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Inventories

3 Months Ended

Nov. 30, 2012

Inventories

Note 4: Inventories

The major components of inventories are as follows:

		November 30						August 31
(In Thousands)		2012			2011			2012
Sugar, Agri-Products, and Sugarbeet Seed		$	350,187		$	271,873		$	193,352
Unprocessed Sugarbeets		487,151			380,312			11,575
Operating Supplies and Maintenance Parts		64,568			66,111			67,759

Total Inventories		$	901,906		$	718,296		$	272,686

Sugar and agri-products inventories are valued at estimated net realizable value. Unprocessed sugarbeets are valued at the estimated gross beet payment. Operating supplies, maintenance parts and sugarbeet seed inventories are valued at the lower of average cost or market.

The Company’s reserve for inventory obsolescence was $17.8 million, $15.4 million and $16.9 million as of November 30, 2012 and 2011 and August 31, 2012, respectively.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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