CONAGRA BRANDS INC. — Director's Dealing 2004

Jul 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONAGRA FOODS INC /DE/ (CAG)
CIK: 0000023217
Period of Report: 2004-07-09

Reporting Person: PEREZ PETER M (Sr VP Human Resources)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-09	Share Equivalent Units	$0	A	8883	Acquired	2009-05-31	Common Stock (8883)	Direct
2004-07-09	Share Equivalent Units	$0	A	8883	Acquired	2009-05-31	Common Stock (8883)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25000	Direct
Common Stock	96	Indirect

Footnotes

F1: To be settled on a 1-for-1 basis in common stock.

F2: To be settled on a 1-for-1 basis in cash.

F3: Share equivalent units vest on May 31, 2009, or earlier upon certain events.