US agribusiness giant Cargill has made a US$385m bid for the pork operations of bankrupt Farmland Industries, a move that means the pork unit will be auctioned by mid-October.

US pork producer Smithfield Foods, which made a $363.5m bid for the unit in July, said it would review Cargill's bid and consider its options.

Cargill made the bid for Farmland Foods on Friday, the last day bids could be submitted under bankruptcy procedures.

"We're pleased to have this additional bid and look forward to a lively auction to bring more value to our creditors," Farmland spokeswoman Sherlyn Manson told Reuters.

Manson said that although an exact date has yet to be set, the auction would happen before 13 October.