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 13 weeks ended March 28, 1998

                                    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


                                IBP Avenue
                            Post Office Box 515
                        Dakota City, Nebraska 68731
                          Telephone 402-494-2061


                       ____________________________


   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 May 1, 1998, the registrant had outstanding 92,559,018 shares of its 
common stock ($.05 par value).








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


                                                 March 28,       December 27,
                                                   1998              1997
                                               -----------       ------------ 
                                               (Unaudited)
ASSETS

 CURRENT ASSETS:                                                              
   Cash and cash equivalents                   $   24,437         $   69,022
   Marketable securities                           28,121              3,120
   Accounts receivable, less allowance for                                  
     doubtful accounts of $10,400 and $10,063     591,599            564,125
   Inventories                                    399,815            389,753
   Deferred income tax benefits and
     prepaid expenses                              59,197             57,907
                                                ---------          ---------
       TOTAL CURRENT ASSETS                     1,103,169          1,083,927

 Property, plant and equipment,
   less accumulated depreciation                                             
   of $796,295 and $774,694                     1,020,312          1,017,082
 Goodwill, net of accumulated
   amortization of $144,433 and $137,996          665,136            671,557
 Other assets                                      87,791             66,375
                                                ---------          --------- 
                                               $2,876,408         $2,838,941
                                                =========          =========
                                             
LIABILITIES AND STOCKHOLDERS' EQUITY                                        

 CURRENT LIABILITIES:
   Notes payable to banks                      $  300,000         $  192,010
   Accounts payable                               310,314            345,728
   Deferred income taxes and other
     current liabilities                          306,116            339,080
                                                  -------            -------
       TOTAL CURRENT LIABILITIES                  916,430            876,818

 Long-term debt and capital lease
   obligations                                    567,516            568,281
 Deferred income taxes and other
   liabilities                                    158,697            156,773

 STOCKHOLDERS' EQUITY:
   Common stock at par value                        4,750              4,750
   Additional paid-in capital                     405,989            406,952
   Retained earnings                              883,433            886,964
   Accumulated other comprehensive income          (4,501)            (6,114)
   Treasury stock                                 (55,906)           (55,483)
                                                ---------          ---------
     TOTAL STOCKHOLDERS' EQUITY                 1,233,765          1,237,069
                                                ---------          --------- 
                                               $2,876,408         $2,838,941
                                                =========          =========



 See accompanying notes to condensed consolidated financial statements.



                                      -2-

                          IBP, inc. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                    (In thousands, except per share data)


                                                          13 Weeks Ended 
                                                    -------------------------
                                                    March 28,       March 29, 
                                                      1998            1997
                                                    ---------       ---------
Net sales                                          $3,224,944      $3,134,590
Cost of products sold                               3,121,115       3,051,734
                                                    ---------       ---------
Gross profit                                          103,829          82,856
Selling, general and                                                         
  administrative expense                               69,185          30,996
                                                    ---------       --------- 
EARNINGS FROM OPERATIONS                               34,644          51,860

Interest expense, net                                  12,745             550
                                                    ---------       ---------
Earnings before income
  taxes and extraordinary item                         21,899          51,310

Income tax expense                                      8,300          19,000
                                                    ---------       ---------
Earnings before extraordinary item                     13,599          32,310

Extraordinary loss on early extinguishment
  of debt, less applicable taxes (Note D)              14,815             -
                                                    ---------       ---------
NET EARNINGS (LOSS)                                $   (1,216)     $   32,310
                                                    =========       =========   

Earnings (loss) per share:
  Earnings before extraordinary item                    $ .15           $ .34
  Extraordinary item                                     (.16)            -
                                                         ----            ----
  Net earnings (loss)                                   $(.01)          $ .34
                                                         ====            ====
Earnings (loss) per share - assuming dilution:
  Earnings before extraordinary item                    $ .15           $ .34
  Extraordinary item                                     (.16)            -
                                                         ----            ----
  Net earnings (loss)                                   $(.01)          $ .34
                                                         ====            ====

Dividends per share                                     $.025           $.025
                                                         ====            ====


See accompanying notes to condensed consolidated financial statements.







                                         -3-

                         IBP, inc. AND SUBSIDIARIES
                            CONDENSED CONSOLIDATED
                           STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                (In thousands)


                                                        13 Weeks Ended       
                                               ----------------------------- 
                                               March 28,           March 29,    
                                                  1998                 1997   
                                               --------            --------- 
                                                     Inflows(outflows)        
   
NET CASH FLOWS USED IN OPERATING ACTIVITIES   $  (82,392)          $  (67,584)
                                               ---------            ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchases of marketable securities             (101,174)            (200,078)
 Proceeds from disposals of marketable
   securities                                     83,669              303,974 
 Capital expenditures                            (31,721)             (31,226)
 Investment in life insurance contracts          (33,000)                 -   
 Other investing activities, net                     102                  (45)
                                                --------            ---------
 Net cash flows (used in) provided
   by investing activities                       (82,124)              72,625 
                                                --------            --------- 
CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase in borrowings under revolving
   credit agreements                             170,000                  -   
 Principal payments on long-term
   obligations                                  (112,742)                (352)
 Proceeds from issuance of long-term debt         49,793                   67 
 Net change in checks in process of
   clearance                                      37,053               10,086 
 Premiums paid on early retirement
   of debt                                       (20,636)                 -   
 Purchases of treasury stock                      (1,325)             (59,607)
 Other financing activities, net                  (2,298)              (4,591)
                                                --------             --------
  Net cash flows provided by (used in)
     financing activities                        119,845              (54,397)
                                                --------             -------- 
Effect of exchange rate on cash
  and cash equivalents                                86                   84  
                                                --------             --------
Net change in cash and cash equivalents          (44,585)             (49,272) 
Cash and cash equivalents at beginning
  of period                                       69,022               94,164 
                                                --------             --------
Cash and cash equivalents at end of
  period                                      $   24,437           $   44,892 
                                               =========            =========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Cash paid during the periods for:
    Interest, net of amounts capitalized      $   12,258           $    4,638
    Income taxes, net of refunds received           (870)                (983)

  Depreciation and amortization expense           25,285               18,714
  Amortization of intangible assets                6,820                2,205


See accompanying notes to condensed consolidated financial statements.


                                        -4-

                       IBP, inc. AND SUBSIDIARIES
           NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


A.   GENERAL

   The condensed consolidated balance sheet of IBP, inc. and 
subsidiaries ("IBP" or "the company") at December 27, 1997 
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 27, 1997.

   In the opinion of management, the accompanying unaudited 
condensed consolidated financial statements contain all 
adjustments, consisting only of normal recurring adjustments, 
necessary to present fairly the financial position of IBP at 
March 28, 1998 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:


                                        March 28,       December 27,
                                          1998              1997
                                        ---------       ------------       
                                              (In thousands)
   Product inventories:
     Raw materials                     $ 20,096           $ 22,952
     Work in process                     80,349             82,679
     Finished goods                     172,519            165,970
                                        -------            ------- 
                                        272,964            271,601
   Livestock                             53,283             45,908
   Supplies                              73,568             72,244
                                        -------            -------  
                                       $399,815           $389,753
                                        =======            =======



                                        -5-

                         IBP, inc. AND SUBSIDIARIES
           NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-CONTINUED


     D.   LONG-TERM OBLIGATIONS

          Long-term obligations are summarized as follows:

                                            March 28,     December 28,
         (in thousands)                       1998            1997
         -------------------------------------------------------------
          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
          6.00% Securities due 2011            50,000            -   
          10.75% Senior Subordinated
             Notes due 2006                      -            112,050
          Revolving credit facilities         175,000         112,950
          Present value of minimum
             capital lease obligations         18,499          19,093
          Other                                 1,263           1,400
                                              -------         -------         
                                              569,762         570,493
          Less amounts due within
             one year                           2,246           2,212
                                              -------         -------
                                             $567,516        $568,281
                                              =======         =======

        During the first quarter 1998, the company completed its 
purchase of all of the $112 million outstanding 10.75% 
Senior Subordinated Notes of its wholly-owned subsidiary, 
Foodbrands America, Inc.  Net prepayment premiums, 
accelerated amortization of unamortized deferred financing 
costs, and transaction expenses totaled $23.9 million, 
before applicable income tax benefit of $9.1 million, and 
was accounted for as an extraordinary loss. 

         The purchase of these obligations by IBP was funded with 
available credit facilities and will likely be refinanced 
later in 1998 under the company's $300 million Medium-Term 
Notes program registered with the Securities and Exchange 
Commission.  The portion of borrowings under IBP's 
revolving credit facilities considered long-term increased 
to $175 million at March 28, 1998 from $113 million at 
December 27, 1997.

         	In January 1998, the company settled and closed its public 
offering of $50 million aggregate principal amount of 
6.00% Remarketable or Redeemable Securities, due January 
15, 2011 (the "6.00% Securities").  The net proceeds from 
the 6.00% Securities were added to the company's working 
capital.  The 6.00% Securities were the first series of 
notes issued under the company's Medium-Term Notes 
program.






-6-

     E.   EARNINGS PER SHARE

         (in thousands, except per share amounts)
                         For the Thirteen Weeks Ended March 28, 1998
                         -------------------------------------------
                               Earnings     Shares     Per Share
                             (Numerator) (Denominator)   Amount
                             ----------  ------------  ---------    
       Basic EPS:
         Earnings before
          extraordinary item    $13,599     92,567       $ .15
                                                          ====
       Effect of dilutive
            securities:
          Employee stock plans                 954            
                                 ------     ------  
        Diluted EPS             $13,599     93,521       $ .15
                                 ======     ======        ====
    
                        For the Thirteen Weeks Ended March 29, 1997
                        -------------------------------------------    
                              Earnings     Shares     Per Share
                            (Numerator) (Denominator)   Amount
                            ----------- ------------- ---------
          Basic EPS:
          Net earnings        $32,310       93,894       $ .34
                                                          ====
          Effect of dilutive
            securities:
         
          Employee stock plans               1,246            
                               ------       ------              
          Diluted EPS         $32,310       95,140       $ .34
                               ======       ======        ====

		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.

                                                1998        1997
                                                ----        ----
          Stock options excluded from
            diluted EPS computation            1,556       1,458
          Average option price per share      $24.72      $25.05

     F.   COMMITMENTS AND CONTINGENCIES

  	IBP is involved in numerous disputes incident to the 
ordinary course of its business.  In the opinion of 
management, any liability for which provision has not been 
made relative to the various lawsuits, claims and 
administrative proceedings pending against IBP, including 
that described below, will not have a material adverse 
effect on its consolidated results of operations, 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, inter alia, 
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 and punitive damages, they seek 
disgorgement of all profits earned in 1994, 1995 and 1996 
in excess of what they deem a "fair" return.  Management 
believes that class certification is unlikely and that, in 
any event, it has acted properly and lawfully in its 
dealings with cattle producers.

-7-

    G.   COMPREHENSIVE INCOME

   In the first quarter of 1998, the company adopted Statement 
of Financial Accounting Standards No. 130, "Reporting 
Comprehensive Income."  The standard requires the display 
and reporting of comprehensive income, which includes all 
changes in stockholders' equity with the exception of 
additional investments by stockholders or distributions to 
stockholders.  Comprehensive income for the company 
includes net income and foreign currency translation 
adjustments which are charged or credited to the cumulative 
translation account within stockholders' equity.  
Comprehensive income for the quarters ended March 28, 1998 
and March 29, 1997 was as follows (unaudited):


                                               13  Weeks Ended
                                            ----------------------
                                            March 28,    March 29,
                                              1998         1997
                                            ---------    ---------          
NET EARNINGS (LOSS)                         $(1,216)      $32,310

Other comprehensive income,
  before tax:
  Foreign currency translation
    adjustments                               2,602        (1,437)
  Income tax expense related
    to items of other
    comprehensive income                       (989)          546
                                            -------         -----
Other comprehensive income,
  net of tax                                  1,613          (891)
                                            -------        ------ 
COMPREHENSIVE INCOME                       $    397       $31,419
                                            =======        ======






















                                    -8-

MANAGEMENT'S DISCUSSION AND ANALYSIS


RESULTS OF OPERATIONS

   Continued weakness in Asian markets and significant supplies of competing 
proteins in the U.S. in the first quarter 1998 put pressure on fresh meats 
margins and reduced IBP's earnings in comparison to the first quarter 1997. 

   Consolidated gross profit increased to 3.2% of net sales in the first 
quarter 1998 from 2.6% in the same 1997 period.  However, excluding the 1998 
results of two companies acquired in the second quarter 1997, Foodbrands 
America, Inc. ("Foodbrands") and The Bruss Company ("Bruss"), 1998 first 
quarter gross profit decreased to 1.8% of net sales.  

   While net export sales dollars were slightly higher in the first quarter 
1998 versus a year ago, it took a 30% increase in pounds of products sold to 
achieve the increase.  Financial woes in Korea and other Asian countries have 
caused some of IBP's major customers, especially in the hide and leather 
market, to reduce their purchases.  The relatively strong U.S. dollar versus 
foreign currencies has also adversely impacted the competitiveness of U.S. 
exports. 

   IBP's beef operating earnings were positive in the first quarter 1998 but 
were significantly below the results of a year ago.  Higher than expected 
industry beef production as well as that of competing meats, lower hide 
values, and start up losses at IBP's Canadian beef processing complex were all 
negative factors that reduced earnings.

   Pork operating earnings were up over $20 million in the first quarter 1998 
from the same three months of 1997.  Improved capacity utilization resulting 
from an increase in hog supplies, increased IBP market share, and favorable 
effects of last year's restructuring of IBP's production capacity were the 
principal positive factors. 	

   During the first quarter 1998, the company completed its purchase of all of 
the $112 million outstanding 10.75% Senior Subordinated Notes (the "10.75% 
Notes") of its wholly-owned subsidiary, Foodbrands America, Inc.  Net 
prepayment premiums, accelerated amortization of unamortized deferred 
financing costs, and transaction expenses totaled $23.9 million, before 
applicable income tax benefit of $9.1 million, and was accounted for as an 
extraordinary loss in the condensed consolidated statement of operations.

   The matters discussed herein may contain forward-looking statements that 
involve risks and uncertainties including risk of changing market conditions 
with regard to livestock supplies and demand for the company's products, 
domestic and international regulatory risks, competitive and other risks over 
which IBP has little or no control.  Consequently, future results may differ 
from management's expectations.  Moreover, past financial performance should 
not be considered a reliable indicator of future performance.









-9-

   SALES

   Net sales in the first quarter 1998 increased 3% over the first quarter 
1997.  Excluding Foodbrands and Bruss, net sales were 5% lower in 1998 versus 
the first three months of 1997.  This decrease was the result of a lower 
average price received for beef and pork products sold due to the relatively 
soft export market and significant competing meat supplies.  In addition, hide 
prices were adversely impacted by the aforementioned financial woes in Asia, 
particularly in Korea.

  	Net export sales accounted for 12.5% of total net sales in the first 
quarter 1998 compared to 12.6% in the first three months of 1997.  Increased 
sales of variety meats and rendered products offset the lower hide sales.  On 
a regional basis, increased export sales to destinations in the Americas and 
Europe offset decreased export sales to the Pacific Rim, although the Pacific 
Rim still accounted for over 60% of net export sales in the first quarter 
1998.

   COST OF PRODUCTS SOLD

   The cost of products sold in the first quarter 1998 increased 2% over the 
first quarter 1997.  Excluding the effect of the Foodbrands and Bruss 
acquisitions, the cost of products sold decreased 4% from the first quarter 
1997.  

   In the fresh meats division, live hog prices were almost 30% lower in the 
first quarter 1998 compared to 1997 and 1998 live cattle prices were lower as 
well.  The effect of the lower livestock prices were partially offset by an 
increase in the number of pounds of fresh beef and pork products sold.  

   	Plant costs were higher in the first quarter 1998 primarily because of the 
increases in pounds of pork and beef products sold.  First quarter 1998 
results included an impairment write-down for the Luverne, Minnesota, carcass 
production facility which ceased operations in March 1998.  This write-down of 
fixed assets and goodwill reduced first quarter 1998 net earnings by $0.03 per 
share.    	

	SELLING, GENERAL AND ADMINISTRATIVE EXPENSE

   	Expenses in the first quarter 1998 increased 123% over the first quarter 
1997.  However, excluding the effect of Foodbrands and Bruss, 1998 expenses 
were flat relative to the first three months of 1997.    	

	INTEREST EXPENSE

   The significant increase in 1998 net interest expense versus the first 
quarter 1997 was mostly the result of higher 1998 average borrowings resulting 
from the Foodbrands and Bruss acquisitions which occurred in the second 
quarter 1997.  The average effective interest rate was also slightly higher in 
1998 due to the impact of the Foodbrands 10.75% Notes for substantially all of 
the first quarter 1998.  









-10-
LIQUIDITY AND CAPITAL RESOURCES

   The purchase of the Foodbrands 10.75% Notes in the first quarter 1998 by 
IBP, inc. was funded with available credit facilities and will likely be 
refinanced later in 1998 under the company's $300 million Medium-Term Notes 
program registered with the Securities and Exchange Commission.  The portion 
of borrowings under IBP's revolving credit facilities considered long-term 
increased to $175 million at March 28, 1998 from $113 million at December 27, 
1997.

   In January 1998, the company settled and closed its public offering of $50 
million aggregate principal amount of 6.00% Remarketable or Redeemable 
Securities, due January 15, 2011 (the "6.00% Securities").  The net proceeds 
from the 6.00% Securities were added to the company's working capital.  The 
6.00% Securities were the first series of notes issued under the company's 
$300 million Medium-Term Notes program.

   Total outstanding borrowings averaged $835 million in the first three 
months of 1998 compared to $265 million in the comparable 1997 period.  The 
higher 1998 average outstanding borrowings versus the first quarter 1997 were 
due primarily to funds required for the Foodbrands and Bruss acquisitions in 
the second quarter 1997.  Borrowings outstanding under committed and 
uncommitted credit facilities at March 28, 1998 totaled $475 million compared 
to $305 million at December 27, 1997, and available unused credit capacity 
under committed facilities was $175 million at March 28, 1998.

   The company invested $37 million during the fourth quarter 1997 and the 
first quarter 1998 in life insurance contracts for on employees.  Among other 
advantages, expected changes in the cash value of these contracts are intended 
to effectively act as a hedge against changes in the company's deferred 
compensation liabilities.

   Year-to-date capital expenditures through March 28, 1998 totaled $32 
million compared to $31 million in the first three months of 1997.  Current 
year spending was primarily for pork plant expansions and ongoing replacements 
and modifications to existing facilities.























-11-





PART II.  OTHER INFORMATION


Item 5.  Other Information

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

                                                  13 Weeks Ended
                                              ---------------------
                                              March 28,  March 29,
                                                 1998       1997
                                              ---------  ----------
         Earnings before income taxes
           and extraordinary item             $ 21,899    $ 51,310
         Total fixed charges                    17,069       5,787
         Capitalized interest                   (1,575)     (2,031)
                                               -------     ------- 
        Earnings before fixed charges,
           income taxes and extraordinary
           item                               $ 37,393    $ 55,066
                                               =======     =======
         Ratio of earnings to fixed charges        2.2         9.5   
                                                   ===         ===

Item 6.  Exhibits and Reports on Form 8-K

   (b)   Reports on Form 8-K 

        	A report on Form 8-K was filed by the company on February 2, 
		       1998 in connection with its Medium-Term Notes program.






























-12-



                              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) 

 
      May 5, 1998                     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

























-13-