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 quarterly period ended June 27, 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 August 1, 1998, the registrant had outstanding 92,544,468 shares of 
its common stock ($.05 par value).








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


                                                 June 27,          December 27,
                                                   1998                1997    
                                                 ________          ____________
                                                (Unaudited)
ASSETS

 CURRENT ASSETS:                                                              
   Cash and cash equivalents                   $   16,914           $   69,022
   Marketable securities                           28,085                3,120
   Accounts receivable, less allowance for                                    
     doubtful accounts of $10,494 and $10,063     634,435              564,125
   Inventories                                    415,892              389,753
   Deferred income tax benefits and
     prepaid expenses                              58,865               57,907
                                                _________            _________
       TOTAL CURRENT ASSETS                     1,154,191            1,083,927

 Property, plant and equipment,
   less accumulated depreciation                                             
   of $816,424 and $774,694                     1,035,458            1,017,082
 Goodwill, net of accumulated
   amortization of $149,492 and $137,996          660,033              671,557
 Other assets                                      93,876               66,375
                                                _________            _________
                                               $2,943,558           $2,838,941
                                                =========            =========
LIABILITIES AND STOCKHOLDERS' EQUITY                                        

 CURRENT LIABILITIES:
   Notes payable to banks                      $  348,057           $  192,010
   Accounts payable                               281,497              345,728
   Deferred income taxes and other
     current liabilities                          325,051              339,080
                                                  _______              _______
       TOTAL CURRENT LIABILITIES                  954,605              876,818

 Long-term debt and capital lease
   obligations                                    567,030              568,281
 Deferred income taxes and other
   liabilities                                    161,534              156,773

 STOCKHOLDERS' EQUITY:
   Common stock at par value                        4,750                4,750
   Additional paid-in capital                     405,567              406,952
   Retained earnings                              914,972              886,964
   Accumulated other comprehensive income          (8,756)              (6,114)
   Treasury stock                                 (56,144)             (55,483)
                                                _________            _________
     TOTAL STOCKHOLDERS' EQUITY                 1,260,389            1,237,069
                                                _________            _________
                                               $2,943,558           $2,838,941
                                                =========            =========  



 See accompanying notes to condensed consolidated financial statements.


                                      -2-

                           IBP, inc. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

                                   (Unaudited)

                    (In thousands, except per share data)

                                   13 Weeks Ended             26 Weeks Ended
                                ____________________       ____________________
                                June 27,   June 28,        June 27,   June 28,
                                  1998       1997            1998       1997
                                _________  _________       _________  _________

Net sales                      $3,334,340 $3,448,337      $6,559,284 $6,582,927
Cost of products sold           3,208,199  3,328,378       6,329,314  6,380,112
                                _________  _________       _________  _________
Gross profit                      126,141    119,959         229,970    202,815
Selling, general and                                                          
  administrative expense           59,588     54,703         128,773     85,699
                                _________  _________       _________  _________
                                   
EARNINGS FROM OPERATIONS           66,553     65,256         101,197    117,116

Interest expense, net              11,900      9,892          24,645     10,442
                                _________  _________       _________  _________
Earnings before income
  taxes and extraordinary
  item                             54,653     55,364          76,552    106,674

Income tax expense                 20,800     21,500          29,100     40,500
                                _________  _________       _________  _________
Earnings before
  extraordinary item               33,853     33,864          47,452     66,174

Extraordinary loss on early
  extinguishment of debt,
  less applicable taxes
  (Note D)                           -          -__           14,815        _ 
                                _________  _________      __________   _________

NET EARNINGS                   $   33,853 $   33,864     $    32,637  $  66,174
                                =========  =========      ==========   ========
Earnings per share:
  Earnings before
    extraordinary item             $ .37      $ .37          $  .51      $ .71
  Extraordinary item                 -          -__            (.16)       - _
                                    ____       ____           _____       ____
  Net earnings                     $ .37      $ .37          $  .35      $ .71 
                                    ====       ====           =====       ====
Earnings per share - assuming
  dilution:
  Earnings before
    extraordinary item             $ .36      $ .36          $  .51      $ .70
  Extraordinary item                 -          -__            (.16)       -__
                                    ____       ____           _____       ____
  Net earnings                     $ .36      $ .36          $  .35      $ .70
                                    ====       ====           =====       ====

Dividends per share                $.025      $.025            $.05      $ .05
                                    ====       ====             ===       ====

See accompanying notes to condensed consolidated financial statements.

                                         -3-
                          IBP, inc. AND SUBSIDIARIES
                            CONDENSED CONSOLIDATED
                           STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                (In thousands)


                                                        26 Weeks Ended
                                                _____________________________ 
                                                June 27,            June 28,    
                                                  1998                1997     
                                               _________           __________
                                                      Inflows(outflows)       
   
NET CASH FLOWS USED IN OPERATING ACTIVITIES   $  (42,210)         $  (106,046) 
                                               _________           __________  

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchases of marketable securities             (146,759)            (215,073)  
 Proceeds from disposals of marketable
   securities                                    128,879              373,346   
 Capital expenditures                            (77,425)             (62,757)  
 Investment in life insurance contracts          (33,000)                 -     
 Payment for stock of new subsidiaries,
   net of cash acquired                             -                (307,676)  
 Other investing activities, net                 ( 3,969)              (2,459) 
                                               _________           __________
 Net cash flows used in
   investing activities                         (132,274)            (214,619) 
                                               _________           __________  
   
CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase in borrowings under revolving
   credit agreements                             218,400              378,500   
 Principal payments on long-term
   obligations                                  (113,293)            (195,816)  
 Proceeds from issuance of long-term debt         49,760              123,887  
 Net change in checks in process of
   clearance                                      (4,926)              16,262  
 Premiums paid on early retirement
   of debt                                       (20,636)                 -    
 Purchases of treasury stock                      (1,957)             (59,901) 
 Other financing activities, net                  (5,021)              (9,287) 
                                               _________           __________
 Net cash flows provided by
     financing activities                        122,327              253,645  
                                               _________            _________ 
Effect of exchange rate on cash
  and cash equivalents                                49                   26  
                                               _________            _________
Net change in cash and cash equivalents          (52,108)             (66,994) 
Cash and cash equivalents at beginning
  of period                                       69,022               94,164  
                                               _________            _________ 
Cash and cash equivalents at end of
  period                                      $   16,914           $   27,170  
                                               =========            =========


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Cash paid during the periods for:
    Interest, net of amounts capitalized      $   24,726           $   21,186  
    Income taxes, net of refunds received          5,207               38,236  

  Depreciation and amortization expense           50,638               41,473  
  Amortization of intangible assets               12,249                6,763  

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 June 27, 1998 and the results 
of its operations and its cash flows for the periods presented 
herein.

    Derivatives and hedging activities:  In June 1998, the Financial 
Accounting Standards Board issued Statement of Financial Accounting 
Standards No. 133, "Accounting for Derivative Instruments and Hedging 
Activities."  The company must adopt this standard no later than the 
first quarter of fiscal 2000.  Management is reviewing the 
requirements of this statement, which are quite complex. Although 
management expects that this standard will not materially affect its 
financial position and results of operations, it has not yet 
determined the impact of this standard on the financial statements of 
the company. 

    Business segments:  Effective at year-end 1998, the company will 
adopt SFAS No. 131, "Disclosure about Segments of an Enterprise and 
Related Information."  Management is reviewing the requirements of 
this statement and believes that it will change the extent of its 
current business segment disclosure.  This statement does not impact 
the basic consolidated financial statements; it affects the 
presentation of segment information in the Notes to Consolidated 
Financial Statements.

    Reclassifications:  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.



-5-
C.  INVENTORIES

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


                                        June 27,        December 27,
                                          1998              1997
                                        ________        ____________
                                              (In thousands)
   Product inventories:
     Raw materials                     $ 19,567           $ 22,952
     Work in process                     71,287             82,679
     Finished goods                     183,124            165,970
                                        _______            _______             
                                        273,978            271,601
   Livestock                             67,445             45,908
   Supplies                              74,469             72,244
                                        _______            _______             
                                       $415,892           $389,753
                                        =======            =======

D.   LONG-TERM OBLIGATIONS

     Long-term obligations are summarized as follows:

                                            June 27,      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         18,075          19,093
          Other                                 1,184           1,400
                                              _______         _______ 
                                              569,259         570,493
          Less amounts due within
             one year                           2,229           2,212
                                              _______         _______          
                                             $567,030        $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 $24 million, before applicable income tax benefit of $9 
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 June 27, 1998 
from $113 million at December 27, 1997.




-6-
    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.


E.   EARNINGS PER SHARE

         (in thousands, except per share amounts)
                         For the Thirteen Weeks Ended June 27, 1998
                         __________________________________________
                               Earnings     Shares     Per Share
                             (Numerator) (Denominator)   Amount
                             ___________ _____________ _________
    Basic EPS:
    Net earnings                $33,853     92,557       $ .37
                                                          ====     
    Effect of dilutive
      securities:
    Employee stock plans                       823            
                                 ______    _______
    Diluted EPS                 $33,853     93,380       $ .36
                                 ======     ======        ====

                         For the Thirteen Weeks Ended June 28, 1997
                         __________________________________________
                               Earnings     Shares     Per Share
                             (Numerator) (Denominator)   Amount
                             ___________ _____________ _________       
    Basic EPS:
    Net earnings                $33,864     92,061       $ .37
                                                          ====      
    Effect of dilutive
      securities:
    Employee stock plans                     1,227             
                                 ______     ______   
    Diluted EPS                 $33,864     93,288       $ .36
                                                          ====

                        For the Twenty-six Weeks Ended June 27, 1998
                        ____________________________________________
                               Earnings     Shares     Per Share
                             (Numerator) (Denominator)   Amount
                             ___________ _____________ _________      
    Basic EPS:
    Earnings before
      extraordinary item        $47,452     92,562       $ .51
                                                          ====
    Effect of dilutive
      securities:

    Employee stock plans                       888
                                 ______     ______                             

    Diluted EPS                 $47,452     93,450       $ .51
                                 ======     ======        ====

                         For the Twenty-six weeks Ended June 28, 1997
                         ____________________________________________  
                               Earnings     Shares     Per Share
                             (Numerator) (Denominator)   Amount
                             ___________ _____________ _________      
   Basic EPS:
   Net earnings                 $66,174     92,977       $ .71
                                                          ====   
   Effect of dilutive
     securities:
   Employee stock plans                      1,237            
                                 ______     ______
   Diluted EPS                  $66,174     94,214       $ .70
                                 ======     ======        ====

    The following summary 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 prices were greater 
than the average market price of the common shares.  These options 
had varying expiration dates.

-7-
                                                1998        1997
                                                ____        ____
          Stock options excluded from
            diluted EPS computation            1,541       1,442
          Average option price per share      $24.69      $25.04

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.

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 26 weeks ended June 27, 1998 and June 
28, 1997 was as follows (unaudited):

                                                  26  Weeks Ended
                                                  _______________             
                                               June 27,      June 28, 
                                                 1998          1997
                                               ________      ________ 
                                                                   
NET EARNINGS                                   $ 32,637      $ 66,174
                                                _______       _______
Other comprehensive income,
  before tax:
  Foreign currency translation
    adjustments                                  (2,641)         (719)
  Income tax expense related
    to items of other
    comprehensive income                          1,004           273
                                                _______       _______ 
Other comprehensive income,
   net of tax                                    (1,637)         (446)
                                                _______       _______

COMPREHENSIVE INCOME                           $ 31,000      $ 65,728
                                                =======       =======


-8-
	            	MANAGEMENT'S DISCUSSION AND ANALYSIS
              ____________________________________

RESULTS OF OPERATIONS

	   Stong contributions by IBP's pork and foodservice divisions offset 
weaker beef results en route to a second quarter earnings performance 
comparable to the second quarter 1997 and more than double the first 
quarter 1998 earnings.    
	     			  
	   Earnings from operations, measured as a percentage of net sales, 
improved to 2.0% in the second quarter 1998 from 1.9% in the same 
1997 period.  Pork results improved due to increased capacity 
utilization, lower raw material costs and much-improved performance 
at the Logansport, Indiana, facility, which is now beyond the start 
up phase.  In addition,  IBP benefited from consolidation of a full 
quarter of operations of Foodbrands America, Inc. ("Foodbrands") and 
The Bruss Company ("Bruss") in 1998 versus approximately nine weeks 
for Foodbrands and five weeks for Bruss in the second quarter 1997.

	    For the six months ended June, 1998 operating earnings measured 
1.5% of net sales versus 1.8% in the first half of 1997.  The lower 
1998 figure reflected reduced beef margins caused by burdensome 
competing domestic meat supplies and weaker export demand resulting 
from economic problems in the Far East.  Meanwhile, pork performance 
improved significantly in 1998 compared to the first half of 1997 and 
foodservice operations contributed positively due to the above-
mentioned factors.  
	 
	   The matters discussed herein 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.

  	 SALES	

	   Second quarter and six months 1998 net sales decreased from the 
same 1997 periods.  New operations (Foodbrands, Bruss and Platte 
County Processed Meats, Inc. ("Platte County"), a ground beef 
processing plant in Nebraska), added net increases of $134 million 
and $416 million, respectively, to second quarter and year-to-date 
1998 consolidated net sales.  Meanwhile, IBP's core fresh meats 
operations net sales decreased 8% in the second quarter 1998 and 7% 
in the year-to-date period compared to 1997.  Lower average prices of 
beef and pork products sold were only partially offset by increases 
in pounds of beef and pork products sold, reflecting the glut of 
competing proteins domestically and weaker export demand.  
	
	   Second quarter 1998 net export sales decreased slightly and year-
to-date 1998 exports were flat compared with the 1997 periods.  
Export tonnage increased 23% in the first half of 1998 compared to 
1997 but was offset by unfavorable price and product mix variances.  
The Asian region accounted for 67% of total net export sales in the 
first half of 1998 compared to 74% in the same 1997 period.


-9-
   	The Far East shortfall was absorbed by increased exports to Mexico, 
Canada and South America destinations.  Exports totaled approximately 
13% of consolidated net sales in all comparison periods presented.

  	 COST OF PRODUCTS SOLD

  		Second quarter 1998 cost of products sold decreased 4% from the 
second quarter 1997.  Excluding a $109 million increase attributable 
to new operations (Foodbrands, Bruss and Platte County), IBP's core 
fresh meats operations cost of products sold decreased 7% in the 
second quarter 1998 versus 1997.  The fresh meats business benefited 
from lower average prices paid for live hogs and cattle offset 
somewhat by an increase in pounds of pork products sold.  Fresh meats 
plant costs in the second quarter 1998 increased over the second 
quarter 1997 primarily as a result of higher labor and volume-related 
costs.     
	
  		The cost of products sold in the six months ended June 1998 
decreased 1% from the same 1997 period.  While Foodbrands, Bruss and 
Platte County accounted for a $344 million increase in year-over-year 
costs, IBP's previously existing operations experienced a 6% decrease 
in 1998 costs versus the prior year.  This 6% decrease was primarily 
due to reduced average prices paid for live hogs and cattle which 
overrode the effect of increases in pounds of pork and beef products 
sold.  Plant costs increased due to higher labor costs and increased 
pork volume.

  		Industry analysts predict that cattle supplies should be 
favorable for most of 1998 and will tighten later this year or 
sometime during 1999.  Meanwhile, hog supplies are expected to be 
excellent in the second half of 1998 and into 1999.     	

  	 SELLING, GENERAL AND ADMINISTRATIVE EXPENSE

 			While second quarter 1998 expense increased 9% over the second 
quarter 1997, the increase and more was due to expenses incurred at 
Foodbrands and Bruss.  Excluding Foodbrands and Bruss, second quarter 
1998 expense decreased 25% from the second quarter 1997.  The lower 
comparable 1998 expense was due in part to accrual of refunds of U.S. 
harbor maintenance taxes paid in prior years, based upon a U.S. 
Supreme Court decision which ruled their collection unconstitutional.    

 			Year-to-date 1998 expense through June was 50% higher than in the 
comparable year-earlier period.  The effect of new subsidiaries 
increased consolidated expense by $51 million in the first six months 
of 1998 over 1997.  Foodbrands' selling expense is much higher as a 
percentage of net sales compared to IBP's fresh meats operations due 
to differences in the nature of the respective product and customer 
bases.  Excluding new operations, expense decreased 13% in the six 
month period ended June 1998 versus 1997, helped by the harbor 
maintenance tax refunds discussed above.    
    	
  	 INTEREST EXPENSE

	 		The higher net interest expense in the second quarter and year-
to-date periods ended June 1998 versus the comparable 1997 periods 
was primarily attributable to higher average borrowings brought about 
by the purchases of Foodbrands and Bruss in the second quarter 1997.  

-10-
LIQUIDITY AND CAPITAL RESOURCES

  		Total consolidated outstanding borrowings averaged $867 million in 
the first six months of 1998 compared to $466 million in the 
comparable 1997 period.  Available unused credit capacity under 
committed facilities totaled $226 million at June 27, 1998.  

  		The purchase of the Foodbrands 10.75% Notes in the first quarter 
1998 by the company 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 a 
series of notes issued under the company's Medium-Term Notes program.

  		The company invested $37 million during the fourth quarter 1997 
and the first quarter 1998 in life insurance contracts for key 
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 June 27, 1998 totaled 
$77 million compared to $63 million in the first six months of 1997.  
Current year spending was primarily for pork and foodservice plant 
expansions, food safety processes, and construction of the company's 
new world headquarters.


IMPACT OF NEW ACCOUNTING PRONOUNCEMENTS
	
    Derivatives and hedging activities:  In June 1998, the Financial 
Accounting Standards Board issued Statement of Financial Accounting 
Standards No. 133, "Accounting for Derivative Instruments and Hedging 
Activities."  The company must adopt this standard no later than the 
first quarter of fiscal 2000.  Management is reviewing the requirements 
of this statement, which are quite complex.  Although management expects 
that this standard will not materially affect its financial position and 
results of operations, it has not yet determined the impact of this 
standard on the financial statements of the company. 

Business segments:  Effective at year-end 1998, the company will 
adopt SFAS No. 131, "Disclosure about Segments of an Enterprise and 
Related Information."  Management is reviewing the requirements of this 
statement and believes that it will change the extent of its current 
business segment disclosure.  This statement does not impact the basic 
consolidated financial statements; it affects the presentation of 
segment information in the Notes to Consolidated Financial Statements.




-11-

PART II.  OTHER INFORMATION


Item 4.  Submission of Matters to a Vote of Security Holders

(a)  The annual meeting of stockholders of IBP, inc. was held on April 23,
     1998, in Dakota City, Nebraska.

(c)  The following matters were voted upon at the annual meeting:

     (i)  The election of the members of the Board of Directors:

                   Richard L. Bond
                          Votes for:             80,478,825
                          Votes withheld:           370,141

                   John S. Chalsty
                          Votes for:             80,503,191
                          Votes withheld:           345,775

                   Dr. Wendy L. Gramm
                          Votes for:             80,495,296
                          Votes withheld:           353,670

                   John J. Jacobson, Jr.
                          Votes for:             80,508,699
                          Votes withheld:           340,267

                   Eugene D. Leman
                          Votes for:             80,473,650
                          Votes withheld:           375,316

                   Martin A. Massengale
                          Votes for:             80,495,793
                          Votes withheld            353,175

                   Robert L. Peterson
                          Votes for:             80,476,087
                          Votes withheld:           372,879

                   Michael L. Sanem
                          Votes for:             80,489,784
                          Votes withheld:           359,182

                   JoAnn R. Smith
                          Votes for:             80,514,776
                          Votes withheld:           334,190

                   Dale C. Tinstman
                          Votes for:             80,171,457
                          Votes withheld:           677,509







-12-

Item 5.  Other Information

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

                                               26 Weeks Ended
                                            ____________________  
                                            June 27,    June 28, 
                                              1998        1997
                                            ________    _________       
  Earnings before income taxes
           and extraordinary item          $ 76,552    $106,674
         Total fixed charges                 33,176      19,961
         Capitalized interest                (3,345)     (3,826)
                                            _______     _______    
     Earnings before fixed charges,
           income taxes and extraordinary
 
        item                               $106,383    $122,809
                                            =======     =======

         Ratio of earnings to fixed charges     3.2         6.2
                                                ===         ===


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 27, 1998.



































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                               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 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























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