SECURITIES AND EXCHANGE COMMISSION


     Washington, D. C. 20549

     FORM 10-Q
     QUARTERLY REPORT UNDER SECTION 13 or 15 (d)
     OF THE SECURITIES EXCHANGE ACT OF 1934



For Quarter Ended JanuaryApril 27, 1996
Commission File
     Number 1-2402


     HORMEL FOODS CORPORATION

Incorporated Under the Laws
of the State of Delaware FEIN #41-0319970


      1 Hormel Place
                         Austin, Minnesota 55912-3680

     Telephone - (507) 437-5737


                                      NONE                  
               

Former name, former address and former fiscal year, if
changed since last
reportreport.


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  XXX       NO

Indicate the number of shares outstanding of each of the
issuer's classes of
common stock, as of the latest practical date.


                  Class                      Outstanding at
JanuaryApril 27, 1996
Common Stock    - $.1172 par value 76,724,83376,517,335
Common Stock Non-Voting - $.01 par value         -0-

Pages:  This report contains teneleven pages numbered
sequentially from this
cover page.






                                        1





                                   





       FORM 10-Q

PART I - FINANCIAL INFORMATION

STATEMENTS OF FINANCIAL POSITION

HORMEL FOODS CORPORATION
(In Thousands of Dollars)

      JanuaryApril 27,       October 28,
        1996           1995
                                             (Unaudited)


ASSETS

CURRENT ASSETS
     Cash and cash equivalents               $ 213,412153,374      
$ 189,539
     Short-term marketable securities--
      at cost which approximates market          8,0047,473
8,489
     Accounts receivable                       189,694190,084
231,407
     Inventories                               226,563242,682
210,898
     Deferred Income Taxes                      13,73414,796
13,255
     Prepaid expenses                            6,0046,277
5,679
     TOTAL CURRENT ASSETS         657,411614,686         659,267


DEFERRED INCOME TAXES                           65,79765,389
66,204

INTANGIBLES                                     80,61679,583
81,650

INVESTMENTS AND OTHER ASSETS                    86,86791,739
83,655

PROPERTY, PLANT AND EQUIPMENT

     Land                                        7,841
8,009
     Buildings 173,429184,244         166,888
     Equipment 493,897502,897         495,641
     Construction in progress                   54,76464,723
51,388
                                               729,931759,705
721,926

Less allowance for depreciation               (386,397)(389,494)
(388,842)
                                               343,534370,211 
333,084







                                            $1,234,225$1,221,608
$1,223,860



See notes to financial statements



                                     2



                                   




          FORM 10-Q


STATEMENTS OF FINANCIAL POSITION

HORMEL FOODS CORPORATION
(In Thousands of Dollars)
      JanuaryApril 27,      October 28,
         1996          1995
                                             (Unaudited)


LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES

     Accounts payable                         $  95,42499,534
$  97,479
     Accrued expenses     29,91331,051    26,246
     Accrued marketing expenses     23,57711,546         20,638
     Employee compensation     28,36633,696         44,700
     Taxes other than federal income taxes    16,31115,143
15,380
     Dividends payable   11,51111,513         11,123
     Federal income taxes           9,7550            118
     Current maturities of long-term debt        2,1312,205 
2,131
                 TOTAL CURRENT LIABILITIES      216,988204,688
217,815

LONG-TERM DEBT - less current maturities         16,95915,562
16,959

ACCUMULATED POSTRETIREMENT BENEFIT OBLIGATION   235,659237,825
235,659

ACCRUED PENSION COSTS                                 8,7190
7,240

OTHER LONG-TERM LIABILITIES                      14,61214,820
14,140


STOCKHOLDERS' INVESTMENT
     Preferred Stock, par value $.01 a
     share--authorized 40,000,000 shares;
     issued - none  
     Common stock,Stock, non-voting, par value
     $.01 a share--authorized 40,000,000
     shares; issued - none
     Common Stock, par value $.1172 a share --
     authorized 200,000,000 shares; issued
     76,852,12876,600,000 shares                          9,0078,978
9,007
     Additional paid-in capital                  16,85410,344
16,624
     Shares held in treasury.                  (  3,399)2,173)
(  3,922)
                                                 22,46217,149
21,709

     Earnings reinvested in business            718,826731,564
710,338
                                                741,288748,713
732,047

                                             $1,234,225$1,221,608
$1,223,860


See notes to financial statements



                                   




       3




                                                          FORM 10-Q



CONSOLIDATED


STATEMENTS OF EARNINGS (Unaudited)
HORMEL FOODS CORPORATION
(In Thousands of Dollars, Except Per Share Amounts)



                                     Three Months Ended
JanuarySix Months Ended
                                    April 27,  January 28,April 29,
April 27,  April 29,
                                      1996       1995
1996       1995



Sales, less returns and allowances  $ 724,381          $ 730,720$746,658  $748,046
$1,471,039  $1,478,766

Cost of products sold                546,944            528,575568,198   566,009
1,115,143   1,094,584

                    GROSS PROFIT     177,437            202,145178,460   182,037
355,896     384,182
Expenses: 
  Selling and delivery               127,506            129,853125,628   126,953
253,134     256,806
  Administrative and general          22,750             17,78217,230    16,616
39,980      34,398

                OPERATING INCOME      27,181             54,51035,602    38,468
62,782       92,978

Other income and expenses:    
     Other income-net                     6,296              3,4542,700     3,067
8,995        6,521

     Interest expense                     ( 409)432)   (  311))438)
(  840)       ( 749)

EARNINGS BEFORE INCOME TAXES   33,068             57,65338,870    41,097     70,937
98,750

Provision for income taxes            12,401             22,16513,350    15,743
25,751      37,908

NET EARNINGS                         $24,520  $ 20,66725,354    $
35,48845,186     $60,842



NET EARNINGS PER SHARE                 $    0.27          $    0.46$0.32     $0.33
$0.59       $0.79




See notes to financial statements



                                     4













                                   





       FORM 10-Q

STATEMENTS OF CASH FLOWS (Unaudited)
HORMEL FOODS CORPORATION
(In Thousands of Dollars)

                                                    ThreeSix
Months Ended
                                                 JanuaryApril 27,
January 28,April 29,
                                                  1996
1995

OPERATING ACTIVITIES
     Net earnings                                  $ 20,66745,186
$ 35,48860,842
  Adjustments to reconcile to net cash
  provided by operating activities:
    Depreciation                                  8,823              8,17818,078
16,473
    Amortization of intangibles                    1,034                8702,067
1,853
    Provision for deferred income taxes             ( 72)             2,015(726)
1,310
    (Gain) loss on property/equipment sales       (3,593)               (97)(3,599)
(150)
    Changes in operating assets and liabilities:
      Decrease in accounts receivable             41,713             37,11341,323
39,787
      (Increase) in inventories
        and prepaid expenses                     (15,990)           (19,734)(32,382)
(18,435)
      (Decrease) in accounts payable and
        accrued expenses                         736            (37,485)(17,985)
(72,614)
  NET CASH PROVIDED BY OPERATING ACTIVITIES       53,318             26,34851,962
29,066

INVESTING ACTIVITIES
     Sale of short-term marketable securities         485              1,8351,016
2,130
     Acquisitions of businesses                           0
(1,159)(2,799)
     Purchases of property/equipment                (20,358)           (17,254)(56,431)
(41,993)
  Proceeds from sales of property/equipment        4,678              1,2994,825
1,539
  (Increase) decrease in investments
    and other assets          (3,211)           (10,790)(8,084)            (6,949)
  NET CASH USED IN INVESTING ACTIVITIES          (18,406)           (26,069)(58,674)
(48,072)

FINANCING ACTIVITIES
  Proceeds from long-term borrowings                   0
10,000
     Principal payments on long-term debt            (1,323)
(1,610)
     Dividends paid on Common Stock                 (11,123)            (9,586)(22,634)
(20,706)
  Other                                           84             (  831)(5,496)
(953)
  NET CASH USED IN FINANCING ACTIVITIES          (11,039)            (  417)(29,453)
(13,269)


  INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                               23,873             (  138)(36,165)
(32,275)


  Cash and cash equivalents
  at beginning of year                           189,539
248,599

  CASH AND CASH EQUIVALENTS
  AT END OF PERIOD                              $213,412           $248,461$153,374
$216,324


See notes to financial statements






                                     5



                                   




       FORM 10-Q

NOTES TO FINANCIAL STATEMENTS (Unaudited)

HORMEL FOODS CORPORATION


NOTE A

In the opinion of the Company, the accompanying unaudited
financial
statements contain all adjustments (consisting of only
normal re-
curring accruals) necessary for a fair presentation.

The accounting policies followed by the Company are set
forth in
Note A to the Company's Financial Statements in the 1995
Hormel Foods
Corporation Annual Report to Stockholders, which is
incorporated
by reference on Form 10-K.

NOTE B

The results of operations for the threesix month periods ended
JanuaryApril 27,
1996, and January 28,April 29, 1995 are not necessarily indicative of
the
results to be expected for the full year.



































                                   




                                                            
6

                                                  FORM 10-Q



MANAGEMENTSMANAGEMENTS' DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HORMEL FOODS CORPORATION

RESULTS OF OPERATIONS


QuarterlyNet earnings in the second quarter decreased $834,000 to
$24,520,000 from
$25,354,000 during the same quarter of 1995.  Sales for the
quarter
decreased .2 percent to $746,658,000 from $748,046,000 last
year.  Sales
tonnage for the period decreased by 12.8 percent compared to
the same
quarter of 1995.

The decline in second quarter earnings and volume from
record levels in
1995 was a result of the difficult business environment that
has affected
much of the food industry. Live pork prices reached their
highest level in
several years limiting the Company's ability to obtain
customary margins in
its pork operations.  In addition, Jennie-O's turkey
business began to feel
the impact of extraordinarily high corn and soymeal costs.
Beef herd
liquidation caused by the high feed costs also resulted in
retail beef
prices being at their lowest level in years.  This put
additional pressure
on pork and turkey margins as beef presented a very
attractive and
economical protein option.  Declines of sales and tonnage
volume from 1995
were primarily caused by Dubuque Foods terminating fresh
pork purchases
from FDL Foods, Inc. of Dubuque, Iowa.  Growth in the
tonnage volume of
Hormel branded consumer packaged products lessened the
impact of the
decreased fresh pork business and margin pressures felt on
the commodity
type pork and turkey products.

Sales and earnings for the first quarterhalf of 1996 were
$724,381,000$1,471,039,000 and
$20,667,000$45,186,000 compared to $730,720,000$1,478,766,000 and $35,488,000$60,842,000,
respectively, last
year.  Tonnage volume decreased 15.013.9 percent for the quarterhalf
compared to the
same period in 1995.  The drop in dollar sales and tonnage volume for the six
months was due primarily
to the discontinuance of fresh pork purchases from FDL Foods
by Dubuque
Foods Inc., a wholly owned subsidiary,
of sales of fresh pork produced under the Dubuque brand by FDL
Foods, Inc. of Dubuque, Iowa.as discussed above.  The 41.825.7 percent decline in
earnings had been expected since thewas
primarily a result of last year's record 1995 first quarter hadwhich
benefited
from pork raw material costs which were at their lowest level in two
decades.  These
low cost levels could not be maintained and they increased
throughout the
remainder of 1995 and intothrough the first quartersix months of 1996.this
year resulting
in the continued pressure on margins.

The substantially highercontinuing high pork raw material costs combined with
pressure placed
on  the Company's pork and turkey operations by extremely
high price levels
for corn and soymeal in the second quarter were the major
factorfactors in
producing a gross profitmargin as a percentage of sales of 24.523.9
and 24.2 percent
compared to 27.724.3 and 26.0 percent last year.for the  corresponding
quarter and six
months of 1995.  The impact of the increase inhigher pork and turkey
raw material
costs on gross profit was mitigated by increased sales
volume throughout
the first half of manufactured consumer branded items which
are not as
sensitive to the fluctuations of thefresh pork and turkey market andfluctuations.  In
addition, a
gain recorded of approximately $3,000,000 from the sale of an idle
plant facility.facility
was realized in the first quarter.


                                   





                                                            
FORM 10-Q



MANAGEMENTS' DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HORMEL FOODS CORPORATION

RESULTS OF OPERATIONS


Marketing expenses decreased slightly duringfor the quarter and first quarterhalf were
$51,307,000 and
$105,991,000, respectively, compared to $54,684,000 from $55,678,000 in$52,527,000 and
$108,205,000  for
the same periods of 1995.  The Company continues to
emphasize both its well
established products and its newer ethnic product
introductions in its
promotional programs.  Selling and delivery expenses
remained virtually
unchanged for both the quarter and six months at 17.6 percent16.9 and
17.817.2 percent of
sales  for 1996compared to 17.0 and 1995 respectively.  Administra-
tive17.4 percent last year.
Administrative and
general expenses increased to 3.12.3 from 2.2 percent of sales
comparing the
two quarters and increased to 2.7 percent from 2.3 percent
on a to-date
basis between 1996 and 1995.  The increase in the
quarter compared to 2.4 percentadministrative
costs for the
same period last year.  The
increase reflected asix months reflects the settlement of an antitrust class
action lawsuit in
the amount of $7,500,000.  Farm Fresh Catfish and Hormel
Foods CorporationCorporations
were two of several defendants in an alleged conspiracy to
fix prices among
processors of catfish.  Although the Company considered the
plaintiff's
claims to be without merit, since
many of the events in question happened more than two years before
Hormel formed Farm Fresh in 1983, the Companyit decided to settle the
lawsuits since
continued defense of the case subjected the Company and its
shareholders to
unnecessary risks due to the potential size of the claim and
the inherent
uncertainty of commercial litigation.

7


                                                  FORM 10-Q



MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HORMEL FOODS CORPORATION

RESULTS OF OPERATIONS



The Company's core Hormel business continues to be the major
contributor to
earnings.  Jennie-O Foods was a strong performer
despite lower margins experienced inHigh feedstuff costs put increasing pressure on
Jennie-O's
results for the first quarter due to large
cost increases for feedstuffs.quarter.  Jennie-O's new turkey processing
plant under construction atin
Montevideo, Minnesota began operations in late April and is
on scheduleoperating
satisfactorily.

Jennie-O purchased a major interest in Viking Hatchery of
Detroit Lakes,
Minnesota.  The hatchery, which will be capable of providing
Jennie-O
growers with a projected start up in May.ten million poults per year, is Jennie-O's
first entry into
the hatchery business.

Results for the second quarter at Dubuque Foods werecontinued to
be less than
plannedplan as the higherhigh pork raw material costs hadhave a greater
impact on the
Dubuque Foodsproduct line than the primary Hormel business.

The effective tax rate for the first threequarter and six months of 1996to-
date was 37.535.3 and
36.3 percent compared to 38.538.3 and 38.4 percent last year due tofor the
respective periods
in 1995.  The drop was a result of a lower overall effective state tax
rate.rate and
realization of tax credits from investments in affordable
housing programs.

Other income-netIncome-Net for the first quarter of 1996half was $6,296,000$8,995,000 compared
to $3,454,000 in 1995.$6,521,000
last year.  The increase was primarily the result of a
realized gain on the
sale of oil and gas stock that had been classified as
available for sale.



                                   





                                                            
8

                                                  FORM 10-Q



MANAGEMENTSMANAGEMENTS' DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HORMEL FOODS CORPORATION

FINANCIAL CONDITION



Ratio comparisons forpresented below as of the firstend of the
second quarter
reflect the continued strong financial condition of 1996 and 1995, which
demonstrate the
Company's financial strength, are as follows:Company.

                                      End of Quarter
                                1st2nd Quarter    1st2nd Quarter
                                   1996           1995

Liquidity Ratios
  Current ratio                      3.0            2.83.1
  Receivables turnover              13.8           13.914.0           14.2
  Days sales in receivables         23.923.6 days      23.823.3 days
  Inventory turnover                 10.1           10.19.8           10.5
  Days sales in inventory           37.839.7 days      38.036.1 days

Leverage Ratio
  Long-term debt to equity           2.6%           3.0%2.4%           2.7%

Operating Ratios
  Pre-tax profit to net worth       18.0%          34.3%19.2%          29.0%
  Pre-tax profit to total assets    10.8%          19.3%11.6%          16.7%


Changes during the first quartersix months in current asset and
liability balances
followed normal seasonal patterns.  Inventory levels are
adequate for the
traditional promotional activities that occur during the
third and fourth
quarter.  During the second quarter, the Company repurchased
and retired
252,128 shares under a repurchase plan announced March 25,
1996.  The plan
authorizes repurchase of up to 5,000,000 shares of Hormel
Foods Corporation
common stock.  The Company will use its excess cash to fund
the buy back of
shares which may then be retired or retained as treasury
stock.

During the first quarter,half, the Company invested $20,358,000$56,431,000 in
new plant and
equipment.  The Companycompany has major renovation or expansion
projects in
progress at itsit Fremont, Nebraska,Nebraska;  Austin, MinnesotaMinnesota; and
Osceola, Iowa
locations.  Jennie-O Foods is buildingbegan operations in late April of
a new turkey
processing plant in Montevideo, Minnesota which is scheduled to be completed
in May of this year.  InvestmentMinnesota.  Investments in
plant and
equipment continues to emphasize productivity gains while
improving
ergonomics and safety conditions for employees.

DuringEarly in the quarterfirst half, the Company recognized the gain on
the sale of an
idle plant facility atin Ottumwa, Iowa andIowa.  In addition, in the
first quarter
the Company realized a gaingains on the sale of oil and gas stocks
held as an
investment available for sale.


                                   




                                                            
FORM 10-Q



MANAGEMENTS' DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HORMEL FOODS CORPORATION

FINANCIAL CONDITION



The Company continues to keep excess funds invested short
term as it
examines business opportunities that meet its long-termlong term
operating goals.

Long-termIn the second quarter the Company paid $7,500,000 accrued in
the first
quarter to settle the antitrust class action lawsuit
discussed in the
Results of Operations.

Long term debt consists of small issue Industrial Revenue
Bonds of varying
maturities and debt used for investment in the federal
government affordable housing program.Federal
Government
Affordable Housing Program.  The leverage ratio indicates
the significant
amount of borrowing capacity available to take advantage of
any business
opportunities that may arise through acquisition or internal
expansion.


                           9


































                                   




                                                            
FORM 10-Q


PART II - OTHER INFORMATION


Item 4.  Results of Votes of Security Holders.

         None.


Item 6.  Exhibits and Reports on Form 8-K

     The Company filed a Form 8-K on December 13, 1995March 25, 1996
announcing the
retirementapproval by the Company's Board of Richard L. Knowlton
         fromDirectors of a stock
repurchase program.  The program authorizes the repurchase
of
up to five million shares of Hormel Foods Corporation Board of Directors.
         Company President Joel W. Johnson, who succeeded Mr.
         Knowlton as Chief Executive Officer in September 1993,
         was elected tocommon
stock at prevailing prices on the additional position of Chairman of
         the Board.open market.
     
     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.

                                  HORMEL FOODS CORPORATION


Date:                    By:
     D. J. HODAPP
     Executive Vice President
     & Chief Financial Officer


Date:                    By:
     M. J. McCOY
     Treasurer




















                                   


10