SECURITIES AND EXCHANGE COMMISSION
                     Washington, D. C. 20549


                            FORM 10-Q


                  ____________________________


          [ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934
                 For the 26 weeks ended June 24, 2000

                                    OR

          [   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934
                  Commission File Number 1-6085


                  ____________________________



                            IBP, inc.
                     a Delaware Corporation
          I.R.S. Employer Identification No. 42-0838666


                     800 Stevens Port Drive
                Dakota Dunes, South Dakota 57049
                     Telephone 605-235-2061


                  ____________________________


   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,
and (2) has been subject to such filing requirements for the past
90 days.

                        YES [X]    NO [ ]


   As of August 1, 2000, the registrant had outstanding
105,578,277 shares of its common stock ($.05 par value).








                 PART I.  FINANCIAL INFORMATION
                   IBP, inc. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED BALANCE SHEETS
                         (In thousands)

                                            June 24,     December 25,
                                              2000          1999
                                            --------     ------------
ASSETS
------
  CURRENT ASSETS:
    Cash and cash equivalents              $   32,415     $   33,294
    Marketable securities                      10,000           -
     Accounts receivable, less allowance for
      doubtful accounts of $22,643 and $17,797
                                              843,370        853,234
    Inventories                               749,403        619,977
    Deferred income tax benefits and
      prepaid expenses                         97,963         84,930
                                            ---------      ---------
        TOTAL CURRENT ASSETS                1,733,151      1,591,435
                                            =========      =========

  Property, plant and equipment
    less accumulated depreciation
    of $1,023,934 and $960,390              1,468,290      1,362,765
  Goodwill, net of accumulated
    amortization of $204,930 and $189,395   1,058,486      1,054,839
  Other assets                                148,441        145,225
                                            ---------      ---------
                                           $4,408,368     $4,154,264
                                            =========      =========

LIABILITIES, REDEEMABLE STOCK, AND
  STOCKHOLDERS' EQUITY
----------------------------------
  CURRENT LIABILITIES:
    Notes payable to banks                    781,755        447,960
    Accounts payable                          444,957        422,942
    Deferred income taxes and other
      current liabilities                     483,726        455,676
    Current portion of long-term debt          54,226        107,225
                                            ---------      ---------
        TOTAL CURRENT LIABILITIES           1,764,664      1,433,803

  Long-term debt and capital lease
    Obligations                               659,621        789,861
  Deferred income taxes and other
    Liabilities                               168,914        168,934
                                            ---------      ---------
        TOTAL LIABILITIES                   2,593,199      2,392,598
                                            ---------      ---------

  REDEEMABLE STOCK                             28,537         44,564
                                            ---------      ---------

  STOCKHOLDERS' EQUITY:
    Common stock at par value                   5,450          4,964
    Additional paid-in capital                417,174        404,463
    Retained earnings                       1,444,921      1,375,590
    Accumulated other comprehensive income     (9,656)        (8,600)
    Treasury stock                            (71,257)       (59,315)
                                            ---------      ---------
      TOTAL STOCKHOLDERS' EQUITY            1,786,632      1,717,102
                                            ---------      ---------
                                           $4,408,368     $4,154,264
                                            =========      =========

See   accompanying  notes  to  condensed  consolidated  financial statements.

                   IBP, inc. AND SUBSIDIARIES
          CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)
                               13 Weeks Ended           26 Weeks Ended
                             --------------------     --------------------
                             June 24,    June 26,     June 24,    June 26,
                               2000        1999         2000        1999
                             --------    --------     --------    --------

Net sales                   $4,165,530   $3,616,112    $8,047,567   $6,827,286
Cost of products sold        3,907,529    3,385,975     7,549,587    6,392,131
                             ---------    ---------     ---------    ---------
Gross profit                   258,001      230,137       497,980      435,155
Selling, general and
 administrative expense        142,048      102,555       273,398      201,908
Nonrecurring merger-related
 expense                          -            -           31,299         -
                             ---------    ---------     ---------    ---------

EARNINGS FROM OPERATIONS       115,953      127,582       193,283      233,247

Interest expense, net           21,635       17,423        42,950       31,167
                             ---------    ---------     ---------     --------

Earnings before income
 taxes and extraordinary item   94,318      110,159       150,333      202,080

Income tax expense              35,800       42,386        57,100       77,705
                             ---------    ---------     ---------    ---------

Earnings before extraordinary
 item                           58,518       67,773        93,233      124,375

Extraordinary loss on early
 extinguishment of debt, less
  applicable taxes                -            -          (15,037)        -
                             ---------    ---------     ---------    ----------

NET EARNINGS                $   58,518   $   67,773    $   78,196   $  124,375
                             =========    =========     =========    =========

Earnings per common share:
 Earnings before extraordinary
  item                           $ .55        $ .70         $ .85        $1.28
 Extraordinary item                -            -            (.14)         -
                                  ----         ----          ----         ----
 Net earnings                    $ .55        $ .70         $ .71        $1.28
                                  ====         ====          ====         ====

Earnings per common share -
 assuming dilution:
 Earnings before extraordinary
  item                           $ .55        $ .63         $ .84        $1.16
 Extraordinary item                -            -            (.14)         -
                                  ----         ----          ----         ----
 Net earnings                    $ .55        $ .63         $ .70        $1.16
                                  ====         ====          ====         ====

Dividends per share              $.025        $.025         $ .05        $ .05
                                  ====         ====          ====         ====
Weighted average common shares
 Outstanding                   106,019       96,561       106,030       96,573
                               =======      =======       =======      =======
Diluted EPS denominator        107,206      106,548       107,351      106,399
                               =======      =======       =======      =======
Preferred stock dividends
 and accretion                $   -        $    451      $  2,566     $  1,107
                               =======      =======       =======      =======

See   accompanying  notes  to  condensed  consolidated  financial statements.

                   IBP, inc. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED
                    STATEMENTS OF CASH FLOWS
                         (In thousands)
                                                    26 Weeks Ended
                                                -----------------------
                                                June 24,       June 26,
                                                  2000           1999
                                                --------       --------
                                                  Inflows (outflows)

NET CASH FLOWS PROVIDED (USED BY) OPERATING
 ACTIVITIES                                    $   50,143    $  (46,177)
                                                ---------     ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Capital expenditures                            (181,501)     (104,026)
 Purchases of marketable securities               (25,000)      (19,400)
 Proceeds from disposals of marketable
  securities                                       15,000        19,400
 Acquisitions, net of cash acquired                  -         (270,024)
 Other investing activities, net                  (17,112)        4,577
                                                ---------     ---------
 Net cash flows used by
  investing activities                           (208,613)     (369,473)
                                                ---------     ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Principal payments on long-term
  obligations                                    (483,644)       (5,057)
 Increase in short-term debt                      333,796       388,934
 Proceeds from issuance of long-term debt         295,482         3,000
 Net change in checks in process of
  clearance                                        58,077        38,484
 Redemption of preferred stock                    (28,512)         -
 Other financing activities, net                  (17,673)       (8,401)
                                                ---------     ---------
  Net cash flows provided by
   financing activities                           157,526       416,960
                                                ---------     ---------
Effect of exchange rate on cash
 and cash equivalents                                  65          (303)
                                                ---------     ---------
Net change in cash and cash equivalents              (879)        1,007
Cash and cash equivalents at beginning
 of period                                         33,294        29,295
                                                ---------     ---------
Cash and cash equivalents at end of
 period                                        $   32,415    $   30,302
                                                =========     =========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
 Cash paid during the periods for:
  Interest, net of amounts capitalized         $   36,653    $   28,830
  Income taxes, net of refunds received            40,042        88,967

 Depreciation and amortization expense             69,288        58,766
 Amortization of intangible assets                 17,421        14,179

See   accompanying  notes  to  condensed  consolidated  financial statements.


                   IBP, inc. AND SUBSIDIARIES
          NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
        Columnar amounts in thousands, except per share amounts

   A.   GENERAL

        The condensed consolidated balance sheet of IBP, inc. and
   subsidiaries  ("IBP" or "the company") at  December  25,  1999
   has  been taken from audited financial statements at that date
   and  condensed.   All  other condensed consolidated  financial
   statements contained herein have been prepared by IBP and  are
   unaudited.   The  condensed consolidated financial  statements
   should  be read in conjunction with the consolidated financial
   statements  and  the notes thereto included  in  IBP's  Annual
   Report on Form 10-K for the year ended December 25, 1999.

        On  February 7, 2000, the company completed a merger with
   Corporate  Brand Foods America, Inc. ("CBFA")  (see  Note  F).
   The  merger  has been accounted for as a pooling of  interests
   and,  accordingly,  all  prior period  consolidated  financial
   statements have been restated to include the combined  results
   of operations, financial position and cash flows of CBFA.

        In  the opinion of management, the accompanying unaudited
   condensed   consolidated  financial  statements  contain   all
   adjustments   necessary  to  present  fairly   the   financial
   position  of  IBP  at  June 24, 2000 and the  results  of  its
   operations  and  its  cash  flows for  the  periods  presented
   herein.

        Certain  reclassifications  have  been  made  to   prior
   financial   statements  to  conform  to   the   current   year
   presentation.

   B.   OTHER

        IBP's  interim  operating  results  may  be  subject  to
   substantial  fluctuations which do not  necessarily  occur  or
   recur  on  a  seasonal basis.  Such fluctuations are  normally
   caused  by competitive and other conditions in the cattle  and
   hog   markets  over  which  IBP  has  little  or  no  control.
   Therefore,  the results of operations for the interim  periods
   presented are not necessarily indicative of the results to  be
   attained for the full fiscal year.

   C.   INVENTORIES

        Inventories, valued at the lower of first-in, first-out
   cost or market, are comprised of the following:

                                      June 24,       December 25,
                                       2000             1999
                                      --------       -----------
          Product inventories:
           Raw materials              $ 86,274        $ 37,846
           Work in process              93,183          83,638
           Finished goods              304,873         274,624
                                       -------         -------
                                       484,330         396,108
          Livestock                    174,310         137,300
          Supplies                      90,763          86,569
                                       -------         -------
                                      $749,403        $619,977
                                       =======         =======


   D.  EARNINGS PER SHARE

                                                 13 Weeks Ended
                                             ----------------------
                                             June 24,      June 26,
                                               2000          1999
                                             --------      --------
     Numerator:
      Net earnings                           $ 58,518      $ 67,773
        Preferred   stock  dividends   and       -             (451)
         accretion                            -------       -------
        Earnings available for common shares $ 58,518      $ 67,322
                                              =======       =======
     Denominator:
      Weighted average common shares
       outstanding                            106,019        96,561
      Dilutive effect of employee stock plans   1,187         9,987
                                              -------       -------
      Diluted average common shares
       outstanding                            107,206       106,548
                                              =======       =======

      Basic earnings per common share          $ .55          $ .70
                                                ====           ====
      Diluted earnings per common share        $ .55          $ .63
                                                ====           ====


                                                 26 Weeks Ended
                                             ----------------------
                                             June 24,      June 26,
                                               2000          1999
                                             --------      --------
     Numerator:
      Earnings before extraordinary item     $ 93,233      $124,375
      Preferred stock dividends and accretion  (2,566)       (1,107)
                                              -------       -------
      Earnings available for common shares   $ 90,667      $123,268
                                              =======       =======

     Denominator:
      Weighted average common shares
       outstanding                            106,030        96,573
      Dilutive effect of employee stock plans   1,321         9,826
                                              -------       -------
      Diluted average common shares
       outstanding                            107,351       106,399
                                              =======       =======

      Basic earnings before extraordinary
       item per common share                    $ .85         $1.28
                                                 ====          ====
      Diluted earnings before extraordinary
       item per common share                    $ .84         $1.16
                                                 ====          ====

        The summary below lists stock options outstanding at  the
   end  of  the  fiscal quarters which were not included  in  the
   computations  of  diluted EPS because  the  options'  exercise
   price  was greater than the average market price of the common
   shares.  These options had varying expiration dates.

                                             2000          1999
                                            ------        ------
         Stock options excluded from
          diluted EPS computation            3,287         1,538
         Average option price per share     $21.19        $24.69

     E.   COMPREHENSIVE INCOME

          Comprehensive income consists of net earnings and foreign
     currency translation adjustments.  Management considers  its
     foreign  investments to be permanent in nature and does  not
     provide   for  taxes  on  currency  translation  adjustments
     arising from converting the investment in a foreign currency
     to  U.S.  dollars.  Comprehensive income for  the  26  weeks
     ended June 24, 2000 and June 26, 1999 was as follows:

                                              26 Weeks Ended
                                           ----------------------
                                           June 24,      June 26,
                                             2000          1999
                                           --------      --------

         NET EARNINGS                       $78,196      $124,375
         Other comprehensive income:
          Foreign currency translation
           adjustments                       (1,056)        6,409
                                             ------       -------
         COMPREHENSIVE INCOME               $77,140      $130,784
                                             ======       =======


   F.   ACQUISITION

        On February 7, 2000, the company acquired the outstanding
   common  stock of Corporate Brand Foods America, Inc. ("CBFA"),
   a  privately  held processor and marketer of meat and  poultry
   products  for  the  retail and foodservice  markets.   In  the
   transaction,  which  was  accounted  for  as  a   pooling   of
   interests,  IBP  issued  approximately  14.4  million   common
   shares  for all of the outstanding common stock of CBFA.   The
   company   also  assumed  $344  million  of  CBFA's  debt   and
   preferred stock obligations.  At the acquisition date, all  of
   the  debt  obligations were refinanced (see Note  G)  and  the
   preferred  stock  was  redeemed.  The companies  incurred  $31
   million   of  nonrecurring  merger-related  expenses,  related
   primarily   to  an  increase  in  the  valuation   of   CBFA's
   restricted  redeemable  stock,  a  non-cash  charge   of   $21
   million, and transaction-related fees.

        The company, by virtue of its acquisition of CBFA, has  a
   restricted   stock  plan  for  which,  upon   termination   of
   employment  with  the  company, grantees  have  the  right  to
   require  the company to purchase the vested portion of  shares
   issued  under the plan at fair market value.  As a  result  of
   this   mandatory  redemption  feature  (the  "Put  Features"),
   shares  issued  under  the plan are classified  as  redeemable
   stock in the accompanying consolidated balance sheet, and  the
   plan  is accounted for as a "variable plan" in accordance with
   APB  Opinion  #25.   Since  the  inception  of  the  plan,  no
   grantees  have  exercised their Put Features,  and  management
   considers  the  likelihood of significant Put  Features  being
   exercised in the future to be remote.

        Prior to the merger, CBFA's fiscal year ended on the Sunday
   closest to the last day of February. The following information
   presents certain statement of  earnings data for the separate
   companies  corresponding  to  IBP's  fiscal  quarter  and  six
   months ended June 26, 1999:

                                   13 Weeks Ended    26 Weeks Ended
                                       June 26,          June 26,
                                        1999               1999
                                   --------------    --------------
         Net sales:
          IBP, as previously
           reported                  $3,478,467        $6,576,119
          Intercompany sales to CBFA    (14,542)          (28,877)
                                      ---------         ---------
          Net IBP sales               3,463,925         6,547,242
          CBFA                          152,187           280,044
                                      ---------         ---------
                                     $3,616,112        $6,827,286
                                      =========         =========
         Net earnings (loss):
          IBP                        $   66,243        $  123,141
          CBFA                            1,530             1,234
                                      ---------         ---------
                                     $   67,773        $  124,375
                                      =========         =========

   G.   LONG-TERM OBLIGATIONS:

        Long-term obligations are summarized as follows:

                                          June 24,       December 25,
                                            2000             1999
                                          --------       ------------
  7.95% Senior Notes due 2010             $300,000         $   -
  7.45% Senior Notes due 2007              125,000          125,000
  6.125% Senior Notes due 2006             100,000          100,000
  7.125% Senior Notes due 2026             100,000          100,000
  6.0% Securities due 2001                  50,000           50,000
  CBFA long-term obligations                  -             306,633
  Revolving credit facilities                 -             175,000
  Present value of minimum
   capital lease obligations                22,511           26,728
  Other                                     16,336           13,725
                                           -------          -------
                                           713,847           97,086
  Less amounts due within one year          54,226          107,225
                                           -------          -------
                                          $659,621         $789,861
                                           =======          =======

        On  January 31, 2000, the company issued $300 million  of
   7.95%  10-year  notes under its $550 million  Debt  Securities
   program   originally  registered  with  the   Securities   and
   Exchange  Commission  ("SEC") in 1996.  This  Debt  Securities
   program  was subsequently amended and filed with  the  SEC  on
   January  27,  2000.   The net proceeds,  issued  at  a  slight
   discount  to  par, were used to reduce IBP's revolving  credit
   facilities, $175 million of which had been classified as  non-
   current   at   December   25,  1999.   Interest   is   payable
   semiannually.

        On  February  7, 2000, the company completed  its  merger
   with  CBFA  and, at the same time, refinanced  all  of  CBFA's
   various existing debt obligations, using available IBP  credit
   facilities  which  were at more favorable  terms.   Prepayment
   premiums,  accelerated  amortization of  unamortized  deferred
   financing   costs,  and  transaction  expenses   totaled   $22
   million,  before applicable income tax benefit of $7  million,
   and  was  accounted  for  as  an  extraordinary  loss  in  the
   condensed consolidated statement of earnings.

   H.   CONTINGENCIES:

        IBP  is  involved in numerous disputes  incident  to  the
   ordinary  course of its business.  While the  outcome  of  any
   litigation  is  not predictable, or subject to  the  Company's
   control,  and  the impact on future financial results  is  not
   subject   to   reasonable  estimation   because   considerable
   uncertainty  exists  both as to such outcome  and  as  to  the
   future   financial  results,  management  believes  that   any
   liability  for which provision has not been made  relative  to
   the  various  lawsuits, claims and administrative  proceedings
   pending against IBP, including those described below,  is  not
   likely  to  have  a  material adverse  effect  on  its  future
   consolidated results, financial position or liquidity.

        In  July 1996, a lawsuit was filed against IBP by certain
   cattle  producers in the U.S. District Court, Middle  District
   of  Alabama,  seeking certification of a class of  all  cattle
   producers.   The  complaint alleges  that  IBP  has  used  its
   market  power  and  alleged  "captive  supply"  agreements  to
   reduce  the  prices paid to producers for cattle.   Plaintiffs
   have  disclosed that, in addition to declaratory relief,  they
   seek  actual  and punitive damages.  The original  motion  for
   class   certification  was  denied  by  the  District   Court;
   plaintiffs  then  amended their motion,  defining  a  narrower
   class  consisting  of  only those cattle  producers  who  sold
   cattle  directly  to  IBP  from  1994  through  the  date   of
   certification.   The  District Court  approved  this  narrower
   class  in  April  1999.   The 11th Circuit  Court  of  Appeals
   reversed  the District Court decision to certify a  class,  on
   the  basis  that there were inherent conflicts  amongst  class
   members   preventing  the  named  plaintiffs  from   providing
   adequate representation to the class.  The District Court  has
   set  a  schedule  for  the plaintiffs for  pleadings  if  they
   intend  to  seek to certify an amended class.  In  plaintiff's
   revised  expert reports filed after the 11th Circuit  decision
   reversing   the   class  certification  decision,   plaintiffs
   indicate they will seek up to $1 billion in damages on  behalf
   of  a  proposed  new class.  Management continues  to  believe
   that  the  company  has acted properly  and  lawfully  in  its
   dealings with cattle producers.

        On  January  12,  2000, The United States  Department  of
   Justice,  on  behalf  of the Environmental  Protection  Agency
   ("EPA"),  filed a lawsuit against IBP in U. S. District  Court
   for  the  District of Nebraska, alleging violations of various
   environmental  laws  at  IBP's  Dakota  City  facility.   This
   action  alleges, among other things, violations  of:  (1)  the
   Clean  Air  Act;  (2) the Clean Water Act; (3)  the  Resource,
   Conservation   and   Recovery  Act;  (4)   the   Comprehensive
   Environmental   Response  Compensation   and   Liability   Act
   ("CERCLA");  and  (5)  the Emergency  Planning  and  Community
   Right  to  Know  Act ("EPCRA").  The action  seeks  injunctive
   relief  to  remedy alleged violations and damages  of  $25,000
   per  violation  per day for alleged violations which  occurred
   prior  to January 30, 1997, and $27,500 per violation per  day
   for  alleged violations after that date. The Complaint alleges
   that  some  violations  began  to  occur  as  early  as  1989,
   although  the great majority of the violations are alleged  to
   have  occurred  much later, and allegedly  continue  into  the
   present.   IBP  believes  that  the  company  has  meritorious
   defenses   on  each  of  these  allegations  and  intends   to
   aggressively defend these claims.

        On May 19, 2000, IBP signed a Partial Consent Decree with
   the  EPA  which  makes  environmental improvements  that  were
   already  underway  at  IBP's Dakota  City,  Nebraska  facility
   federally  enforceable.  Although this Partial Consent  Decree
   does  not  purport  to resolve all of the allegations  in  the
   Complaint,    if  EPA were to prevail in court on  certain  of
   its  factual allegations, these improvements may satisfy  part
   of  the  injunctive relief sought by EPA under the  Complaint.
   EPA  has  acknowledged that final injunctive relief under  CAA
   claims  may  incorporate some or all of  the  work  agreed  to
   under the Partial Consent Decree.

        In February 2000, several lawsuits were filed against IBP
   by  certain  shareholders in the United States District  Court
   for  the  District of Nebraska seeking to certify a  class  of
   all persons who purchased IBP stock between March 25, 1999  to
   January   12,   2000.   The  complaints,  seeking  unspecified
   damages, allege that IBP violated Sections 10(b) and 20(a)  of
   the   Securities  Exchange  Act  of  1934,  and   Rule   10b-5
   thereunder, and claims IBP issued materially false  statements
   about  the  company's  compliance with environmental  laws  in
   order  to  inflate  the company's stock price.   The  lawsuits
   have  been consolidated and the Court has appointed three lead
   plaintiffs.  The Court denied the motion for approval of  lead
   and liaison counsel, and has required plaintiffs to submit  an
   amended  motion  for appointment of lead counsel.   Once  lead
   counsel  has been appointed, an amended consolidated complaint
   with  respect  to  all  the actions will  be  filed,  and  the
   Company  will  respond at that time.  Management  believes  it
   has   accurately   reported  the  company's  compliance   with
   environmental  laws,  and the company  intends  to  vigorously
   contest these claims.

        On  January  15,  1997,  the Illinois  EPA  brought  suit
   against  IBP  at its Joslin, Illinois facility  alleging  that
   IBP's   operations  at  its  Joslin,  Illinois  facility   are
   violating  the  "odor  nuisance" regulations  enacted  in  the
   State  of  Illinois.   IBP  has already  commenced  additional
   improvements  at its Joslin facility to further  reduce  odors
   from  this  operation,  but denies Illinois  EPA's  contention
   that  such conditions amount to a "nuisance".  IBP is  in  the
   midst  of discussions aimed at a complete resolution of  these
   issues,  and  reports this issue solely because  of  a  recent
   determination that the penalties have the potential to  exceed
   $100,000.


   I.   BUSINESS SEGMENTS

        The  company  is managed and operated as  two  divisions,
   Fresh Meats and Foodbrands America, and, accordingly, has  two
   business  segments.   IBP's  Fresh  Meats  operation   relates
   principally  to  the  meat processing industry  and  primarily
   involves  cattle  and hog carcass production,  beef  and  pork
   fabrication  and related allied product processing activities.
   This   segment   markets  its  products  to  food   retailers,
   distributors, wholesalers, restaurant and hotel chains,  other
   food  processors and leather makers, as well as  manufacturers
   of  pharmaceuticals and animal feeds.  The Foodbrands  America
   segment  consists  of  several IBP  subsidiaries,  principally
   Foodbrands  America, Inc. ("Foodbrands"), The  Bruss  Company,
   IBP  Foods,  Inc.,  and  CBFA.  The Foodbrands  America  group
   produces,  markets  and distributes a variety  of  frozen  and
   refrigerated   products   to  the  "away   from   home"   food
   preparation  market, other food processors and to  the  retail
   grocery  market.  Products include pizza toppings and  crusts,
   value-added  beef  and pork-based products,  ethnic  specialty
   foods,  appetizers, soups, sauces and side dishes as  well  as
   deli  meats  and  processed beef, pork and  poultry  products.
   Foodbrands  America  also produces portion-controlled  premium
   beef   and   pork   products  for  sale  to  restaurants   and
   foodservice  customers in domestic and international  markets.
   The company operates principally in the United States.

        Intersegment  sales  have  been  recorded   at   amounts
   approximating market.  Earnings from operations are  comprised
   of   net  sales  less  all  identifiable  operating  expenses,
   allocated   corporate  selling,  general  and   administrative
   expenses,  and  goodwill amortization.  Net  interest  expense
   and income taxes have been excluded from segment operations.

                                 13 Weeks Ended        26 Weeks Ended
                              -------------------   --------------------
                              June 24,   June 26,   June 24,   June, 26,
                                2000       1999       2000       1999
                              --------   --------   --------   ---------
NET SALES
Sales to unaffiliated customers:
 Fresh Meats                 $3,371,843 $3,048,874  $6,566,280 $5,823,844
 Foodbrands America             793,687    567,238   1,481,287  1,003,442
                              ---------  ---------   ---------  ---------
                             $4,165,530 $3,616,112  $8,047,567 $6,827,286
                              =========  =========   =========  =========
Intersegment sales:
 Fresh Meats                 $  145,621 $   95,313  $  286,898 $  180,722
 Intersegment elimination      (145,621)   (95,313)   (286,898)  (180,722)
                              ---------  ---------   ---------  ---------
                                   -          -           -          -
                              =========  =========   =========  =========

Net sales:
 Fresh Meats                 $3,517,464 $3,144,187  $6,853,178 $6,004,566
 Foodbrands America             793,687    567,238   1,481,287  1,003,442
 Intersegment elimination      (145,621)   (95,313)   (286,898)  (180,722)
                              ---------  ---------   ---------  ---------
                             $4,165,530 $3,616,112  $8,047,567 $6,827,286
                              =========  =========   =========  =========

EARNINGS FROM OPERATIONS
 Fresh Meats                 $   97,307 $   91,407  $  200,642 $  176,398
 Foodbrands America              18,646     36,175      (7,359)    56,849
                              ---------  ---------   ---------  ---------
 Total earnings from
  operations                    115,953    127,582     193,283    233,247

 Net interest expense           (21,635)   (17,423)    (42,950)   (31,167)
                              ---------  ---------   ---------  ---------
 Pre-tax earnings            $   94,318 $  110,159  $  150,333 $  202,080
                              =========  =========   =========  =========

NET SALES BY LOCATION
 OF CUSTOMERS
---------------------
 United States               $3,547,439 $3,092,949  $6,829,992 $5,823,161
 Japan                          243,939    207,711     488,113    409,146
 Canada                         155,174    140,159     285,945    248,362
 Korea                           68,374     47,228     144,183     89,809
 Mexico                          59,490     42,937     113,569     83,667
 Other foreign countries         91,114     85,128     185,765    173,141
                              ---------  ---------   ---------  ---------
                             $4,165,530 $3,616,112  $8,047,567 $6,827,286
                              =========  =========   =========  =========



              MANAGEMENT'S DISCUSSION AND ANALYSIS
              ------------------------------------

        This  quarterly  report  on Form 10-Q  contains  forward-
   looking  statements  which reflect management's  current  view
   with  respect  to  future  events and  financial  performance.
   Specifically,  these forward-looking statements include  risks
   and   uncertainties.    Thus,  actual   results   may   differ
   materially   from   those  expressed  or  implied   in   those
   statements.   Those risks and uncertainties  include,  without
   limitation,  risks of changing market conditions  with  regard
   to  livestock supplies and demand for the company's  products,
   domestic  and  international legal and regulatory  risks,  the
   costs  of environmental compliance, the impact of governmental
   regulations,  operating efficiencies, as well  as  competitive
   and  other  risks  over which IBP has little  or  no  control.
   Moreover,  past financial performance should not be considered
   a  reliable  indicator  of  future performance.   The  company
   makes  no  commitment to update any forward-looking statement,
   or  to  disclose any facts, events or circumstances after  the
   date  hereof  that  may affect the accuracy  of  any  forward-
   looking statement.

   ACQUISITION
   -----------

        On February 7, 2000, the company acquired Corporate Brand
   Foods  America, Inc. ("CBFA"), a privately held processor  and
   marketer  of  meat  and poultry products for  the  retail  and
   foodservice markets.  In the transaction, which was  accounted
   for  as a pooling of interests, IBP issued 14.4 million common
   shares  for all of the outstanding stock of CBFA.  The company
   also  assumed $344 million of CBFA's debt and preferred  stock
   obligations.   At  the  acquisition  date,  all  of  the  debt
   obligations  were  refinanced (see Note G) and  the  preferred
   stock  was  redeemed.  The companies incurred $31  million  of
   nonrecurring merger-related expenses, related primarily to  an
   increase  in  the  valuation of CBFA's  restricted  redeemable
   stock and to transaction-related fees.


   RESULTS OF OPERATIONS
   ---------------------

        Fresh Meats' operating earnings decreased to 2.9% of  net
   sales  in  the second quarter 2000 versus 3.5% in  the  second
   quarter  1999, before a nonrecurring 1999 pre-tax  charge  for
   cow  facility asset write-downs of $17 million.   Through  six
   months,  operating earnings as a percentage of  net  sales  in
   2000  measured  3.1% versus 3.3% in 1999, before  nonrecurring
   charges.  Beef operations performed well on strong demand  and
   higher   capacity   utilization.    However,   pork   division
   performance  was hampered by higher live hog costs  and  lower
   capacity utilization.

        In  the  Foodbrands America segment, second quarter  2000
   operating earnings decreased to 2.3% of net sales compared  to
   6.4%  in the second quarter 1999.  Year-to-date 2000 operating
   earnings,  before  nonrecurring and  unusual  items,  measured
   2.4%  of  net  sales  versus 5.7% in  1999.   The  lower  2000
   results  reflected margin pressure from increased raw material
   costs,  especially fresh pork.  Additionally, the  IBP  Foods,
   Inc.  operation, consisting of former Thorn Apple Valley, Inc.
   facilities  purchased  in  the third  quarter  1999,  lost  $7
   million  in  the second quarter and $18 million in  the  first
   six months of 2000.

        Foodbrands America's year-to-date 2000 operating earnings
   were  reduced by two unusual items.  The most significant item
   was  $31  million in pre-tax, nonrecurring CBFA merger-related
   expense described above.  The second unusual item was  an  $11
   million  pre-tax  bad  debt  provision  increase  due   to   a
   significant  customer's  bankruptcy.  Excluding  the   unusual
   items  and  the  IBP Foods, Inc. loss, the Foodbrands  America
   segment  earned $53 million from operations through June  2000
   compared to $57 million in the first half of 1999.

        The  latest  estimates  by  livestock  industry  analysts
   predict  that beef production in 2000 will be slightly  higher
   than  1999 levels and higher than earlier expected.  Thus,  it
   appears  that live cattle supplies will be abundant  for  most
   of   this  year.   Meanwhile,  pork  production  in  2000   is
   forecasted  to be down 2% to 3% from the record production  in
   1999.


     COMPARATIVE SEGMENT RESULTS
     ---------------------------
     (in thousands)

                            13 Weeks Ended       26 Weeks Ended
                         --------------------   -------------------
                         June 24,    June 26,   June 24,   June 26,
                           2000        1999       2000       1999
                         --------    --------   --------   --------
    Net sales:
     Fresh Meats        $3,371,843 $3,048,874  $6,566,280 $5,823,844
     Foodbrands America    793,687    567,238   1,481,287  1,003,442
                         ---------  ---------   ---------  ---------
                        $4,165,530 $3,616,112  $8,047,567 $6,827,286
                         =========  =========   =========  =========

    Earnings from operations:
     Before nonrecurring
      and unusual items:
      Fresh Meats       $   97,307 $  108,102  $  201,325 $  193,093
      Foodbrands America    18,646     36,175      34,475     56,849
                         ---------  ---------   ---------  ---------
                        $  115,953 $  144,277  $  235,800 $  249,942
                         =========  =========   =========  =========
     After nonrecurring
      and unusual items:
      Fresh Meats       $   97,307 $   91,407  $  200,642 $  176,398
      Foodbrands America    18,646     36,175      (7,359)    56,849
                         ---------  ---------   ---------  ---------
                        $  115,953 $  127,582  $  193,283 $  233,247
                         =========  =========   =========  =========

       SALES

        Fresh  Meats' net sales increased 11% and 13% in the  13-
   week  and  26-week periods ended June 2000 from the comparable
   prior  year  periods.   The increases were  due  primarily  to
   higher  average selling prices of beef and pork  offset  by  a
   slight  decrease  in total pounds of beef  and  pork  products
   sold.   The higher selling prices were reflective of continued
   strong   demand  for  red  meat  in  the  United  States   and
   international  markets,  and to lower  available  supplies  of
   fresh pork.

        Foodbrands America's net sales for the second quarter  of
   2000  increased 40% over the second quarter of 1999, primarily
   due  to acquisitions in 1999 subsequent to the second quarter.
   The  1999  additions (IBP Foods and Wilton Foods in the  third
   quarter  and Wright Brand Foods, Inc. (by CBFA) in the  fourth
   quarter)  increased net sales by approximately  $141  million,
   or   25%,   for   the  quarter.  Excluding   the   effect   of
   acquisitions,  net  sales  for existing  operations  increased
   approximately  15%  due to higher sales volume  and  increased
   prices driven by higher raw material costs.

        Foodbrands  America's year to date  net  sales  for  2000
   increased 48% over 1999. The 1999 additions (Russer Foods  and
   H&M  Foods  in the second quarter, IBP Foods and Wilton  Foods
   in  the  third quarter and Wright Brand Foods, Inc. (by  CBFA)
   in  the  fourth quarter) increased year-to-date net  sales  by
   approximately  $335 million, or 33%. Excluding the  effect  of
   acquisitions,  year to date net sales for existing  operations
   increased  approximately 14% due to higher  sales  volume  and
   increased prices driven by higher raw material costs.

        Net export sales increased 20% in the second quarter 2000
   from  the  year earlier and 22% for the six months ended  June
   2000  versus  a  year  ago. While the volume  of  pounds  sold
   increased  3%  from the prior year in both the  quarterly  and
   six-month  comparison periods, improved  pricing  and  product
   mix  factors contributed most to the sales increases.  As  the
   Far  East economies have stabilized, the product mix  sold  to
   the  region has shifted more toward higher-end products.   Net
   sales  into  Asia, which accounted for 75% of  total  exports,
   increased  27%  on a year-to-date basis from the  prior  year.
   Sales into Mexico also improved 36% year-to-date through  June
   on  a volume increase of 26%.  Net export sales accounted  for
   12% of total net sales in the first six months of 2000 and  in
   1999.

        COST OF PRODUCTS SOLD

        In the Fresh Meats segment, the cost of products sold  in
   the  second  quarter and six months ended June 2000  increased
   11%  and 13% from the comparable 1999 periods.  Higher average
   live cattle and hog prices were the principal reasons for  the
   higher  2000 costs.  Plant costs in 2000 were relatively  flat
   in  comparison  to  1999  as higher labor  costs  were  mostly
   offset by cessation of cow processing in 2000.

        Foodbrands America's second quarter 2000 cost of products
   sold increased 45% from the second quarter 1999, of which  27%
   is  the result of acquisitions mentioned previously.  Year-to-
   date  cost  of products sold in 2000 increased 55% over  1999,
   of  which  38%  is the result of acquisitions.  Excluding  the
   effect  of  acquisitions, higher costs resulted from increased
   sales volume coupled with higher raw material costs.

        SELLING, GENERAL AND ADMINISTRATIVE EXPENSE

        Fresh Meats' second quarter and year-to-date 2000 expense
   increased  10%  and  11%  over the  comparable  1999  periods.
   Higher  personnel-related  expenses, computer-related  expense
   and  international selling expense were major factors  in  the
   increases.

        In  the  Foodbrands America segment, second quarter  2000
   expense  increased  55% over the second  quarter  1999,  while
   year-to-date  expenses in 2000 increased 74% over year-to-date
   expenses  in  1999.   Excluding the  effect  of  acquisitions,
   second  quarter  2000 expense increased 33%  and  year-to-date
   2000   expense   increased  47%  over  the   respective   1999
   comparable  periods.  Higher bad debt expense  ($11.2  million
   in  the  first  quarter)  related to  a  customer  bankruptcy,
   higher   volume-related   selling   expenses   and   increased
   personnel-related expenses were the principal reasons for  the
   increases.

        INTEREST EXPENSE

        The  38% increase in net interest expense in 2000  versus
   the  six  months ended June 1999 was due primarily  to  a  33%
   increase in average borrowings in 2000.


   LIQUIDITY AND CAPITAL RESOURCES
   -------------------------------

        Total  outstanding borrowings averaged $1,456 million  in
   the  first  six months of 2000 compared to $1,092  million  in
   the   comparable  1999  period.   The  higher   2000   average
   outstanding  borrowings  versus  1999  reflected  almost  $400
   million  of  cash  spent on acquisitions  in  the  last  three
   quarters   of   1999,  and  increased  capital   expenditures.
   Borrowings outstanding under committed and uncommitted  credit
   facilities  at June 24, 2000 totaled $782 million compared  to
   $623  million  (excluding  CBFA) at  December  25,  1999,  and
   available  unused  credit capacity under committed  facilities
   at June 24, 2000 was $255 million.

        On  January 31, 2000, the company issued $300 million  of
   7.95%  10-year  notes under its $550 million  Debt  Securities
   program   originally  registered  with  the   Securities   and
   Exchange  Commission  ("SEC") in 1996.  This  Debt  Securities
   program  was subsequently amended and filed with  the  SEC  on
   January  27,  2000.   The net proceeds,  issued  at  a  slight
   discount  to  par, were used to reduce IBP's revolving  credit
   facilities, $175 million of which had been classified as  non-
   current at December 25, 1999.  Interest on the 7.95% notes  is
   payable semiannually.

        In January 2000, the company put in place $300 million of
   additional  revolving credit capacity via a  364-day  facility
   with  two  major  financial institutions.  Credit  terms  were
   similar  to  those in existing credit facilities.   Meanwhile,
   IBP's  $100  million Promissory Note expired in February  2000
   and  was  replaced  by  a  $100  million  short-term  facility
   maturing in December 2000, giving the company $900 million  in
   borrowing capacity under committed facilities.

        On  February  7, 2000, the company completed  its  merger
   with  CBFA  and, at the same time, refinanced  all  of  CBFA's
   various existing debt obligations, using available IBP  credit
   facilities that were at more favorable terms.

        Year-to-date capital expenditures through June  24,  2000
   totaled  $182  million compared to $104 million in  the  first
   six  months of 1999.  Major projects included acquisitions  of
   forward warehousing and case-ready facilities, renovations  of
   the  Norfolk,  Nebraska, beef processing  plant,  and  various
   plant  and  distribution  facility expansions.   Approximately
   75%  of the 2000 spending was for revenue enhancement or cost-
   saving projects, while the remainder went toward upgrades  and
   replacements of existing equipment and facilities.




                   PART II.  OTHER INFORMATION


Item 5.  Other Information
--------------------------

   In  connection with its Medium-Term Notes  program, the company
   hereby reports the following computations:

                                             26 Weeks Ended
                                         ---------------------
                                         June 24,     June 26,
                                          2000          1999
                                         --------     --------
        Earnings before income taxes
         and extraordinary item          $150,333     $202,080
        Total fixed charges                57,437       42,282
        Capitalized interest               (3,101)      (4,645)
                                          -------      -------
        Earnings before fixed charges,
         income taxes and extraordinary
         item                            $204,669     $239,717
                                          =======      =======

        Ratio of earnings to fixed charges    3.6          5.7
                                              ===          ===



Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

   (b)   Reports on Form 8-K
         -------------------

        No reports on Form 8-K were filed by the company during the
quarter ended June 24, 2000.









                           SIGNATURES


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







                                                IBP, inc.
                                       ---------------------------
                                              (Registrant)


     August 7, 2000                    /s/  Robert L. Peterson
-------------------------              ---------------------------
       (date)                          Robert L. Peterson
                                       Chairman of the Board and
                                        Chief Executive Officer


                                      /s/  Larry Shipley
                                      ----------------------------
                                      Larry Shipley
                                      Chief Financial Officer


                                      /s/  Craig J. Hart
                                      ----------------------------
                                      Craig J. Hart
                                      Vice President
                                       and Controller