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                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549
                         -----------------------
                               FORM 10-Q
                                   
          (Mark One)
           X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
          ---
             THE SECURITIES EXCHANGE ACT OF 1934
             For the quarterly period ended December 31, 1995
                                  OR
          ---TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934
             For the transition period from ---------- to ----------
                                   
                     Commission file number 1-9759
                                   
                            IMC GLOBAL INC.
                 (Formerly IMC Fertilizer Group, Inc.)
        (Exact name of registrant as specified in its charter)
                                   
               Delaware                           36-3492467
     (State or other jurisdiction of          (I.R.S. Employer
     incorporation or organization)           Identification No.)


     2100 Sanders Road
     Northbrook, Illinois                           60062
     (Address of principal executive offices)     (Zip Code)


 Registrant's telephone number, including area code:  (847) 272-9200
                                   
                                   


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
  Yes   X   .  No       .
      ------      ------


APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares
outstanding of each of the issuer's classes of common stock as of the
latest practicable date: 59,548,618 shares, excluding 5,552,840
treasury shares as of January 31, 1996.

  ------------------------------------------------------------------
----------------------------------------------------------------------
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

    The accompanying interim condensed consolidated financial
statements of IMC Global Inc. (the Company) do not include all
disclosures normally provided in annual financial statements.  These
financial statements, which should be read in conjunction with the
consolidated financial statements contained in the Company's 1995
Annual Report to Stockholders, are unaudited but include all
adjustments which the Company's management considers necessary for a
fair presentation.  These adjustments consist of normal recurring
accruals except as discussed in the following Notes to Condensed
Consolidated Financial Statements.  Certain 1994 amounts have been
reclassified to conform to the 1995 presentation.  Interim results are
not necessarily indicative of the results expected for the fiscal year.


CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(In millions except per share amounts)

                               Three Months Ended   Six Months Ended
                                    December 31,      December 31,
                                1995         1994   1995         1994
----------------------------------------------------------------------

Net sales                       $  549.6  $  451.8  $1,034.5  $  872.6
Cost of goods sold                 400.5     337.9     771.6     682.0
                                --------  --------  --------  --------
  Gross margins                    149.1     113.9     262.9     190.6

Selling, general and admin-
 istrative expenses(Note 1)         21.6      21.6      39.1      35.9
Other operating (income) and
 expense, net                       (4.0)       .2      (5.6)     (5.9)
                                --------  --------  --------  --------
  Operating earnings (Note 2)      131.5      92.1     229.4     160.6

Interest earned and other
 non-operating (income) and
 expense, net                        (.6)      (.7)     (2.0)     (3.4)
Interest charges                    11.1      13.3      22.5      28.3
                                --------  --------  --------  --------
Earnings before minority
 interest and items noted
 below                             121.0      79.5     208.9     135.7
Minority interest                   50.3      34.0      88.6      55.5
                                --------  --------  --------  --------
Earnings before items noted
 below                              70.7      45.5     120.3      80.2
Provision for income taxes          27.1      17.6      46.5      30.5
                                --------  --------  --------  --------
  Earnings before cumulative
 effect of accounting change
 and extraordinary item             43.6      27.9      73.8      49.7
Cumulative effect of accounting
 change (Note 3)                                                  (5.9)
Extraordinary loss-debt
 retirement (Note 4)                          (1.8)               (3.0)
                                --------  --------  --------  --------
  Net earnings                  $   43.6  $   26.1  $   73.8  $   40.8
                                ========  ========  ========  ========

Earnings per share (Note 5):
  Primary -
   Earnings before cumula-
    tive effect of accounting
    change and extraordinary
    item                        $    .73 $    .47  $   1.23  $    .84
   Cumulative effect of
    accounting change (Note 3)                                   (.10)
   Extraordinary loss-debt
    retirement (Note 4)                      (.03)               (.05)
                                --------  --------  --------  --------
   Net earnings per share       $    .73 $    .44  $   1.23  $    .69
                                ========  ========  ========  ========

  Fully diluted (Note 6) -
   Earnings before cumula-
   tive effect of accounting
    change and extraordinary
    item                        $    .70 $    .46  $   1.20  $    .83
   Cumulative effect of
    accounting change (Note 3)                                   (.09)
   Extraordinary loss-debt
    retirement (Note 4)                      (.03)               (.05)
                                --------  --------  --------  --------
   Net earnings per share       $    .70 $    .43  $   1.20  $    .69
                                ========  ========  ========  ========

Primary weighted average
 number of shares and equiva-
 lent shares outstanding            60.1      59.1      59.9      59.1
                                ========  ========  ========  ========

Fully diluted weighted
 average number of shares
 and equivalent shares
 outstanding                        63.8      62.8      63.7      62.8
                                ========  ========  ========  ========
                                   
                                   
 (See Notes to Condensed Consolidated Financial Statements on Page 6)
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions except per share amounts)


                                            December 31, June 30,
Assets                                          1995      1995
-------------------------------------------------------------------
Current assets:
  Cash and cash equivalents                  $  128.4    $  196.1
  Receivables, net                              148.3        48.6
  Inventories:
    Products (principally finished)             228.2       185.6
    Operating materials and supplies             72.7        68.8
                                             --------    --------
                                                300.9       254.4
  Deferred income taxes                          70.0        70.8
  Prepaid expenses                                7.5         5.3
                                             --------    --------
    Total current assets                        655.1       575.2
Property, plant and equipment                 3,552.1     3,455.2
Accumulated depreciation and depletion       (1,626.2)   (1,587.0)
                                             --------    --------
  Net property, plant and equipment           1,925.9     1,868.2
Other assets                                    103.1        79.4
                                             --------    --------
Total assets                                 $2,684.1    $2,522.8
                                             ========    ========


Liabilities and Stockholders' Equity
-------------------------------------------------------------------
Current liabilities:
  Accounts payable                           $  111.6    $  106.0
  Accrued liabilities                           142.1       137.2
  Current maturities of long-term debt            8.8         8.8
                                             --------    --------
    Total current liabilities                   262.5       252.0
Long-term debt, less current maturities         515.8       515.5
Deferred income taxes                           252.0       228.8
Other noncurrent liabilities                    284.6       283.7
Minority interest                               529.1       479.9
Stockholders' equity:
  Common stock, $1 par value, authorized
  100,000,000 shares; issued 65,079,555
  shares and 64,604,058 shares at December
  31 and June 30, respectively (Note 5)          65.1        64.6
  Capital in excess of par value (Note 5)       716.7       706.1
  Retained earnings                             165.7        99.6
  Treasury stock, at cost, 5,552,840
  shares (Note 5)                              (107.4)     (107.4)
                                             --------    --------
    Total stockholders' equity                  840.1       762.9
                                             --------    --------
Total liabilities and stockholders'
 equity                                      $2,684.1    $2,522.8
                                             ========    ========


                                   
 (See Notes to Condensed Consolidated Financial Statements on Page 6)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)

                                                 Six months ended
                                                   December 31,
                                                1995         1994
------------------------------------------------------------------
Cash Flows from Operating Activities
------------------------------------
  Net earnings                                 $  73.8    $  40.8
  Adjustments to reconcile net earnings
   to net cash provided by operating
   activities:
    Minority interest                             88.4       55.5
    Depreciation, depletion and amortization      62.9       66.7
    Postemployment employee benefits                          9.6
    Other non-cash charges and credits, net       16.8       (5.9)
    Changes in:
      Receivables                                (81.6)     (20.8)
      Inventories                                (21.0)      (2.0)
      Prepaid expenses                            (2.1)      (2.2)
      Accounts payable and accrued liabilities    (2.6)      (1.0)
                                                -------   -------
    Net cash provided by operating activities    134.6      140.7
                                                -------   -------

Cash Flows from Investing Activities
------------------------------------
  Acquisition of Feed Ingredients                (67.5)
  Capital expenditures                           (36.0)     (27.2)
  Other                                            (.6)       4.8
                                                -------   -------
    Net cash used in investing activities       (104.1)     (22.4)
                                                -------   -------
    Net cash provided before financing
     activities                                   30.5      118.3
                                                -------   -------

Cash Flows from Financing Activities
------------------------------------
  Joint venture cash distributions to FRP       (100.8)    (106.7)
  Cash dividends paid                             (7.7)
  Proceeds from issuance of long-term debt, net     .3       10.9
  Payments of long-term debt                               (114.9)
  Other                                           10.0
                                                -------   -------
    Net cash used in financing activities        (98.2)    (210.7)
                                                -------   -------

Net decrease in cash and cash equivalents        (67.7)     (92.4)
Cash and cash equivalents-beginning of period    196.1      169.0
                                                -------   -------
Cash and cash equivalents-end of period        $ 128.4    $  76.6
                                                =======   =======

Supplemental cash flow disclosures:
  Interest paid                                $  21.9    $  29.2
  Income taxes paid                            $  49.9    $  32.4

 (See Notes to Condensed Consolidated Financial Statements on Page 6)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(In millions except per share amounts)


                                                  Six months ended
                                                   December 31,
                                                 1995       1994
-------------------------------------------------------------------
Common stock:
  Balance at June 30                            $ 32.3     $ 32.2
  2-for-1 stock split                             32.5       32.2
  Stock options exercised                           .3
                                                ------     ------
    Balance at December 31                        65.1       64.4


Capital in excess of par value:
  Balance at June 30                             738.4      736.2
  2-for-1 stock split                            (32.5)     (32.2)
  Stock options exercised                         10.7
  Restricted stock awards                           .1         .4
                                                ------     ------
    Balance at December 31                       716.7      704.4


Retained earnings (deficit):
  Balance at June 30                              99.6       (6.3)
  Net earnings                                    73.8       40.8
  Dividends ($.13 a share and $.05 a share
   in 1995 and 1994, respectively)                (7.7)      (2.9)
                                                ------     ------
    Balance at December 31                       165.7       31.6


Treasury stock:
  Balance at June 30 and December 31            (107.4)    (107.1)
                                                ------     ------

Total stockholders' equity                      $840.1     $693.3
                                                ======     ======










                                   
                                   
                                   
 (See Notes to Condensed Consolidated Financial Statements on Page 6)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Restructuring Charges
   ---------------------
   Selling, general and administrative expenses included restructuring
charges totaling $5.0 million ($4.1 million net of minority interest)
for the three and six months ended December 31, 1994 resulting from
shifting the marketing and administrative functions of Phosphate
Chemicals Export Association, Inc. (PhosChem) to its member companies.
The Company and The Vigoro Corporation (Vigoro) expect to incur
employee-related and other restructuring charges as a result of the
merger described in Note 8.  As of February 14, 1996, the amount of
such charges were not determinable.

2. Environmental Matters
   ---------------------
   Operating earnings included provisions totaling $1.4 million and
$9.0 million ($.8 million and $5.1 million net of minority interest)
for the three and six months ended December 31, 1994 to provide for
remediation costs associated with a sinkhole beneath a phosphogypsum
storage stack at IMC-Agrico Company's (IMC-Agrico) New Wales
concentrated phosphate production facility in Florida and repair and
cleanup costs related to earthen dam breaches at IMC-Agrico's Payne
Creek and Hopewell phosphate mining facilities in Florida.  These
charges were partially offset by a gain of $5.0 million from the sale
of land in Florida in September 1994.

3. Accounting for Postemployment Benefits
   --------------------------------------
   Effective July 1, 1994, the Company adopted Statement of Financial
Accounting Standards (SFAS) No. 112, "Employers' Accounting for
Postemployment Benefits."  Accordingly, results for the six months
ended December 31, 1994 reflected a charge of $5.9 million, net of
taxes, for the cumulative effect of the adoption.

4. Extraordinary Loss-Debt Retirement
   ----------------------------------
   In connection with the purchase of portions of the Company's Senior
Notes during the three and six months ended December 31, 1994, the
Company recorded extraordinary charges,  net of taxes, of $1.8 and $3.0
million, respectively, for redemption premium incurred and write-off of
previously deferred finance charges associated with such Notes.

5. Stock Split
   -----------
   On October 19, 1995, the Company's stockholders approved an
amendment to the Restated Certificate of Incorporation increasing the
number of authorized shares of common stock from 50,000,000 shares to
100,000,000 shares.

   Also on that date, the Company's Board of Directors declared a
2-for-1 stock split effected in the form of a 100 percent stock
dividend which  was distributed on November 30, 1995.  After the stock
split, the common stock par value remains unchanged.  Accordingly, all
issued share and per share data appearing in these Condensed
Consolidated Financial Statements have been restated to give
retroactive effect to the stock split, including the transfer of par
value for additional shares issued from capital in excess of par value
to common stock.

6. Earnings Per Share
   ------------------
   Fully diluted earnings per share assumed the conversion of the
Company's 6.25 percent convertible subordinated notes at $31.75 per
share and the issuance of common stock to satisfy the conversion
requirements.

7. Feed Ingredients Acquisition
   ----------------------------
   On October 16, 1995, the Company acquired the animal feed
ingredients business (Feed Ingredients) of Mallinckrodt Group Inc. and
subsequently contributed the business to IMC-Agrico.  The Company's
portion of the purchase price was $67.5 million and was paid out of
operating cash.  The acquisition was accounted for under the purchase
method of accounting.  Operating results of Feed Ingredients (net of
minority interest) have been included in the Company's Condensed
Consolidated Statement of Earnings since the date of acquisition.

8. The Vigoro Corporation Merger
   -----------------------------
   On November 13, 1995, the Company and Vigoro announced the signing
of a definitive merger agreement.  The merger agreement provides that,
upon consummation of the merger, each share of Vigoro common stock will
be converted into the right to receive 1.60 shares of the Company's
common stock, subject to adjustment, based on the average of the per
share daily closing prices on the New York Stock Exchange of the
Company's common stock during the 20 consecutive trading days ending on
the fifth trading day prior to the date that the Vigoro stockholder
meeting to vote upon the merger is held.  Upon consummation of the
merger, Vigoro will become a subsidiary of the Company.

   The transaction, which is intended to qualify as a tax-free exchange
and to be accounted for as a pooling-of-interests, has been approved by
the boards of directors of both companies and is subject to approval by
the stockholders of both companies and necessary regulatory approvals.
The waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 expired on December 17, 1995.  On January 15, 1996, the
Director of Investigation and Research of the Canadian Bureau of
Competition Policy requested that the Company and Vigoro provide
additional information to assist in the evaluation of the merger, and
on January 29, 1996, the Canadian Minister of Industry extended the
review period under the Investment Canada Act by up to 30 days or such
further period as may be agreed to by the Company.  The Company's
special meeting of stockholders is scheduled for March 1, 1996, and the
Vigoro special meeting of stockholders is scheduled for February 29,
1996.  Proxy statements relating to the merger were mailed to
stockholders of the Company and Vigoro on January 30, 1996.  The
Company and Vigoro expect to incur employee-related and other
restructuring charges as a result of the merger.  As of February 14,
1996, the amount of such charges were not determinable.

9. Amendment to Partnership Agreement
   ----------------------------------
   Pursuant to certain amendments to the IMC-Agrico Partnership
Agreement which will become effective only if the merger described in
Note 8 is consummated, there will be a shift of 0.85 percent of
Distributable Cash (as defined) interest of IMC-Agrico from the Company
to Freeport-McMoRan Resource Partners, Limited Partnership (FRP)
following the merger.  If the shift of Distributable Cash from the
Company to FRP contemplated by the amendments to the IMC-Agrico
partnership agreement had been effective as of July 1, 1994, cash
distributions to FRP for the fiscal year ended June 30, 1995 (which
aggregated $254.9 million) would have been increased by $4.0 million.
See "Item 5.  Other Information."


Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.

Results of Operations

Three months ended December 31, 1995 vs. three months ended December
31, 1994
---------------------------------------------------------------------
   Net earnings for the three months ended December 31, 1995 totaled
$43.6 million, or $.73 per share, up from the same period in 1994 when
the Company reported net earnings of $26.1 million, or $.44 per share.
Included in the 1994 operating results was an extraordinary charge of
$1.8 million, or $.03 per share, related to the early extinguishment of
debt.

   Net sales for the three months ended December 31, 1995 were $549.6
million, a 22 percent increase over second quarter 1994 when sales were
$451.8 million.  Second quarter results reflected significant
improvement in concentrated phosphate prices and the addition of  Feed
Ingredients as described in Note 7 of Notes to Condensed Consolidated
Financial Statements.

   Gross margins increased $35.2 million from the second quarter of
1994 primarily due to higher margins for concentrated phosphates of $29
million and the addition of Feed Ingredients margins of $9 million,
partially offset by lower potash margins of $3 million.

   Concentrated phosphate margins increased primarily as a result of
higher prices ($58 million) as average diammonium phosphate (DAP)
prices increased 21 percent over 1994 second quarter levels.  Other
related concentrated phosphate products showed similar price
improvements.  Sales volume increased ($7 million) as domestic and
export shipping demand increased 12 percent over 1994's second quarter.
Partially offsetting these increases were higher production costs ($36
million) primarily due to higher raw material costs.

   Potash sales margins decreased primarily as a result of lower prices
($2 million) as average potash prices declined 5 percent from 1994
second quarter levels.  In addition, higher production costs ($2
million) also contributed to lower margins.  Partially offsetting the
lower prices and higher production costs was an  increase in sales
volume ($1 million) over second quarter 1994.

   With world grain stocks predicted to be at a 20-year record low
level of 13 percent of annual usage, or 229 million metric tons, crop
nutrient demand from both domestic and international customers is
expected to further strengthen.  Domestically, industry sales volume
for all crop nutrients is expected to continue to rise in the spring as
United States farmers attempt to restore the world's depleted grain
stocks.  Planted acreage is projected to increase about 4 percent with
corn acreage up 14 percent over the year-earlier level.  Consequently,
domestic consumption of concentrated phosphates and potash is projected
to increase at least 5 percent.  Internationally, the Company's largest
export customer, China, made a major potash purchase that is expected
to require shipments until the spring of 1996.  In addition, in
November 1995 China signed a sales agreement with IMC-Agrico (through
PhosChem) which is expected to require shipments of DAP during calendar
1996.

   Phosphate rock margins in the three months ended December 31, 1995
remained relatively constant with second quarter levels in the 1994
period.  Higher prices ($5 million), an 18 percent improvement over
1994's second quarter, were completely offset by higher production
costs ($5 million).  Higher production costs were mainly attributable
to increased maintenance and reclamation activities.

   The following table summarizes the Company's sales of crop nutrient
products and average selling prices for the three months ended December
31, 1995 and 1994.

                                    (Tons in millions of short tons)
                                           1995          1994
                                        ----------   -----------
Concentrated phosphates
 Total dry product sales tons
  (primarily DAP)                           2.0           1.8
 Average DAP price per ton*              $189.29       $156.50

* Average DAP prices represent sales made FOB Florida, Louisiana and
regional warehouses.

Phosphate rock
  Sales tons                                2.0           2.9
  Average price per ton                  $ 23.92       $ 20.35

Potash
  Sales tons                                 .9            .8
  Average price per ton                  $ 66.91       $ 70.67

   Selling, general and administrative expenses remained unchanged
compared to second quarter 1994.  Increased advertising, legal and
consulting expenses and higher charges associated with long-term
compensation plans during the three months ended December 31, 1995
nearly equaled charges which were incurred in shifting the marketing
and administrative functions of PhosChem to its member companies during
the same period in 1994.

   Other operating income and expense for the three months ended
December 31, 1995 included $2.8 million of income primarily resulting
from the sale of property and investments.

   Interest charges for the three months ended December 31, 1995 were
$2.2 million lower than 1994's second quarter as the Company reduced a
portion of its high-cost long-term indebtedness during the prior fiscal
year.

Six months ended December 31, 1995 vs. six months ended December 31,
1994
-----------------------------------------------------------------------
   Net earnings for the six months ended December 31, 1995 totaled
$73.8 million, or $1.23 per share, up from the same period in 1994 when
the Company reported net earnings of $40.8 million, or $.69 per share.

   Operating results for 1994 included a one-time charge of $5.9
million, or $.10 per share, for the cumulative effect on prior years of
a change in accounting for postemployment benefits resulting from the
adoption of SFAS No. 112 on July 1, 1994 and an extraordinary charge of
$3.0 million, or $.05 per share, related to the early extinguishment of
debt.  See Notes to Condensed Consolidated Financial Statements for
further discussion of these non-recurring items.

   Net sales for the six months ended December 31, 1995 were $1,034.5
million, a 19 percent increase over 1994 when sales were $872.6
million.  Significant improvement in concentrated phosphate prices and
the addition of Feed Ingredients as described in Note 7 of Notes to
Condensed Consolidated Financial Statements contributed to this
increase.

   Gross margins increased $72.3 million when compared to the first
half of 1994 primarily due to higher margins for concentrated
phosphates and phosphate rock of $56 million and $5 million,
respectively, and the addition of Feed Ingredients margins of $9
million, partially offset by lower potash margins of $5 million.

   Concentrated phosphate margins increased primarily as a result of
higher prices ($106 million) as average DAP prices increased 18 percent
over first half levels a year ago.  Other related concentrated
phosphate products showed similar price improvements.  Sales volume
increased ($11 million) as domestic and export shipping demand
increased 10 percent over 1994's first half.  Partially offsetting
these increases were higher production costs ($61 million) primarily
due to higher raw material costs.

   Phosphate rock margins increased due primarily to higher prices ($8
million) as average phosphate rock prices increased 13 percent over
1994.  Increased production costs ($3 million) partially offset the
increase in margins.  Higher production costs were mainly attributable
to increased maintenance and reclamation activities.

   Potash sales margins decreased primarily as a result of lower sales
volume ($3 million) as domestic and export shipping demand was down 9
percent compared to the first half of 1994.  The Company's largest
export customer, China, made a major potash purchase that is expected
to require shipments until the spring of 1996.  Increased production
costs ($2 million) during the first half of 1995 also contributed to
the decrease in gross margins.

   The following table summarizes the Company's sales of crop nutrient
products and average selling prices for the six months ended December
31, 1995 and 1994.

                                    (Tons in millions of short tons)
                                           1995          1994
                                        ----------   -----------
Concentrated phosphates
 Total dry product sales tons
  (primarily DAP)                           4.0            3.6
 Average DAP price per ton*              $181.13        $154.11

* Average DAP prices represent sales made FOB Florida, Louisiana and
regional warehouses.

Phosphate rock
  Sales tons                                4.4            5.3
  Average price per ton                  $ 22.57        $ 20.05

Potash
  Sales tons                                1.5            1.7
  Average price per ton                  $ 67.12        $ 66.27

   Selling, general and administrative expenses increased $3.2 million
over 1994 primarily due to increased advertising, legal and consulting
expenses and higher charges associated with long-term compensation
plans.  Second quarter 1994 included charges related to shifting the
marketing and administrative functions of PhosChem to its member
companies and reduced the impact of the first half 1995 increased
expenditures on a comparative basis.

   Other operating income and expense included $3.6 million of income
primarily resulting from the sale of property and investments during
the first half of 1995.  In 1994, other operating income and expense
included a gain of $5.0 million from the sale of land in Florida.

   Interest charges for the six months ended December 31, 1995 were
$5.8 lower than the same period a year ago as the Company reduced a
portion of its high-cost long-term indebtedness during the prior fiscal
year.


Financial Condition

   Since June 30, 1995, cash and cash equivalents have decreased $67.7
million.  Primary uses of cash included $100.8 million of cash sharing
distributions to FRP, $67.5 million to purchase Feed Ingredients and
$36.0 million of capital expenditures.  These cash outflows were
partially offset by $134.6 million generated from operating activities.

   The Company's working capital ratio at December 31, 1995 was 2.5
versus 2.3 at June 30, 1995.  Debt to capitalization improved to 38.4
percent at December 31, 1995 compared to 45.8 percent a year ago and
40.7 percent at June 30, 1995.

   In July 1995, the Company entered into an amended and restated
unsecured revolving credit facility (the Working Capital Facility)
which extended the termination date and credit limit of the previous
working capital facility.  Under the revised terms of the Working
Capital Facility, the Company may borrow up to $150 million for general
corporate purposes until July 31, 2000.  At December 31, 1995, $29.6
million was drawn down under the Working Capital Facility as letters of
credit principally to support industrial revenue bonds and other debt
and credit risk guarantees.  There were no other borrowings under the
Working Capital Facility at December 31, 1995.

   IMC-Agrico also has an agreement with a group of banks to provide it
with a $75 million unsecured revolving credit facility (the IMC-Agrico
Working Capital Facility) initially until February 1997.  At December
31, 1995, $13.6 million was drawn down as letters of credit.  There
were no other borrowings under the IMC-Agrico Working Capital Facility
at December 31, 1995.

   The Working Capital Facility and certain note obligations contain
provisions which restrict the Company's ability to dispose of assets,
limit the payment of dividends or other distributions to stockholders
and limit the incurrence of additional indebtedness.  The Working
Capital Facility also contains financial ratios and tests which must be
met with respect to interest, tangible net worth and debt to total
capitalization.  In addition, the IMC-Agrico Working Capital Facility
contains financial ratios and tests with respect to fixed charge
coverage, current ratio and minimum net partners' capital requirements.
The IMC-Agrico Working Capital Facility also places limitations on
indebtedness of IMC-Agrico and restricts the ability of IMC-Agrico to
make cash distributions in excess of Distributable Cash.  In addition,
pursuant to the Partnership Agreement, IMC-Agrico is required to obtain
the approval of the Policy Committee of IMC-Agrico prior to incurring
more than an aggregate of $5 million of indebtedness (excluding
indebtedness under the IMC-Agrico Working Capital Facility).  The
Company and IMC-Agrico are currently in compliance with all of the
covenants in the indentures and other agreements governing their
indebtedness.

   Under a current agreement with a financial institution, IMC-Agrico
may sell, on an ongoing basis, an undivided percentage interest in a
designated pool of receivables in an amount not to exceed $65 million.
At December 31, 1995, IMC-Agrico had sold $65.0 million of such
receivable interests.

   Capital expenditures for the year ending June 30, 1996 are estimated
to total $92 million (including $70 million by IMC-Agrico).  Pursuant
to the Partnership Agreement, IMC-Agrico is required to obtain the
approval of the Policy Committee of IMC-Agrico prior to making capital
expenditures in any fiscal year in excess of $5 million (adjusted
annually for inflation) for expansion of its business.  In the event
that the Policy Committee (which consists of two representatives from
each of the Company and FRP) fails to approve future capital
expenditures, IMC-Agrico's ability to expand its business could be
adversely effected.

   IMC-Agrico makes cash distributions to each partner based on
formulas and sharing ratios as defined in the Partnership Agreement.
For the six months ended December 31, 1995, the total amount of
Distributable Cash generated by IMC-Agrico was $220.9 million, of which
$117.2 million was distributed to FRP, including $68.0 million in
February 1996.

   The Company periodically enters into DAP futures contracts and
options to purchase natural gas to manage its exposure to price
fluctuations.  Net hedging gains and losses were recognized as a part
of the transactions hedged and were not significant during the six
months ended December 31, 1995.  The Company monitors its risk on an
ongoing basis and considers its risk to be minimal.

   The Company believes that its current liquidity position and cash
flow from operations should be sufficient to meet its working capital
needs and expansion of its operations.

   There were no other material changes to the Company's financial
condition, capital resources, or liquidity from that described in the
Company's Annual Report on Form 10-K for the year ended June 30, 1995.



Part II. OTHER INFORMATION


Item 1.  Legal Proceedings.

    In the ordinary course of its business, the Company is and will
from time to time be involved in routine litigation.  Except for the
matters discussed in the Company's 1995 Annual Report on Form 10-K,
none of the litigation pending or known to be threatened at this time
is regarded by the Company as potentially material.

Sterlington Litigation
----------------------
    Angus Chemical Company (Angus) and the Company are involved in
various litigation arising out of a May 1991 explosion at a
nitroparaffins plant located in Sterlington, Louisiana.  Angus wants
the Company to assume responsibility for a class action lawsuit
currently pending in Louisiana against the Company, Angus and other
defendants for injuries arising out of the explosion, and to reimburse
Angus for amounts that Angus has paid for settled claims in connection
with the Sterlington explosion.  With respect to the settled demands,
Angus, in pleadings filed in Louisiana and Texas, states that it is
seeking approximately $9.5 million, plus interest, fees and costs.  In
addition, Angus is seeking direct payment from the Company's insurers,
X. L. Insurance Company, Ltd. (XL) and A.C.E. Insurance Company, Ltd.
(ACE) for certain damages in an action pending in Louisiana state
court.  Angus has not specified how much it is seeking from the
Company's insurers.  Angus may be asserting claims against XL for the
difference between the limits of the XL policy of $75 million and the
$45.7 million that XL has paid to the Company under the policy.  In
addition, Angus may be asserting claims against ACE for the difference
between the limit of the ACE policy of $100 million and the $15 million
that ACE has previously paid to the Company.  The Company may have
obligations to indemnify certain of the insurers if Angus is successful
in this case.  The Company is unable to estimate the magnitude of its
exposure at this time.

    The Company continues to vigorously litigate each of the matters
arising out of the Sterlington explosion.  A jury trial is scheduled to
commence in late summer or fall of 1996 in Texas state court with
respect to Angus's and the Company's claims for contribution and
indemnity for the settled demands.  Discovery is still not complete
with respect to the lawsuits scheduled for trial in late summer or fall
of 1996, and all of the other lawsuits are in early stages.  In
addition, Angus has filed an action in federal court in Louisiana
seeking reimbursement for amounts allegedly expended to remediate
certain environmental sites at the Sterlington plant.  In its pleadings
filed with the Louisiana federal court, Angus states that it is seeking
approximately $1.8 million for amounts expended, plus interest, fees,
costs and reimbursement for any future expenses.  The Company is unable
to estimate the magnitude of its exposure at this time.

Potash Antitrust Litigation
---------------------------
    In the previously disclosed potash antitrust action filed in
federal courts consolidated in Minnesota, a trial date has been set for
August 26, 1996.  While the Company believes that the allegations in
the complaints are without merit, it is unable to make a reliable
determination as to the potential liability exposure, if any.

Federal Trade Commission Inquiry
--------------------------------
    Reference is made to the Company's Current Report on Form 10-Q for
the quarter ended September 30, 1995 for information concerning a
request by the Federal Trade Commission that the Company provide
certain information and documents regarding the Company's phosphate
operations.  The Company has submitted responsive information and
documents to the Federal Trade Commission.


Item 5.  Other Information.

    On January 23, 1996, the Company and FRP entered into certain
amendments to the IMC-Agrico Partnership Agreement in part to reflect
possible changes in the nature of the business of the Company resulting
from the Vigoro merger as described in Note 8 of Notes to Condensed
Consolidated Financial Statements.  These amendments, which will become
effective only if the Vigoro merger is consummated, provide for (i) a
shift of 0.85 percent of Distributable Cash interest of IMC-Agrico from
the Company to FRP following the merger, (ii) changes to certain IMC-
Agrico governance procedures, including the establishment of a new
office of President for IMC-Agrico, who would be appointed by the
Company subject to the approval of the Policy Committee, and a related
clarification of management and reporting responsibilities, (iii) the
modification of certain product pricing and sourcing provisions with
respect to transactions between IMC-Agrico and affiliates of the
Company, including the FARMARKET network of Vigoro and (iv) the
establishment of criteria under which certain acquisitions by the
Company's Rainbow Division or Vigoro's FARMARKET network would not be
required to be offered to IMC-Agrico.  See Note 9 of Notes to Condensed
Consolidated Financial Statements.


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

    (a) Exhibits.

        Exhibit
          No.                Description
        --------------------------------------------------------
        10.62  Amendment No. 1 to Transfer and Administration
               Agreement, dated as of October 30, 1995, between
               Enterprise Funding Corporation and IMC-Agrico Company

        10.63  Agreement Under the Parent Agreement, dated as of
               January 23, 1996, among IMC Global Inc., IMC Global
               Operations Inc., Freeport-McMoRan Resource Partners
               Limited Partnership, Freeport-McMoRan Inc. and
               IMC-Agrico Company, a Delaware general partnership

        10.64  Amendment and Agreement Under the Partnership Agreement,
               dated as of January 23, 1996, by and among IMC-Agrico
               GP Company, Agrico, Limited Partnership, IMC-Agrico MP,
               Inc., IMC Global Operations Inc. and IMC-Agrico Company

        11.3   Fully diluted earnings per share computation for the
               three and six months ended December 31, 1995

        21.1   Subsidiaries of the Registrant

        27.2   Financial Data Schedule - Interim Period

    (b) Reports on Form 8-K.

        Up to the date of this report, the following report on Form
        8-K was filed:

        A report under Item 5 dated October 17, 1995.  No financial
        statements were filed as a part of the report.
                    * * * * * * * * * * * * * * * *
                              SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
                                   
                                   IMC GLOBAL INC.

                                   Robert C. Brauneker
                                   --------------------------
                                   Robert C. Brauneker
                                   Executive Vice President
                                   and Chief Financial Officer
Date:  February 14, 1996