EXHIBIT 12


                     CONAGRA, INC. AND SUBSIDIARIES
              COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED
               CHARGES AND OF EARNINGS TO COMBINED FIXED
                  CHARGES & PREFERRED STOCK DIVIDENDS
                            ($ IN MILLIONS)




                                                             Nine
                                                         Months Ended
                                                         February 25,
                                                             1996
                                                         ____________
Fixed charges:
       Interest expense                                 $      278.5
       Capitalized interest                                      4.0
       Interest in cost of goods sold                           19.5
       One third of non-cancellable lease rent                  31.2
                                                         ------------
       Total fixed charges (A)                                 333.2

       Add preferred stock dividends of the company             14.6
                                                         ------------
       Total fixed charges and preferred stock
        dividends (B)                                          347.8
                                                         ============

Earnings:
       Pretax income                                           645.5
        Adjustment for unconsolidated subidiaries                2.7
                                                         ------------
       Pretax income of the Company as a whole                 648.2

       Add fixed charges                                       333.2
       Less capitalized interest                                (4.0)
                                                         ------------
       Earnings and fixed charges (C)                          977.4
                                                         ============

       Ratio of earnings to fixed charges (C/A)                  2.9

       Ratio of earnings to combined fixed charges
        and preferred stock dividends (C/B)                      2.8


                                        EXHIBIT 12 (Continued)


For the purpose of computing the above ratio of earnings to 
fixed charges, earnings consist of income before taxes and 
fixed charges. Fixed charges, for the purpose of computing
earnings are adjusted to exclude interest capitalized. Fixed
charges include interest on both long and short-term debt
(whether said interest is expensed or capitalized and including
interest charged to cost of goods sold), and a portion of
noncancellable rental expense representative of the interest
factor.  The ratio is computed using the amounts for ConAgra as
a whole, including its majority-owned subsidiaries, whether or
not consolidated, and its proportionate share of any 50% owned
subsidiaries, whether or not ConAgra guarantees obligations 
of these subsidiaries.

For purposes of calculating the above ratio of earnings to
combined fixed charges and preferred dividends, preferred stock
dividend requirements (computed by increasing preferred stock
dividends to an amount representing the pre-tax earnings 
which would be required to cover such dividend requirements) 
are combined with fixed charges as described above, and the 
total is divided into earnings as described above.