note 5 to the
Condensed Consolidated Financial Statements for further discussion.

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  April  2, 2011.  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  April  2,
2011  that  has  materially  affected,  or  is  reasonably  likely  to
materially   affect,  Seaboard's  internal  control   over   financial
reporting.

PART II - OTHER INFORMATION

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, 2010.

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

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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, grains, sugar, turkey and  other  products  and
services;  (iv)  statements  concerning management's  expectations  of
recorded  tax effects under certain circumstances; (v) the  volume  of
business   and  working  capital  requirements  associated  with   the
competitive trading environment for the Commodity Trading and  Milling
segment;  (vi)  the  charter hire rates and fuel prices  for  vessels;
(vii)  the  stability of the Dominican Republic's economy, fuel  costs
and  related spot market prices and collection of receivables  in  the
Dominican  Republic; (viii) the ability of Seaboard  to  sell  certain
grain  inventories in foreign countries at current cost basis and  the
related  contract  performance by customers; (ix) the  effect  of  the
fluctuation  in  foreign  currency  exchange  rates;  (x)   statements
concerning   profitability  or  sales  volume  of  any  of  Seaboard's
segments;  (xi)  the  anticipated costs and completion  timetable  for
Seaboard's   scheduled   capital   improvements,   acquisitions    and
dispositions;  or  (xii) 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.

This  list  of forward-looking statements is not exclusive.   Seaboard
undertakes   no   obligation  to  publicly  update   or   revise   any
forward-looking  statement, whether as a result  of  new  information,
future  events,  changes in assumptions or otherwise.  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.

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                              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.

                           SEABOARD CORPORATION


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

                           Date: May 6, 2011


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

                           Date: May 6, 2011

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