10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

S	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended April 30, 2014

OR

£	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _________ to _________

Commission File Number 001-09097

REX AMERICAN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	31-1095548
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

7720 Paragon Road, Dayton, Ohio	45459
(Address of principal executive offices)	(Zip Code)

(937) 276-3931

(Registrant’s telephone number, including area code)

2875 Needmore Road, Dayton, Ohio	45414
(Former name, former address and former fiscal year, if changed since last report)

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 S No £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes S No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer £	Accelerated filer S
Non-accelerated filer £ (Do not check if a smaller reporting company)	Smaller reporting company £

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No S

At the close of business on June 5, 2014 the registrant had 8,182,031 shares of Common Stock, par value $.01 per share, outstanding.

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

INDEX

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Condensed Balance Sheets		3
	Consolidated Condensed Statements of Operations		4
	Consolidated Condensed Statements of Equity		5
	Consolidated Condensed Statements of Cash Flows		6
	Notes to Consolidated Condensed Financial Statements		7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		38
Item 4.	Controls and Procedures		39
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		39
Item 1A.	Risk Factors		39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		39
Item 3.	Defaults upon Senior Securities		39
Item 4.	Mine Safety Disclosures		39
Item 5.	Other Information		39
Item 6.	Exhibits		40

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

Unaudited

	April 30, 2014			January 31, 2014
Assets	(In Thousands)
Current assets:
Cash and cash equivalents	$	125,649		$	105,149
Restricted cash		—			500
Accounts receivable, net		16,892			16,486
Inventory		19,193			19,370
Refundable income taxes		1,810			268
Prepaid expenses and other		5,001			4,891
Deferred taxes, net		—			2,146
Total current assets		168,545			148,810
Property and equipment, net		198,418			202,258
Other assets		5,324			5,388
Equity method investments		74,439			71,189
Restricted investments and deposits		223			223
Total assets	$	446,949		$	427,868
Liabilities and equity:
Current liabilities:
Current portion of long-term debt	$	10,125		$	12,226
Accounts payable, trade		6,956			6,626
Deferred taxes		3,382			—
Derivative financial instruments		747			1,141
Accrued expenses and other current liabilities		9,813			12,147
Total current liabilities		31,023			32,140
Long-term liabilities:
Long-term debt		58,125			63,500
Deferred taxes		19,613			19,613
Other long-term liabilities		1,876			1,862
Total long-term liabilities		79,614			84,975
Equity:
REX shareholders’ equity:
Common stock		299			299
Paid-in capital		144,643			144,051
Retained earnings		378,843			357,101
Treasury stock		(221,403	)		(222,170	)
Total REX shareholders’ equity		302,382			279,281
Noncontrolling interests		33,930			31,472
Total equity		336,312			310,753
Total liabilities and equity	$	446,949		$	427,868

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

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REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements Of Operations

Unaudited

	Three Months  Ended April 30,
	2014			2013
Net sales and revenue	$	155,936		$	178,424
Cost of sales		119,386			169,432
Gross profit		36,550			8,992
Selling, general and administrative expenses		(6,171	)		(3,747	)
Equity in income of unconsolidated affiliates		8,297			1,599
Interest and other income		52			42
Interest expense		(692	)		(1,053	)
(Losses) gains on derivative financial instruments, net		(4	)		4
Income from continuing operations before income taxes		38,032			5,837
Provision for income taxes		(13,887	)		(2,066	)
Income from continuing operations		24,145			3,771
Income from discontinued operations, net of tax		55			171
Gain on disposal of discontinued operations, net of tax		—			131
Net income		24,200			4,073
Net income attributable to noncontrolling interests		(2,458	)		(566	)
Net income attributable to REX common shareholders	$	21,742		$	3,507
Weighted average shares outstanding – basic		8,117			8,158
Basic income per share from continuing operations attributable to REX common shareholders	$	2.67		$	0.39
Basic income per share from discontinued operations attributable to REX common shareholders		0.01			0.02
Basic income per share on disposal of discontinued operations attributable to REX common shareholders		—			0.02
Basic net income per share attributable to REX common shareholders	$	2.68		$	0.43
Weighted average shares outstanding – diluted		8,149			8,200
Diluted income per share from continuing operations attributable to REX common shareholders	$	2.66		$	0.39
Diluted income per share from discontinued operations attributable to REX common shareholders		0.01			0.02
Diluted income per share on disposal of discontinued operations attributable to REX common shareholders		—			0.02
Diluted net income per share attributable to REX common shareholders	$	2.67		$	0.43
Amounts attributable to REX common shareholders:
Income from continuing operations, net of tax	$	21,687		$	3,205
Income from discontinued operations, net of tax		55			302
Net income	$	21,742		$	3,507

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

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REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements Of Equity

Unaudited

(In Thousands)

	REX Shareholders
	Common Shares
	Issued				Treasury						Paid-in		Retained		Noncontrolling		Total
	Shares		Amount		Shares			Amount			Capital		Earnings		Interests		Equity
Balance at January 31, 2014		29,853	$	299		21,753		$	(222,170	)	$	144,051	$	357,101	$	31,472	$	310,753
Net income														21,742		2,458		24,200
Stock options and related tax effects		—		—		(75	)		767			592		—		—		1,359
Balance at April 30, 2014		29,853	$	299		21,678		$	(221,403	)	$	144,643	$	378,843	$	33,930	$	336,312

	Common Shares
	Issued				Treasury						Paid-in		Retained		Noncontrolling		Total
	Shares		Amount		Shares			Amount			Capital		Earnings		Interests		Equity
Balance at January 31, 2013		29,853	$	299		21,701		$	(219,550	)	$	143,575	$	322,028	$	27,931	$	274,283
Net income														3,507		566		4,073
Treasury stock acquired						31			(564	)								(564	)
Stock options and related tax effects		—		—		(43	)		438			130		—		—		568
Balance at April 30, 2013		29,853	$	299		21,689		$	(219,676	)	$	143,705	$	325,535	$	28,497	$	278,360

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

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REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements Of Cash Flows

Unaudited

	Three Months Ended April 30,
	2014			2013
	(In Thousands)
Cash flows from operating activities:
Net income including noncontrolling interests	$	24,200		$	4,073
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, impairment charges and amortization		4,187			4,391
Income from equity method investments		(8,297	)		(1,599	)
Loss (gain) on disposal of real estate and property and equipment		5			(4	)
Dividends received from equity method investees		5,012			200
Deferred income		—			(274	)
Derivative financial instruments		(394	)		(444	)
Deferred income tax		5,339			2,026
Excess tax benefit from stock option exercises		(241	)		—
Changes in assets and liabilities:
Accounts receivable		(406	)		(6,351	)
Inventories		177			3,734
Other assets		(1,020	)		978
Accounts payable, trade		580			2,264
Other liabilities		(2,320	)		(195	)
Net cash provided by operating activities		26,822			8,799
Cash flows from investing activities:
Capital expenditures		(547	)		(32	)
Restricted cash		500			—
Proceeds from sale of real estate and property and equipment		30			141
Net cash (used in) provided by investing activities		(17	)		109
Cash flows from financing activities:
Payments of long-term debt		(7,476	)		(4,201	)
Stock options exercised		930			555
Excess tax benefit from stock option exercises		241			—
Treasury stock acquired		—			(564	)
Net cash used in financing activities		(6,305	)		(4,210	)
Net increase in cash and cash equivalents		20,500			4,698
Cash and cash equivalents, beginning of period		105,149			69,073
Cash and cash equivalents, end of period	$	125,649		$	73,771
Non cash investing activities – Accrued capital expenditures	$	(250	)	$	—

The accompanying notes are an integral part of these unaudited consolidated condensed financial statements.

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REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

April 30, 2014

Note 1. Consolidated Condensed Financial Statements

The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2014 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2014 (fiscal year 2013). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2014. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.

Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of REX American Resources Corporation and its wholly and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month.

Nature of Operations – The Company operates in two reportable segments, alternative energy and real estate.

Note 2. Accounting Policies

The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2013 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates.

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Revenue Recognition

The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, upon shipment from its plant. Shipping and handling charges billed to customers are included in net sales and revenue.

The Company includes income from real estate leasing activities in net sales and revenue. The Company accounts for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term of the lease.

Prior to its exit of the retail business, the Company sold extended service policies covering periods beyond the normal manufacturers’ warranty periods, usually with terms of coverage (including manufacturers’ warranty periods) of between 12 to 60 months. Contract revenues and sales commissions were deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers’ warranty periods. The Company retained the obligation to perform warranty service and such costs were charged to operations as incurred. All related revenue and expense is classified as discontinued operations. All of the extended service policy contracts have expired as of January 31, 2014.

Cost of Sales

Alternative energy cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, shipping costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges.

Real estate cost of sales includes depreciation, real estate taxes, insurance, repairs and maintenance and other costs directly associated with operating the Company’s portfolio of real property.

Selling, General and Administrative Expenses

The Company includes non-production related costs from its alternative energy segment such as professional fees, selling charges and certain payroll in selling, general and administrative expenses.

The Company includes costs not directly related to operating its portfolio of real property from its real estate segment such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

The Company includes costs associated with its corporate headquarters such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

8

Interest Cost

Interest paid for the three months ended April 30, 2014 and 2013 was approximately $820,000 and $981,000, respectively.

Financial Instruments

The Company uses derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). The interest rate swap is recorded at its fair value and the changes in fair value are recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid settlements of interest rate swaps of approximately $398,000 and $440,000 for the three months ended April 30, 2014 and 2013, respectively.

Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.

Income Taxes

The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $10,050,000 during the three months ended April 30, 2014 and paid no income taxes during the three months ended April 30, 2013.

As of April 30, 2014, total unrecognized tax benefits were approximately $1,451,000 and accrued penalties and interest were approximately $425,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

9

Inventories

Inventories are carried at the lower of cost or market on a first-in, first-out basis. Alternative energy segment inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There was no permanent write-down of inventory at April 30, 2014 and January 31, 2014, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Ethanol and other finished goods	$	2,385	$	3,517
Work in process		3,115		3,017
Grain and other raw materials		13,693		12,836
Total	$	19,193	$	19,370

Property and Equipment

Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.

In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were approximately $68,000 of impairment charges in the first quarter of fiscal year 2014, which are included in cost of sales in the Consolidated Condensed Statements of Operations. These impairment charges relate to individual properties in the Company’s real estate segment. There were no impairment charges in the first quarter of fiscal year 2013. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for asset groups in the real estate reportable segment) or a change in the spread between ethanol and grain prices that

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would result in greater than six consecutive months of estimated or actual significant negative cash flows (for asset groups in the alternative energy reportable segment).

The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups).

In the real estate reportable segment, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. The real estate reportable segment includes both income producing and non-income producing asset groups.

In the alternative energy reportable segment, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. The alternative energy reportable segment includes only income producing asset groups.

Investments

The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month.

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The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.

Comprehensive Income

The company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

Accounting Changes and Recently Issued Accounting Standards

Effective February 1, 2014, the Company was required to adopt Accounting Standard Update (“ASU”) No. 2013-11 (“ASU 2013-11”), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The update requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 was effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted. The adoption of ASU 2013-11 did not impact the Company’s financial statements.

In April 2014, the FASB issued ASU 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” that changes the criteria for reporting a discontinued operation. Under this new guidance, only disposals of a component that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results is a discontinued operation. Expanded disclosures about discontinued operations and disposals of a significant part of an entity that does not qualify for discontinued operations reporting are also required. ASU 2014-08 is effective beginning February 1, 2015 with early adoption permitted, but only for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. Management has not determined the impact of adopting ASU 2014-08 on the Company’s consolidated financial statements.

Note 3. Leases

At April 30, 2014, the Company has lease agreements, as landlord, for four owned former retail stores. All of the leases are accounted for as operating leases. The following table is a

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summary of future minimum rentals on such leases (amounts in thousands):

Years Ended January 31,	Minimum Rentals
Remainder of 2015	$	246
2016		328
2017		285
2018		74
Total	$	933

Note 4. Fair Value

The Company applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”) which provides a framework for measuring fair value under GAAP. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820. ASC 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries cash equivalents, investment in cooperative, certain restricted investments and derivative liabilities at fair value.

Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs shall be developed based on the best information available, which may include the Company’s own data.

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The fair values of interest rate swaps are determined by using quantitative models that discount future cash flows using the LIBOR forward interest rate curve. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate.

The fair values of property and equipment, as applicable, are determined by using various models that discount future expected cash flows. Estimation risk is greater for vacant properties as the probability of expected cash flows from the use of vacant properties is difficult to predict.

To ensure the prudent application of estimates and management judgment in determining the fair values of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; periodic review and substantiation of profit and loss reporting for all derivative instruments and property and equipment items.

Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Money market mutual fund (1)	$	120		—		—		120
Investment in cooperative (1)		—		—		299		299
Total assets	$	120	$	—	$	299	$	419
Interest rate swap derivative liability	$	—	$	747	$	—	$	747

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	2	$	—	$	—	$	2
Money market mutual fund (1)		120		—		—		120
Investment in cooperative (1)		—		—		289		289
Total assets	$	122	$	—	$	289	$	411
Interest rate swap derivative liability	$	—	$	1,141	$	—	$	1,141

(1) The money market mutual fund and the investment in cooperative are included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.

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The following table provides a reconciliation of the activity related to assets (investment in cooperative) measured at fair value on a recurring basis using Level 3 inputs (amounts in thousands):

Balance, January 31, 2014	$	289
Current period activity		10
Balance, April 30, 2014	$	299
Balance, January 31, 2013	$	252
Current period activity		—
Balance, April 30, 2013	$	252

The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment.

Assets measured at fair value on a non-recurring basis as of April 30, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Total Losses (1)
Property and equipment, net	$	—	$	—	$	450	$	68

Assets measured at fair value on a non-recurring basis as of January 31, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Total Losses (1)
Property and equipment, net	$	—	$	—	$	521	$	55

(1) Total losses include impairment charges and loss on disposal.

The fair value of the Company’s debt is approximately $67.3 million and $75.1 million at April 30, 2014 and January 31, 2014, respectively. The fair value was estimated with Level 2 inputs using a discounted cash flow analysis and the Company’s estimate of market rates of interest for similar loan agreements with companies that have a similar credit risk.

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Note 5. Property and Equipment

The components of property and equipment at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014			January 31, 2014
Land and improvements	$	21,606		$	21,543
Buildings and improvements		28,733			28,297
Machinery, equipment and fixtures		223,752			223,544
Construction in progress		197			693
		274,288			274,077
Less: accumulated depreciation		(75,870	)		(71,819	)
	$	198,418		$	202,258

Note 6. Other Assets

The components of other assets at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Deferred financing costs, net	$	351	$	402
Deposits		964		1,014
Real estate taxes refundable		3,644		3,644
Other		365		328
Total	$	5,324	$	5,388

Note 7. Accrued Expenses and Other Current Liabilities

The components of accrued expenses and other current liabilities at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Accrued utility charges	$	2,242	$	3,745
Accrued payroll and related items		2,975		3,122
Accrued real estate taxes		2,593		2,471
Other		2,003		2,809
Total	$	9,813	$	12,147

Note 8. Long Term Debt and Interest Rate Swaps

One Earth Energy Subsidiary Level Debt

During the third quarter of fiscal year 2009, pursuant to the terms of the loan agreement, One Earth converted its construction loan into a term loan. On September 3, 2013, One Earth entered into an amendment of its loan agreement with First National Bank of Omaha (“the Bank”).

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The amendment included a refinance amount of approximately $44,101,000 (the remaining balance of the original loan) which bears interest at a variable interest rate of LIBOR plus 300 basis points (3.2% at April 30, 2014). Quarterly principal payments of approximately $2.0 million are due beginning January 8, 2014 and ending October 8, 2018. Principal payments equal to 20% of annual excess cash flows are also due. Such payments cannot exceed $6 million in a year or $18 million in the aggregate. This amendment did not change requirements regarding financial covenants.

Borrowings are secured by all of the assets of One Earth. This debt is recourse only to One Earth and not to REX American Resources Corporation or any of its other subsidiaries. As of April 30, 2014 and January 31, 2014, approximately $35.0 million and $39.1 million, respectively, was outstanding on the term loan. One Earth is also subject to certain financial covenants under the loan agreement, including debt service coverage ratio requirements and working capital requirements.

One Earth has a $10.0 million revolving loan facility that matures July 31, 2014. Borrowings under this facility bear interest at LIBOR plus 265 basis points. One Earth had no outstanding borrowings on the revolving loan as of April 30, 2014 or January 31, 2014.

One Earth has paid approximately $1.4 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan.

The Company’s proportionate share of restricted net assets related to One Earth was approximately $92.9 million and $86.9 million at April 30, 2014 and January 31, 2014, respectively. Restricted net assets may not be paid in the form of dividends or advances to the parent company or other members of One Earth per the terms of the loan agreement with the Bank.

One Earth entered into a forward interest rate swap in the notional amount of $50.0 million with the Bank. The swap settlements commenced as of July 31, 2009 and terminate on July 8, 2014. The swap fixed a portion of the variable interest rate of the term loan subsequent to the plant completion date at 7.9%. At April 30, 2014 and January 31, 2014, the Company recorded a liability of approximately $0.7 million and $1.1 million, respectively, related to the fair value of the swap. The change in fair value is recorded in the Consolidated Condensed Statements of Operations.

NuGen Energy Subsidiary Level Debt

In November 2011, NuGen entered into a $65,000,000 financing agreement consisting of a term loan for $55,000,000 and a $10,000,000 annually renewable revolving loan with the Bank. The term loan bears interest at a variable interest rate of LIBOR plus 325 basis points, subject to a 4% floor (4% at April 30, 2014). Beginning with the first quarterly payment on February 1, 2012, payments are due in 19 quarterly payments of principal plus accrued interest with the principal portion calculated based on a 120 month amortization schedule. One final installment will be required on the maturity date (October 31, 2016) for the remaining unpaid principal balance with accrued interest. Principal payments equal to 40% of annual excess cash flows are also due. Such payments cannot exceed $5 million in a year.

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Borrowings are secured by all of the assets of NuGen. This debt is recourse only to NuGen and not to REX American Resources Corporation or any of its other subsidiaries. As of April 30, 2014 and January 31, 2014, approximately $33.3 million and $36.6 million, respectively, was outstanding on the term loan. NuGen is also subject to certain financial covenants under the loan agreement, including debt service coverage ratio requirements and working capital requirements.

NuGen has paid approximately $0.6 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan.

The Company’s proportionate share of restricted net assets related to NuGen was approximately $63.0 million and $66.1 million at April 30, 2014 and January 31, 2014, respectively. Restricted net assets may not be paid in the form of dividends or advances to the parent company or other members of NuGen per the terms of the loan agreement with the Bank.

NuGen has no outstanding borrowings on the $10,000,000 revolving loan as of April 30, 2014 which expires on May 31, 2014.

Note 9. Financial Instruments

The Company uses an interest rate swap, which expires July 8, 2014, to manage its interest rate exposure at One Earth by fixing the interest rate on a portion of the entity’s variable rate debt. The Company does not engage in trading activities involving derivative contracts for which a lack of marketplace quotations would necessitate the use of fair value estimation techniques. The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at April 30, 2014, are summarized in the table below (amounts in thousands):

	Notional Amount		Fair Value Liability
Interest rate swap	$	32,300	$	747

As the interest rate swap is not designated as a cash flow hedge, the unrealized gain and loss on the derivative is reported in current earnings. The Company reported a loss of $4,000 for the first quarter of fiscal year 2014 and a gain of $4,000 for the first quarter of fiscal year 2013.

Note 10. Stock Option Plans

The Company has stock-based compensation plans under which stock options have been granted to directors, officers and key employees at the market price on the date of the grant. No options have been granted since fiscal year 2004.

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The total intrinsic value of options exercised during the three months ended April 30, 2014 and 2013 was approximately $3.6 million and $0.3 million, respectively, resulting in tax deductions of approximately $0.6 million and $0.1 million, respectively. The following table summarizes options granted, exercised and canceled or expired during the three months ended April 30, 2014:

				Weighted		Weighted Average	Aggregate
				Average		Remaining	Intrinsic
				Exercise		Contractual Term	Value
	Shares			Price		(in years)	(in thousands)
Outstanding at January 31, 2014		83,330		$	12.37
Exercised		(75,120	)	$	12.39
Outstanding and exercisable at April 30, 2014		8,210		$	12.18	0.1	$	437

At April 30, 2014, there was no unrecognized compensation cost related to nonvested stock options.

Note 11. Income Per Share from Continuing Operations Attributable to REX Common Shareholders

The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts):

	Three Months Ended April 30, 2014						Three Months Ended April 30, 2013
	Income		Shares		Per Share		Income		Shares		Per Share
Basic income per share from continuing operations attributable to REX common shareholders	$	21,687		8,117	$	2.67	$	3,205		8,158	$	0.39
Effect of stock options		—		32				—		42
Diluted income per share from continuing operations attributable to REX common shareholders	$	21,687		8,149	$	2.66	$	3,205		8,200	$	0.39

For the three months ended April 30, 2014 and 2013, all shares subject to outstanding options were dilutive.

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Note 12. Investments

The following table summarizes equity method investments at April 30, 2014 and January 31, 2014 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2014		Carrying Amount January 31, 2014
Big River		10	%	$	40,090	$	40,042
Patriot		27	%		34,349		31,147
Total Equity Method Investments				$	74,439	$	71,189

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2014		2013
Big River	$	5,059	$	644
Patriot		3,238		955
Total	$	8,297	$	1,599

Undistributed earnings of Big River and Patriot totaled approximately $35.9 million and $32.6 million at April 30, 2014 and January 31, 2014, respectively. During the first quarters of fiscal years 2014 and 2013, the Company received dividends from equity method investees of approximately $5.0 million and $0.2 million, respectively.

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three months ended April 30, 2014 and 2013 (amounts in thousands):

	Three Months Ended April 30, 2014
		Patriot		Big River
Net sales and revenue	$	80,409	$	280,423
Gross profit		13,785		83,833
Income from continuing operations		12,195		52,121
Net income		12,195		52,121

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	Three Months Ended April 30, 2013
	Patriot		Big River
Net sales and revenue	$	94,093	$	294,628
Gross profit	$	5,142	$	15,619
Income from continuing operations	$	3,599	$	6,632
Net income	$	3,599	$	6,632

Patriot and Big River have debt agreements that limit and restrict amounts the companies can pay in the form of dividends or advances to owners. The restricted net assets of Patriot and Big River combined at April 30, 2014 and January 31, 2014 are approximately $366.5 million and $366.2 million, respectively.

Note 13. Income Taxes

The effective tax rate on consolidated pre-tax income from continuing operations was 36.5% for the three months ended April 30, 2014, and 35.4% for the three months ended April 30, 2013. The fluctuations in the effective tax rate primarily relate to the presentation of noncontrolling interests in the income of consolidated subsidiaries as noncontrolling interests are presented in the Consolidated Condensed Statements of Operations after the income tax provision or benefit. Net income attributable to noncontrolling interests was a higher percentage of income from continuing operations before income taxes in the first quarter of fiscal year 2013 compared to the first quarter of fiscal year 2014.

The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2010 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):

Unrecognized tax benefits, January 31, 2014	$	1,862
Changes for prior years’ tax positions		14
Changes for current year tax positions		—
Unrecognized tax benefits, April 30, 2014	$	1,876

Note 14. Discontinued Operations

During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, all operations of the Company’s former retail segment and certain sold properties have been classified as discontinued operations for all periods presented. Once real estate property has been sold, and no continuing involvement is expected, the Company classifies the results of the operations as discontinued operations. The results of operations were previously reported in the Company’s real estate segment. Below is a table reflecting certain items of the Consolidated

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Condensed Statements of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands):

	Three Months Ended
	April 30,
		2014			2013
Net sales and revenue	$	—		$	581
Cost of sales		(91	)		227
Income before income taxes		91			280
Provision for income taxes		(36	)		(109	)
Income from discontinued operations, net of tax	$	55		$	171
Gain on disposal	$	—		$	215
Provision for income taxes		—			(84	)
Gain on disposal of discontinued operations, net of tax	$	—		$	131

Note 15. Commitments and Contingencies

The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated condensed financial statements.

One Earth and NuGen have combined forward purchase contracts for approximately 10.4 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through July 2014.

One Earth and NuGen have combined sales commitments for approximately 36.6 million gallons of ethanol, approximately 121,000 tons of distillers grains and approximately 4.2 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2014.

Note 16. Segment Reporting

The Company has two segments: alternative energy and real estate. The Company evaluates the performance of each reportable segment based on segment profit. Segment profit excludes income taxes, indirect interest expense, discontinued operations, indirect interest income and certain other items that are included in net income determined in accordance with GAAP. Segment profit includes realized and unrealized gains and losses on derivative financial

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instruments. The following table summarizes segment and other results and assets (amounts in thousands):

	Three Months Ended April 30,
	2014			2013
Net sales and revenue:
Alternative energy	$	155,827		$	178,324
Real estate		109			100
Total net sales and revenues	$	155,936		$	178,424
Segment gross profit (loss):
Alternative energy	$	36,614		$	9,026
Real estate		(64	)		(34	)
Total gross profit	$	36,550		$	8,992
	Three Months Ended April 30,
	2014			2013
Segment profit (loss):
Alternative energy	$	38,876		$	6,626
Real estate		(91	)		(97	)
Corporate expense, net		(753	)		(692	)
Income from continuing operations before income taxes and noncontrolling interests	$	38,032		$	5,837
		April 30, 2014			January 31, 2014
Assets:
Alternative energy	$	384,034		$	356,589
Real estate		4,635			4,722
Corporate and other		58,280			66,557
Total assets	$	446,949		$	427,868

	Three Months Ended April 30,
	2014			2013
Sales of products alternative energy segment:
Ethanol		76	%		74	%
Dried distillers grains		20	%		17	%
Modified distillers grains		1	%		6	%
Other		3	%		3	%
Total		100	%		100	%
Sales of services real estate segment:
Lease revenue		100	%		100	%

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Certain corporate costs and expenses, including information technology, employee benefits and other shared services are allocated to the business segments. The allocations are generally amounts agreed upon by management and are based on a reasonable and systematic approach, which may differ from amounts that would be incurred if such services were purchased separately by the business segment. Corporate assets are primarily cash.

Cash, except for cash held by One Earth and NuGen, is considered to be fungible and available for both corporate and segment use depending on liquidity requirements. Cash of approximately $70.1 million held by One Earth and NuGen will be used by the subsidiaries primarily to fund liquidity requirements and maintain adequate working capital levels.

Note 17. Related-Party Transactions

During the first quarters of fiscal year 2014 and 2013, One Earth purchased approximately $44.8 million and $71.7 million of corn, respectively, from the Alliance Grain Elevator, an equity investor in One Earth.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Historically, we were a specialty retailer in the consumer electronics/appliance industry serving small to medium-sized towns and communities. In addition, we have been an investor in various alternative energy entities beginning with synthetic fuel partnerships in 1998 and later ethanol production facilities beginning in 2006.

When we operated retail stores, we offered extended service contracts to our customers which typically provided, inclusive of manufacturers’ warranties, one to five years of warranty coverage. All such service contracts have expired as of January 31, 2014. We recognized the associated deferred income and expenses, including the cost to repair or replace covered products, over the remaining life of the contracts. We have classified as discontinued operations all retail related activities, including those activities associated with extended service plans, in the Consolidated Condensed Statements of Operations for all periods presented. We completed our exit of the retail business as of July 31, 2009. We have owned real estate remaining from our former retail store operations. The real estate segment consists of eleven former retail stores.

At April 30, 2014, we had equity investments in four ethanol limited liability companies, two of which we have a majority ownership interest in. We may consider making additional investments in the alternative energy segment in future periods. The following table is a summary

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of ethanol gallons shipped at our plants:

Entity	Trailing 12 Months Ethanol Gallons Shipped	REX’s Current Ownership Interest		Current Effective Ownership of Trailing 12 Months Ethanol Gallons Shipped
One Earth Energy, LLC	112.0 M	74	%	82.9 M
NuGen Energy, LLC	114.2 M	99	%	113.1 M
Patriot Holdings, LLC	120.7 M	27	%	32.6 M
Big River Resources W Burlington, LLC	107.4 M	10	%	10.7 M
Big River Resources Galva, LLC	118.4 M	10	%	11.8 M
Big River United Energy, LLC	121.7 M	5	%	6.1 M
Big River Resources Boyceville, LLC	55.8 M	10	%	5.6 M
Total	750.2 M			262.8 M

Our ethanol operations are highly dependent on commodity prices, especially prices for corn, ethanol, distillers grains and natural gas. As a result of price volatility for these commodities, our operating results can fluctuate substantially. The price and availability of corn is subject to significant fluctuations depending upon a number of factors that affect commodity prices in general, including crop conditions, weather, federal policy and foreign trade. Because the market price of ethanol is not always directly related to corn prices, at times ethanol prices may lag movements in corn prices and, in an environment of higher prices, reduce the overall margin structure at the plants. As a result, at times, we may operate our plants at negative or marginally positive operating margins.

We expect our ethanol plants to produce approximately 2.8 gallons of denatured ethanol for each bushel of grain processed in the production cycle. We refer to the difference between the price per gallon of ethanol and the price per bushel of grain (divided by 2.8) as the “crush spread”. Should the crush spread decline, it is possible that our ethanol plants will generate operating results that do not provide adequate cash flows for sustained periods of time. In such cases, production at the ethanol plants may be reduced or stopped altogether in order to minimize variable costs at individual plants.

We attempt to manage the risk related to the volatility of commodity prices by utilizing forward grain purchase and forward ethanol, distillers grains and corn oil sale contracts. We attempt to match quantities of these sale contracts with an appropriate quantity of grain purchase contracts over a given period of time when we can obtain an adequate gross margin resulting from the contracts we have executed. However, the market for future ethanol sales contracts is not a mature market. Consequently, we generally execute fixed price contracts for no more than four months into the future at any given time. As a result of the relatively short period of time our contracts cover, we generally cannot predict the future movements in the crush spread for more than four months; thus, we are unable to predict the likelihood or amounts of future income or loss from the operations of our ethanol facilities.

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Future Energy

During fiscal year 2013, we entered into a joint venture with Hytken HPGP LLC to file and defend patents for technology relating to heavy oil and oil sands production methods, and to commercially exploit the technology to generate license fees, royalty income and development opportunities. The patented technology is an enhanced method of heavy oil recovery involving zero emissions downhole steam generation. We own 60%, and Hytken HPGP owns 40% of the entity named Future Energy, LLC, an Ohio limited liability company. Future Energy is managed by a board of three managers, two appointed by us and one by Hytken HPGP. The owner of Hytken HPGP has been retained as a consultant.

We have agreed to fund direct patent expenses relating to patent applications and defense, annual annuity fees and maintenance on a country by country basis, with the right to terminate funding and transfer related patent rights to Hytken HPGP. We may also fund, through loans, all costs relating to new intellectual property, consultants, and future research and development, pilot field tests and equipment purchases for commercialization stage of the patents. We have paid approximately $1,222,000 cumulatively, including $174,000 in fiscal year 2014 for our ownership interest, patent and other expenses. Results of the formation and year to date operations of Future Energy, LLC were immaterial to the Consolidated Condensed Financial Statements.

Critical Accounting Policies and Estimates

During the three months ended April 30, 2014, we did not change any of our critical accounting policies as disclosed in our 2013 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on April 9, 2014. All other accounting policies used in preparing our interim fiscal year 2014 Consolidated Condensed Financial Statements are the same as those described in our Form 10-K.

Fiscal Year

All references in this report to a particular fiscal year are to REX’s fiscal year ended January 31. For example, “fiscal year 2014” means the period February 1, 2014 to January 31, 2015.

Results of Operations

For a detailed analysis of period to period changes, see the segment discussion that follows this section as this is how management views and monitors our business.

Comparison of Three Months Ended April 30, 2014 and 2013

Net sales and revenue in the quarter ended April 30, 2014 were approximately $155.9 million compared to approximately $178.4 million in the prior year’s first quarter, representing a decrease of approximately $22.5 million. Net sales and revenue do not include sales from real estate operations classified as discontinued operations. The decrease was primarily caused by lower sales in our alternative energy segment of approximately $22.5 million as prices for ethanol and dried distillers grains were lower during the current year related to the decline in corn prices. Net

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sales and revenue from our real estate segment were approximately $0.1 million in both of the first quarters of fiscal year 2014 and fiscal year 2013.

The following table reflects the approximate percent of net sales for each major product and service group for the following periods:

	Three Months Ended April 30,
Product Category	2014		2013
Ethanol	76	%	74	%
Dried distillers grains	20	%	17	%
Modified distillers grains	1	%	6	%
Other	3	%	3	%
Total	100	%	100	%

Gross profit for the first quarter of fiscal year 2014 was approximately $36.6 million (23.4% of net sales and revenue) which was approximately $27.6 million higher compared to approximately $9.0 million of gross profit (5.0% of net sales and revenue) for the first quarter of fiscal year 2013. Gross profit for the first quarter of fiscal year 2014 increased by approximately $27.6 million compared to the first quarter of fiscal year 2013 from our alternative energy segment as the crush spread was favorably impacted by lower corn costs during the current year. Gross loss for the first quarter of fiscal year 2014 was approximately $64,000 compared to approximately $34,000 for the first quarter of fiscal year 2013 from our real estate segment.

Selling, general and administrative expenses for the first quarter of fiscal year 2014 were approximately $6.2 million, an increase of approximately $2.5 million from approximately $3.7 million for the first quarter of fiscal year 2013. The increase was primarily caused by higher expenses in our alternative energy segment of approximately $2.4 million.

During the first quarters of fiscal years 2014 and 2013, we recognized income of approximately $8.3 million and $1.6 million, respectively, from our equity investments in Big River and Patriot. Big River has interests in four ethanol production plants and has an effective ownership of ethanol gallons shipped in the trailing twelve months ended April 30, 2014 of approximately 343 million gallons. Patriot has one ethanol production plant which shipped approximately 121 million gallons of ethanol in the trailing 12 months ended April 30, 2014. Due to the inherent volatility of the crush spread, we cannot predict the likelihood of future operating results from Big River and Patriot being similar to historical results.

Interest and other income was approximately $52,000 and approximately $42,000 for the first quarters of fiscal years 2014 and 2013, respectively. We expect interest and other income to remain consistent with fiscal year 2013 levels for the remainder of fiscal year 2014.

Interest expense was approximately $0.7 million for the first quarter of fiscal year 2014 compared to approximately $1.1 million for the first quarter of fiscal year 2013, a decrease of approximately $0.4 million. The decrease was primarily attributable to the alternative energy

27

segment as scheduled and accelerated principal repayments have reduced our debt levels. The accelerated principal repayments include payments made at our discretion and payments related to excess cash flows required by the loan agreements.

We recognized a loss of approximately $4,000 during the first quarter of fiscal year 2014 compared to a gain of approximately $4,000 during the first quarter of fiscal year 2013 related to a forward interest rate swap that One Earth entered into during fiscal year 2007. We expect gain or losses related to the interest rate swap to be insignificant for the remainder of fiscal year 2014 as the interest rate swap matures July 8, 2014.

As a result of the foregoing, income from continuing operations before income taxes was approximately $38.0 million for the first quarter of fiscal year 2014 versus approximately $5.8 million for the first quarter of fiscal year 2013.

Our effective tax rate was 36.5% and 35.4% for the first quarters of fiscal years 2014 and 2013, respectively. The fluctuations in the effective tax rate primarily relate to the presentation of noncontrolling interests in the income of consolidated subsidiaries. We do not provide an income tax provision or benefit for noncontrolling interests. The noncontrolling interests in the income of One Earth and NuGen was a higher proportion of consolidated pre-tax income in fiscal year 2013 compared to fiscal year 2014.

As a result of the foregoing, income from continuing operations was approximately $24.1 million for the first quarter of fiscal year 2014 versus approximately $3.8 million for the first quarter of fiscal year 2013.

During fiscal year 2009, we closed our remaining retail store and warehouse operations and reclassified all retail related results as discontinued operations. As a result, we had income from discontinued operations, net of tax, of approximately $55,000 in the first quarter of fiscal year 2014 compared to approximately $171,000 in the first quarter of fiscal year 2013. There was no gain on sale of discontinued operations during the first quarter of fiscal year 2014, compared to approximately $131,000 during the first quarter of fiscal year 2013.

Income related to noncontrolling interests was approximately $2.5 million and approximately $0.6 million during the first quarters of fiscal years 2014 and 2013, respectively, and represents the owners’ (other than us) share of the income of NuGen, One Earth and Future Energy.

As a result of the foregoing, net income attributable to REX common shareholders for the first quarter of fiscal year 2014 was approximately $21.7 million, an increase of approximately $18.2 million from approximately $3.5 million for the first quarter of fiscal year 2013.

Business Segment Results

We have two segments: alternative energy and real estate. The following sections discuss the results of operations for each of our business segments and corporate and other. As discussed in Note 16, our chief operating decision maker (as defined by ASC 280, “Segment Reporting”) evaluates the operating performance of our business segments using a measure we call segment

28

profit. Segment profit includes gains and losses on derivative financial instruments. Segment profit excludes income taxes, indirect interest expense, discontinued operations, indirect interest income and certain other items that are included in net income determined in accordance with GAAP. Management believes these are useful financial measures; however, they should not be construed as being more important than other comparable GAAP measures.

Items excluded from segment profit generally result from decisions made by corporate executives. Financing, divestiture and tax structure decisions are generally made by corporate executives. Excluding these items from our business segment performance measure enables us to evaluate business segment operating performance based upon current economic conditions.

The following table sets forth, for the periods indicated, sales and gross profit by segment (amounts in thousands):

	Three Months Ended April 30,
	2014			2013
Net sales and revenue:
Alternative energy	$	155,827		$	178,324
Real estate		109			100
Total net sales and revenues	$	155,936		$	178,424
Segment gross profit (loss):
Alternative energy	$	36,614		$	9,026
Real estate		(64	)		(34	)
Total gross profit	$	36,550		$	8,992
Segment profit (loss):
Alternative energy	$	38,876		$	6,626
Real estate		(91	)		(97	)
Corporate expense, net		(753	)		(692	)
Income from continuing operations before income taxes	$	38,032		$	5,837

Alternative Energy

The alternative energy segment includes the consolidated financial results of NuGen and One Earth, our equity method investments in ethanol facilities, the income related to those investments and certain administrative expenses. One Earth became fully operational during the third quarter of fiscal year 2009. Effective November 1, 2011, we obtained a controlling financial interest in NuGen. Thus, we began consolidating the results of NuGen prospectively as of the acquisition date. Prior to November 1, 2011, we used the equity method of accounting to account

29

for the results of NuGen. The following table summarizes sales by product group (amounts in thousands):

	Three Months Ended April 30,
	2014		2013
Ethanol	$	119,106	$	132,029
Dried distillers grains		31,029		31,084
Modified distillers grains		1,490		9,767
Other		4,202		5,444
Total	$	155,827	$	178,324

The following table summarizes certain operating data:

	Three Months Ended April 30,
	2014		2013
Average selling price per gallon of ethanol	$	2.14	$	2.33
Average selling price per ton of dried distillers grains	$	209.53	$	264.59
Average selling price per ton of modified distillers grains	$	91.38	$	131.65
Average cost per bushel of grain	$	4.36	$	7.44
Average cost of natural gas (per mmbtu)	$	9.33	$	4.29

Segment Results – First Quarter Fiscal Year 2014 Compared to First Quarter Fiscal Year 2013

Net sales and revenue decreased approximately $22.5 million from the first quarter of fiscal year 2013 to approximately $155.8 million in the first quarter of fiscal year 2014, primarily a result of lower selling prices for our products in fiscal year 2014 which related to the significant decline in corn prices in fiscal year 2014. Ethanol sales decreased from approximately $132.0 million in the first quarter of fiscal year 2013 to approximately $119.1 million in the first quarter of fiscal year 2014. The average selling price per gallon of ethanol decreased from $2.33 in the first quarter of fiscal year 2013 to $2.14 in the first quarter of fiscal year 2014. Our ethanol sales were based upon approximately 55.6 million gallons in the first quarter of fiscal year 2014 compared to approximately 56.7 million gallons in the first quarter of fiscal year 2013. Dried distillers grains sales of approximately $31.0 million in the first quarter of fiscal year 2014 were consistent with levels in the first quarter of fiscal year 2013. The average selling price per ton of dried distillers grains decreased from $264.59 in the first quarter of fiscal year 2013 to $209.53 in the first quarter of fiscal year 2014. Our dried distillers grains sales were based upon approximately 148,000 tons in the first quarter of fiscal year 2014 compared to approximately 117,000 tons in the first quarter of fiscal year 2013. Modified distillers grains sales decreased from approximately $9.8 million in the first quarter of fiscal year 2013 to approximately $1.5 million in the first quarter of fiscal year 2014. The average selling price per ton of modified distillers grains decreased from approximately

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$131.65 in the first quarter of fiscal year 2013 to approximately $91.38 in the first quarter of fiscal year 2014. Our modified distillers grains sales were based upon approximately 16,000 tons in the first quarter of fiscal year 2014 compared to approximately 74,000 tons in the first quarter of fiscal year 2013. Non-food grade corn oil sales decreased from approximately $4.5 million in the first quarter of fiscal year 2013 to approximately $3.9 million in the first quarter of fiscal year 2014. We expect that sales in future periods will be based upon the following (One Earth and NuGen only):

Product	Annual Sales Quantity
Ethanol	200 million to 230 million gallons
Dried distillers grains	585,000 to 635,000 tons
Modified distillers grains	70,000 to 90,000 tons
Non-food grade corn oil	40 million to 50 million pounds

This expectation assumes that One Earth and NuGen will continue to operate at or above nameplate capacity, which is dependent upon the crush spread realized. We may vary the amounts of dried and modified distillers grains production, and resulting sales, based upon market conditions.

Gross profit from these sales was approximately $36.6 million during the first quarter of fiscal year 2014 compared to approximately $9.0 million during the first quarter of fiscal year 2013. The crush spread for the first quarter of fiscal year 2014 was approximately $0.58 per gallon of ethanol sold compared to the first quarter of fiscal year 2013 which was approximately $(0.32) per gallon of ethanol sold. The improved crush spread was partially offset by a decrease of approximately 21% in the price of dried distillers grains and a decrease of approximately 31% in the price of modified distillers grains. Grain costs decreased approximately $60.8 million (41.2%) during the first quarter of fiscal year 2014 compared to the first quarter of fiscal year 2013. Grain costs accounted for approximately 72.8% ($86.8 million) of our cost of sales during the first quarter of fiscal year 2014 compared to approximately 87.2% ($147.7 million) during the first quarter of fiscal year 2013. Natural gas accounted for approximately 12.3% ($14.6 million) of our cost of sales during the first quarter of fiscal year 2014 compared to approximately 3.9% ($6.6 million) during the first quarter of fiscal year 2013. Given the inherent volatility in ethanol, distillers grains, non-food grade corn oil, grain and natural gas prices, we cannot predict the likelihood that the spread between ethanol, distillers grains, non-food grade corn oil and grain prices in future periods will be favorable or consistent compared to historical periods.

We attempt to match quantities of ethanol, distillers grains and non-food grade corn oil sale contracts with an appropriate quantity of grain purchase contracts over a given period of time when we can obtain an adequate margin resulting from the crush spread inherent in the contracts we have executed. However, the market for future ethanol sales contracts is not a mature market. Consequently, we generally execute fixed price contracts for no more than four months into the future at any given time. As a result of the relatively short period of time our contracts cover, we generally cannot predict the future movements in the crush spread. Approximately 4% of our forecasted ethanol, approximately 17% of our forecasted distillers grains and approximately 9% of our forecasted non-food grade corn oil production during the next 12 months have been sold under fixed-price contracts. The effect of a 10% adverse change in the price of ethanol, distillers grains

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and non-food grade corn oil from the current pricing would result in a decrease in annual revenues of approximately $65.2 million for the remaining forecasted sales. Similarly, approximately 4% of our estimated corn usage for the next 12 months was subject to fixed-price contracts. The effect of a 10% adverse change in the price of corn from the current pricing would result in an increase in annual cost of goods sold of approximately $40.0 million for the remaining forecasted grain purchases.

Selling, general and administrative expenses were approximately $5.4 million in the first quarter of fiscal year 2014, a $2.4 million increase from approximately $3.0 million in the first quarter of fiscal year 2013. The increase is primarily a result of increases in incentive compensation related to the higher segment profitability in fiscal year 2014. We expect selling, general and administrative expenses to remain consistent with fiscal year 2013 results in future periods, assuming overall corporate profitability remains relatively consistent.

Interest expense decreased approximately $0.4 million in the first quarter of fiscal year 2014 from the first quarter of fiscal year 2013 to approximately $0.7 million. This decrease was primarily a result of reduced debt levels from scheduled and accelerated principal repayments.

We recognized income from equity method investments of approximately $8.3 million in the first quarter of fiscal year 2014 compared to approximately $1.6 million in the first quarter of fiscal year 2013. We recognized approximately $5.1 million of income from Big River in the first quarter of fiscal year 2014 compared to approximately $0.6 million in the first quarter of fiscal year 2013. We recognized approximately $3.2 million of income from Patriot in the first quarter of fiscal year 2014 compared to approximately $1.0 million in the first quarter of fiscal year 2013. In general, Big River and Patriot benefitted from improved crush spreads in fiscal year 2014 compared to fiscal year 2013. Given the inherent volatility in the factors that affect the crush spread, we cannot predict the likelihood that the trend with respect to income from equity method investments will be comparable in future periods.

Losses on derivative financial instruments held by One Earth were approximately $4,000 in the first quarter of fiscal year 2014 compared to gains of approximately $4,000 in the first quarter of fiscal year 2013. We expect that any future gains or losses on these derivative financial instruments will be insignificant.

As a result of the factors discussed above, segment profit increased to approximately $38.9 million in the first quarter of fiscal year 2014 compared to approximately $6.6 million in the first quarter of fiscal year 2013.

Real Estate

The real estate segment includes all owned real estate including those previously used as retail store operations, our real estate leasing activities and certain administrative expenses. It excludes results from discontinued operations.

At April 30, 2014, we have lease agreements, as landlord, for four owned former retail stores (51,000 square feet leased). We have seven owned former retail stores (86,000 square feet) that are vacant at April 30, 2014. We are marketing these vacant properties for lease or sale.

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Segment Results – First Quarter Fiscal Year 2014 Compared to First Quarter Fiscal Year 2013

Net sales and revenue of $109,000 were consistent with the prior year amount of $100,000. We expect lease revenue to remain consistent with fiscal year 2013 amounts in future periods.

Gross loss in the first quarter of fiscal year 2014 was $64,000 consistent with the prior year amount of $34,000. We expect gross profit or loss for the remainder of fiscal year 2014 to be consistent with fiscal year 2013 amounts.

As a result of the factors discussed above, segment loss was $91,000 in the first quarter of fiscal year 2014 consistent with the segment loss in the first quarter of fiscal year 2013.

Corporate and Other

Corporate and other includes certain administrative expenses of the corporate headquarters, the results of Future Energy operations and interest income not directly allocated to the alternative energy or real estate segments.

Corporate and Other Results –First Quarter Fiscal Year 2014 Compared to First Quarter Fiscal Year 2013

Selling, general and administrative expenses were approximately $0.8 million in the first quarter of fiscal year 2014 consistent with the first quarter of fiscal year 2013. We expect selling, general and administrative expenses for the remainder of fiscal year 2014 to be consistent with the current year levels.

Liquidity and Capital Resources

Net cash provided by operating activities was approximately $26.8 million for the first quarter of fiscal year 2014, compared to approximately $8.8 million for the first quarter of fiscal year 2013. For the first quarter of fiscal year 2014, cash was provided by net income of approximately $24.2 million, adjusted for non-cash items of approximately $1.2 million, which consisted of depreciation, impairment charges and amortization, income from equity method investments, loss on disposal of real estate and property and equipment and the deferred income tax provision. Dividends received from our equity method investees were approximately $5.0 million in the first quarter of fiscal year 2014. Settlements on an interest rate swap used cash of approximately $0.4 million. An increase in the balance of accounts receivable used cash of approximately $0.4 million, which was primarily a result of the timing of customer shipments and payments. An increase in the balance of other assets used cash of approximately $1.0 million, primarily a result of income tax payments made during the first quarter of fiscal year 2014, related to the increased profitability during that period. An increase in accounts payable provided cash of approximately $0.6 million, which is primarily a result of the timing of vendor shipments of inventory and vendor payments. A decrease in other liabilities used cash of approximately $2.3

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million, primarily a result of lower accruals for utilities, reflecting the high cost of natural gas earlier in 2014 and from the payment of accrued incentive compensation during the first quarter of fiscal year 2014.

Net cash provided by operating activities was approximately $8.8 million for the first quarter of fiscal year 2013. For the first quarter of fiscal year 2013, cash was provided by net income of approximately $4.1 million, adjusted for non-cash items of approximately $4.5 million, which consisted of depreciation and amortization, income from equity method investments, deferred income and the deferred income tax provision. Dividends received from our equity method investees were approximately $0.2 million in the first quarter of fiscal year 2013. Accounts receivable used cash of approximately $6.4 million, primarily a result of the timing of customer shipments and payments. An increase in accounts payable provided cash of approximately $2.3 million, which is primarily a result of the timing of vendor shipments of inventory and vendor payments. A decrease in inventory provided cash of approximately $3.7 million, which is primarily a result of normal fluctuations in inventory levels at One Earth.

At April 30, 2014, working capital was approximately $137.5 million compared to approximately $116.7 million at January 31, 2014. The increase is primarily a result of cash provided by operating activities exceeding our cash used by financing activities (debt service). The ratio of current assets to current liabilities was 5.4 to 1 at April 30, 2014 and 4.6 to 1 at January 31, 2014.

Cash of approximately $17,000 was used in investing activities for the first quarter of fiscal year 2014, compared to cash provided of approximately $109,000 during the first quarter of fiscal year 2013. During the first quarter of fiscal year 2014, we had capital expenditures of approximately $0.5 million, primarily related to improvements at the NuGen ethanol plant. We expect to spend between $6.0 million and $12.0 million during the remainder of fiscal year 2014 on various capital projects. During the first quarter of fiscal year 2014, we reduced our restricted cash balance which provided cash of approximately $0.5 million.

Cash of approximately $0.1 million was provided by investing activities for the first quarter of fiscal year 2013. We received approximately $0.1 million as proceeds from the sale of one real estate property during the first quarter of fiscal year 2013.

Cash used in financing activities totaled approximately $6.3 million for the first quarter of fiscal year 2014 compared to approximately $4.2 million for the first quarter of fiscal year 2013. Cash was used by debt payments of approximately $7.5 million, primarily on One Earth’s and NuGen’s term loans. Stock option activity generated cash of approximately $0.9 million.

Cash used in financing activities totaled approximately $4.2 million for the first quarter of fiscal year 2013. Cash was used by debt payments of approximately $4.2 million, primarily on One Earth’s and NuGen’s term loans. We used cash of approximately $0.6 million to purchase approximately 31,000 shares of our common stock in open market transactions. Stock option activity generated cash of approximately $0.6 million.

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In September 2007, One Earth entered into a $111,000,000 financing agreement consisting of a construction loan agreement for $100,000,000 together with a $10,000,000 revolving loan and a $1,000,000 letter of credit with First National Bank of Omaha. The construction loan was converted into a term loan on July 31, 2009. On September 3, 2013, One Earth entered into an amendment of its loan agreement with the Bank. This amendment included a refinance amount of approximately $44,101,000 (the remaining balance of the original loan) which bears interest at LIBOR plus 300 basis points (3.2% at April 30, 2014). Quarterly principal payments of approximately $2.0 million are due beginning January 8, 2014 and ending October 8, 2018. Principal payments equal to 20% of annual excess cash flows are also due. Such payments cannot exceed $6 million in a year or $18 million in the aggregate. This amendment did not change requirements regarding financial covenants.

This debt is recourse only to One Earth and not to REX American Resources Corporation or any of its other subsidiaries. Borrowings are secured by all assets of One Earth. As of April 30, 2014, approximately $35.0 million was outstanding on the term loan. One Earth is also subject to certain financial covenants under the loan agreement. The specific covenant requirements, descriptions and calculated ratios and amounts at April 30, 2014 are as follows:

·	Maintain working capital of at least $10 million.
	Working capital is defined as total current assets (less investments in or other amounts due from any member, manager, employee or any other person or entity related to or affiliated with One Earth) less total current liabilities. At April 30, 2014, working capital was approximately $36.3 million.

· Capital expenditures are limited to $3.0 million annually.

For the three months ended April 30, 2014, capital expenditures were approximately $51,000.

One Earth was in compliance with all covenants, as applicable, at April 30, 2014. On March 13, 2013, One Earth entered into an amendment of its loan agreement with the First National Bank of Omaha. This amendment included:

1)	a permanent waiver, by the lender, of the requirement to maintain the fixed charge coverage ratio at December 31, 2012 and
2)	a modification of the covenant regarding maintenance of the fixed charge coverage ratio to a requirement that One Earth maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 to be met annually beginning December 31, 2013.

The fixed charge coverage ratio is computed by dividing adjusted EBITDA (EBITDA less taxes, capital expenditures and distributions paid to members) by scheduled principal and interest payments.

Based on our forecasts, which are primarily based on estimates of plant production, prices of ethanol, corn, distillers grains, non-food grade corn oil and natural gas as well as other assumptions management believes to be reasonable, management believes that One Earth will be able to

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maintain compliance with the covenants pursuant to its loan agreement with the First National Bank of Omaha for the next 12 months. Management also believes that cash flow from operating activities together with working capital will be sufficient to meet One Earth’s liquidity needs. However, if a material adverse change in the financial position of One Earth should occur, or if actual sales or expenses are substantially different than what has been forecasted, One Earth’s liquidity, and ability to fund future operating and capital requirements and compliance with debt covenants, could be negatively impacted.

In November 2011, NuGen entered into a $65,000,000 financing agreement consisting of a term loan agreement for $55,000,000 and a $10,000,000 revolving loan with First National Bank of Omaha. The term loan bears interest at a variable interest rate of LIBOR plus 325 basis points, subject to a 4% floor (4% at April 30, 2014). Beginning with the first quarterly payment on February 1, 2012, payments are due in 19 quarterly payments of principal plus accrued interest with the principal portion calculated based on a 120 month amortization schedule. One final installment will be required on the maturity date (October 31, 2016) for the remaining unpaid principal balance with accrued interest. Principal payments equal to 40% of annual excess cash flows are also due. Such payments cannot exceed $5 million in a year.

This debt is recourse only to NuGen and not to REX American Resources Corporation or any of its other subsidiaries. Borrowings are secured by all assets of NuGen. As of April 30, 2014, approximately $33.3 million was outstanding on the term loan. NuGen is also subject to certain financial covenants under the loan agreement. The specific covenant requirements, descriptions and calculated ratios and amounts at April 30, 2014 are as follows:

· Maintain working capital of at least $10.0 million.

Working capital is defined as total current assets (less investments in or other amounts due from any member, manager, employee or any other person or entity related to or affiliated with NuGen) less total current liabilities. At April 30, 2014, working capital was approximately $50.6 million.

· Capital expenditures are limited to $8.5 million in fiscal year 2014 and $2.5 million annually thereafter.

For the three months ended April 30, 2014, capital expenditures were approximately $0.3 million.

NuGen was in compliance with all covenants, as applicable, at April 30, 2014. On March 13, 2013, NuGen entered into an amendment of its loan agreement with the First National Bank of Omaha. This amendment included:

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1) a permanent waiver, by the lender, of the requirement to maintain the fixed charge coverage ratio at January 31, 2013 and

2) a modification of the covenant regarding maintenance of the fixed charge coverage ratio to a requirement that NuGen maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 to be met annually beginning January 31, 2014 and

3) a modification of the covenant regarding maintenance of working capital levels to a requirement that NuGen maintain minimum working capital of not less than $7.5 million measured at its quarters ending April 30, 2013, July 31, 2013 and October 31, 2013. As of January 31, 2014 and thereafter, NuGen shall maintain minimum working capital of not less than $10.0 million.

Based on our forecasts, which are primarily based on estimates of plant production, prices of ethanol, corn, distillers grains, non-food grade corn oil and natural gas as well as other assumptions management believes to be reasonable, management believes that NuGen will be able to maintain compliance with the covenants pursuant to its loan agreement with the First National Bank of Omaha for the next 12 months. Management also believes that cash flow from operating activities together with working capital will be sufficient to meet NuGen’s liquidity needs. However, if a material adverse change in the financial position of NuGen should occur, or if actual sales or expenses are substantially different than what has been forecasted, NuGen’s liquidity, and ability to fund future operating and capital requirements and compliance with debt covenants, could be negatively impacted.

We believe we have sufficient working capital and credit availability to fund our commitments and to maintain our operations at their current levels for the next twelve months and foreseeable future.

Forward-Looking Statements

This Form 10-Q contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, gasoline, natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, the effects of terrorism or acts of war and changes in real estate market conditions. The Company does not intend to update publicly any forward-looking statements except as required by law. Other factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014 (File No. 001-09097).

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to the impact of market fluctuations associated with interest rates and commodity prices as discussed below.

Interest Rate Risk

We are exposed to market risk from changes in interest rates. Interest rate risk related to interest income is immaterial. Exposure to interest rate risk results primarily from holding term and revolving loans that bear variable interest rates. Specifically, we have approximately $68.3 million outstanding in debt as of April 30, 2014, that is variable-rate. Of this amount, approximately $32.3 million is fixed by an interest rate swap, which matures on July 8, 2014. Interest rates on our variable-rate debt are determined based upon the market interest rate of LIBOR plus 300 basis points. A 10% adverse change (for example from 3.0% to 3.3%) in market interest rates would increase our interest cost on such debt by approximately $266,000 over the term of the debt. However, this change would be greater should LIBOR rates exceed 0.75%, as the floor interest rate of NuGen’s debt is the greater of 4% or LIBOR plus 325 basis points.

Commodity Price Risk

We manage a portion of our risk with respect to the volatility of commodity prices inherent in the ethanol industry by using forward purchase and sale contracts. At April 30, 2014, One Earth and NuGen combined have purchase commitments for approximately 10.4 million bushels of corn, the principal raw material for their ethanol plants. One Earth and NuGen expect to take delivery of the corn through July 2014. At April 30, 2014, One Earth and NuGen have combined sales commitments for approximately 36.6 million gallons of ethanol, approximately 121,000 tons of distillers grains and approximately 4.2 million pounds of non-food grade corn oil. One Earth and NuGen expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2014. Approximately 4% of our forecasted ethanol sales during the next 12 months have been sold under fixed-price contracts. As a result, the effect of a 10% adverse move in the price of ethanol from the current pricing would result in a decrease in annual revenues of approximately $51.6 million for the remaining forecasted ethanol sales. Approximately 17% of our forecasted distillers grains sales during the next 12 months have been sold under fixed-price contracts. As a result, the effect of a 10% adverse move in the price of distillers grains from the current pricing would result in a decrease in annual revenues of approximately $11.9 million for the remaining forecasted distillers grains sales. Approximately 9% of our forecasted non-food grade corn oil sales during the next 12 months have been sold under fixed-price contracts. As a result, the effect of a 10% adverse move in the price of non-food grade corn oil from the current pricing would result in a decrease in annual revenues of approximately $1.6 million for the remaining forecasted non-food grade corn oil sales. Similarly, approximately 4% of our estimated corn usage for the next 12 months was subject to fixed-price contracts. As a result, the effect of a 10% adverse move in the price of corn from the current pricing would result in an increase in annual cost of goods sold of approximately $40.0 million for the remaining forecasted corn usage.

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Item 4. Controls and Procedures

Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures, as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not party to any legal proceedings that we believe would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.

Item 1A. Risk Factors

During the quarter ended April 30, 2014, there have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended January 31, 2014.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Dividend Policy

REX did not pay dividends in the current or prior years. We currently have no restrictions on the payment of dividends. Our consolidated and unconsolidated ethanol subsidiaries have certain restrictions on their ability to pay dividends to us. During the first three months of fiscal year 2014, neither One Earth nor NuGen paid dividends.

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

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Item 6. Exhibits.

The following exhibits are filed with this report:

31	Rule 13a-14(a)/15d-14(a) Certifications
32	Section 1350 Certifications
101	The following information from REX American Resources Corporation Quarterly Report on Form 10-Q for the quarter ended April 30, 2014, formatted in XBRL: (i) Consolidated Condensed Balance Sheets, (ii) Consolidated Condensed Statements of Operations, (iii) Consolidated Condensed Statements of Equity, (iv) Consolidated Condensed Statements of Cash Flows and (v) Notes to Consolidated Condensed Financial Statements.

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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.

REX American Resources Corporation

Registrant

Signature	Title	Date
/s/ Stuart A. Rose	Chairman of the Board
(Stuart A. Rose)	(Chief Executive Officer)	June 6, 2014
/s/ Douglas L. Bruggeman	Vice President, Finance and Treasurer
(Douglas L. Bruggeman)	(Chief Financial Officer)	June 6, 2014

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EX-31

Exhibit 31

CERTIFICATIONS

I, Stuart A. Rose, certify that:

1. I have reviewed this quarterly report on Form 10-Q of REX American Resources Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 6, 2014

/s/ Stuart A. Rose

Stuart A. Rose

Chairman of the Board and

Chief Executive Officer

CERTIFICATIONS

I, Douglas L. Bruggeman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of REX American Resources Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 6, 2014

/s/ Douglas L. Bruggeman

Douglas L. Bruggeman

Vice President, Finance, Treasurer and

Chief Financial Officer

EX-32

Exhibit 32

REX American Resources Corporation

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED BY SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officers of REX American Resources Corporation (the “Company”) hereby certify, to their knowledge, that the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2014 which this certificate accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained therein fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ Stuart A. Rose

Stuart A. Rose

Chairman of the Board and

Chief Executive Officer

/s/ Douglas L. Bruggeman

Douglas L. Bruggeman

Vice President, Finance, Treasurer and

Chief Financial Officer

Date:  June 6, 2014

XML

Accounting Policies (Details) - Schedule of components of inventory (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Schedule of components of inventory [Abstract]
Ethanol and other finished goods	$ 2,385	$ 3,517
Work in process	3,115	3,017
Grain and other raw materials	13,693	12,836
Total	$ 19,193	$ 19,370

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Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Details) - Schedule of Earnings Per Share, Basic and Diluted (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Schedule of Earnings Per Share, Basic and Diluted [Abstract]
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars)	$ 21,687	$ 3,205
Basic income per share from continuing operations attributable to REX common shareholders	8,117	8,158
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 2.67	$ 0.39
Effect of stock options	32	42
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars)	$ 21,687	$ 3,205
Diluted income per share from continuing operations attributable to REX common shareholders	8,149	8,200
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 2.66	$ 0.39

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Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Schedule of accrued expenses and other current liabilities [Abstract]
Accrued utility charges	$ 2,242	$ 3,745
Accrued payroll and related items	2,975	3,122
Accrued real estate taxes	2,593	2,471
Other	2,003	2,809
Total	$ 9,813	$ 12,147

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Investments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014 Patriot And Big River [Member]	Jan. 31, 2014 Patriot And Big River [Member]
Investments (Details) [Line Items]
Retained Earnings, Undistributed Earnings from Equity Method Investees	$ 35.9	$ 32.6
Proceeds from Equity Method Investment, Dividends or Distributions	5.0	0.2
Proportionate Share of Restricted Net Assets			$ 366.5	$ 366.2

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Property and Equipment (Details) - Schedule of Property Plant and Equipment (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Schedule of Property Plant and Equipment [Abstract]
Land and improvements	$ 21,606	$ 21,543
Buildings and improvements	28,733	28,297
Machinery, equipment and fixtures	223,752	223,544
Construction in progress	197	693
	274,288	274,077
Less: accumulated depreciation	(75,870)	(71,819)
	$ 198,418	$ 202,258

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Investments (Tables)

3 Months Ended

Apr. 30, 2014

Investments And Deposits [Abstract]

Equity Method Investments [Table Text Block]

The following table summarizes equity method investments at April 30, 2014 and January 31, 2014 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2014		Carrying Amount January 31, 2014
Big River		10	%	$	40,090	$	40,042
Patriot		27	%		34,349		31,147
Total Equity Method Investments				$	74,439	$	71,189

Schedule Of Income Loss Recognized From Equity Method Investments [Table Text Block]

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2014		2013
Big River	$	5,059	$	644
Patriot		3,238		955
Total	$	8,297	$	1,599

Schedule of Financial Information for Equity Method Investments [Table Text Block]

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three months ended April 30, 2014 and 2013 (amounts in thousands):

	Three Months Ended April 30, 2014
		Patriot		Big River
Net sales and revenue	$	80,409	$	280,423
Gross profit		13,785		83,833
Income from continuing operations		12,195		52,121
Net income		12,195		52,121

	Three Months Ended April 30, 2013
	Patriot		Big River
Net sales and revenue	$	94,093	$	294,628
Gross profit	$	5,142	$	15,619
Income from continuing operations	$	3,599	$	6,632
Net income	$	3,599	$	6,632

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Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment [Line Items]
Income Loss From Equity Method Investments	$ 8,297	$ 1,599
Big River [Member]
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment [Line Items]
Income Loss From Equity Method Investments	5,059	644
Patriot [Member]
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investment [Line Items]
Income Loss From Equity Method Investments	$ 3,238	$ 955

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Leases (Tables)

3 Months Ended

Apr. 30, 2014

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

At April 30, 2014, the Company has lease agreements, as landlord, for four owned former retail stores. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands):

Years Ended January 31,	Minimum Rentals
Remainder of 2015	$	246
2016		328
2017		285
2018		74
Total	$	933

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Financial Instruments (Details) (USD $)	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Disclosure Text Block Supplement [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ (4,000)	$ 4,000

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Fair Value (Details) (USD $) In Millions, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Fair Value Disclosures [Abstract]
Debt Instrument, Fair Value Disclosure	$ 67.3	$ 75.1

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Consolidated Condensed Financial Statements (Details)	3 Months Ended
	Apr. 30, 2014
Disclosure Text Block [Abstract]
Number of Reportable Segments	2

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Stock Option Plans (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 3.6	$ 0.3
Deferred Tax Expense from Stock Options Exercised	$ 0.6	$ 0.1

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Discontinued Operations (Details) - Schedule of Disposal Groups Including Discontinued Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Schedule of Disposal Groups Including Discontinued Operations [Abstract]
Net sales and revenue		$ 581
Cost of sales	(91)	227
Income before income taxes	91	280
Provision for income taxes	(36)	(109)
Income from discontinued operations, net of tax	55	171
Gain on disposal		215
Provision for income taxes		(84)
Gain on disposal of discontinued operations, net of tax		$ 131

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Other Assets (Details) - Schedule of Other Assets (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Schedule of Other Assets [Abstract]
Deferred financing costs, net	$ 351	$ 402
Deposits	964	1,014
Real estate taxes refundable	3,644	3,644
Other	365	328
Total	$ 5,324	$ 5,388

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Fair Value

3 Months Ended

Apr. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 4. Fair Value

The Company applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”) which provides a framework for measuring fair value under GAAP. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820. ASC 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries cash equivalents, investment in cooperative, certain restricted investments and derivative liabilities at fair value.

Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs shall be developed based on the best information available, which may include the Company’s own data.

The fair values of interest rate swaps are determined by using quantitative models that discount future cash flows using the LIBOR forward interest rate curve. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate.

The fair values of property and equipment, as applicable, are determined by using various models that discount future expected cash flows. Estimation risk is greater for vacant properties as the probability of expected cash flows from the use of vacant properties is difficult to predict.

To ensure the prudent application of estimates and management judgment in determining the fair values of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; periodic review and substantiation of profit and loss reporting for all derivative instruments and property and equipment items.

Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Money market mutual fund (1)	$	120		—		—		120
Investment in cooperative (1)		—		—		299		299
Total assets	$	120	$	—	$	299	$	419
Interest rate swap derivative liability	$	—	$	747	$	—	$	747

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	2	$	—	$	—	$	2
Money market mutual fund (1)		120		—		—		120
Investment in cooperative (1)		—		—		289		289
Total assets	$	122	$	—	$	289	$	411
Interest rate swap derivative liability	$	—	$	1,141	$	—	$	1,141

(1) The money market mutual fund and the investment in cooperative are included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.

The following table provides a reconciliation of the activity related to assets (investment in cooperative) measured at fair value on a recurring basis using Level 3 inputs (amounts in thousands):

Balance, January 31, 2014	$	289
Current period activity		10
Balance, April 30, 2014	$	299
Balance, January 31, 2013	$	252
Current period activity		—
Balance, April 30, 2013	$	252

The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment.

Assets measured at fair value on a non-recurring basis as of April 30, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Total Losses (1)
Property and equipment, net	$	—	$	—	$	450	$	68

Assets measured at fair value on a non-recurring basis as of January 31, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Total Losses (1)
Property and equipment, net	$	—	$	—	$	521	$	55

(1) Total losses include impairment charges and loss on disposal.

The fair value of the Company’s debt is approximately $67.3 million and $75.1 million at April 30, 2014 and January 31, 2014, respectively. The fair value was estimated with Level 2 inputs using a discounted cash flow analysis and the Company’s estimate of market rates of interest for similar loan agreements with companies that have a similar credit risk.

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Commitments and Contingencies (Details) (One Earth Energy And Nu Gen Energy [Member])	3 Months Ended
	Apr. 30, 2014 lb bu gal T
One Earth Energy And Nu Gen Energy [Member]
Commitments and Contingencies (Details) [Line Items]
Quantity of Bushels under Forward Purchase Contract	10,400,000
Quantity of Ethanol under Sales Commitment	36,600,000
Quantity of Distillers Grains Under Sales Commitment	121,000
Quantity of Non-food Grade Corn Oil Under Sales Commitments	4,200,000
Supply Commitment Expected Period Of Delivery	through July 2014

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Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014		Jan. 31, 2014
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money Market Mutual Fund	$ 120	[1]	$ 120	[1]
Investment in Cooperative	299	[1]	289	[1]
Total Assets	419		411
Interest Rate Swap Derivative Liabilities	747		1,141
Cash equivalents			2
Fair Value, Inputs, Level 1 [Member]
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money Market Mutual Fund	120	[1]	120	[1]
Total Assets	120		122
Cash equivalents			2
Fair Value, Inputs, Level 2 [Member]
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Interest Rate Swap Derivative Liabilities	747		1,141
Fair Value, Inputs, Level 3 [Member]
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investment in Cooperative	299	[1]	289	[1]
Total Assets	$ 299		$ 289

[1] The money market mutual fund and the investment in cooperative are included in "Other assets" on the accompanying Consolidated Condensed Balance Sheets.

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Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 30, 2014

Disclosure Text Block Supplement [Abstract]

Other Current Liabilities [Table Text Block]

The components of accrued expenses and other current liabilities at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Accrued utility charges	$	2,242	$	3,745
Accrued payroll and related items		2,975		3,122
Accrued real estate taxes		2,593		2,471
Other		2,003		2,809
Total	$	9,813	$	12,147

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Other Assets (Tables)

3 Months Ended

Apr. 30, 2014

Disclosure Text Block Supplement [Abstract]

Schedule of Other Assets [Table Text Block]

The components of other assets at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Deferred financing costs, net	$	351	$	402
Deposits		964		1,014
Real estate taxes refundable		3,644		3,644
Other		365		328
Total	$	5,324	$	5,388

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Investments (Details) - Schedule of Equity Method Investments (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total Equity Method Investments, Carrying Amount	$ 74,439	$ 71,189
Big River [Member]
Schedule of Equity Method Investments [Line Items]
Total Equity Method Investments, Ownership Percentage	10.00%
Total Equity Method Investments, Carrying Amount	40,090	40,042
Patriot [Member]
Schedule of Equity Method Investments [Line Items]
Total Equity Method Investments, Ownership Percentage	27.00%
Total Equity Method Investments, Carrying Amount	$ 34,349	$ 31,147

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Fair Value (Details) - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Jan. 31, 2014	Apr. 30, 2013	Jan. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Balance	$ 299	$ 289	$ 252	$ 252
Fair value adjustment	$ 10

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Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2014

Disclosure Text Block Supplement [Abstract]

Schedule of Notional Amounts and Fair Values of Derivatives Not Designated As Cash Flow Hedges [Table Text Block]

The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at April 30, 2014, are summarized in the table below (amounts in thousands):

	Notional Amount		Fair Value Liability
Interest rate swap	$	32,300	$	747

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Stock Option Plans (Tables)

3 Months Ended

Apr. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price [Table Text Block]

The following table summarizes options granted, exercised and canceled or expired during the three months ended April 30, 2014:

				Weighted		Weighted Average	Aggregate
				Average		Remaining	Intrinsic
				Exercise		Contractual Term	Value
	Shares			Price		(in years)	(in thousands)
Outstanding at January 31, 2014		83,330		$	12.37
Exercised		(75,120	)	$	12.39
Outstanding and exercisable at April 30, 2014		8,210		$	12.18	0.1	$	437

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Leases

3 Months Ended

Apr. 30, 2014

Leases [Abstract]

Leases of Lessor Disclosure [Text Block]

Note 3. Leases

At April 30, 2014, the Company has lease agreements, as landlord, for four owned former retail stores. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands):

Years Ended January 31,	Minimum Rentals
Remainder of 2015	$	246
2016		328
2017		285
2018		74
Total	$	933

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Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Tables)

3 Months Ended

Apr. 30, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts):

	Three Months Ended April 30, 2014						Three Months Ended April 30, 2013
	Income		Shares		Per Share		Income		Shares		Per Share
Basic income per share from continuing operations attributable to REX common shareholders	$	21,687		8,117	$	2.67	$	3,205		8,158	$	0.39
Effect of stock options		—		32				—		42
Diluted income per share from continuing operations attributable to REX common shareholders	$	21,687		8,149	$	2.66	$	3,205		8,200	$	0.39

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Leases (Details)	Apr. 30, 2014
Leases [Abstract]
Number of Owned Properties Subject to Operating Lease	4

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Stock Option Plans (Details) - Schedule of Share-based Compensation, Stock Options, Activity (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Jan. 31, 2014
Schedule of Share-based Compensation, Stock Options, Activity [Abstract]
Outstanding at January 31, 2014		83,330
Outstanding at January 31, 2014		$ 12.37
Exercised	(75,120)
Exercised	$ 12.39
Outstanding and exercisable at April 30, 2014	8,210
Outstanding and exercisable at April 30, 2014	$ 12.18
Outstanding and exercisable at April 30, 2014	36 days
Outstanding and exercisable at April 30, 2014	$ 437

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Current assets:
Cash and cash equivalents	$ 125,649	$ 105,149
Restricted cash		500
Accounts receivable, net	16,892	16,486
Inventory	19,193	19,370
Refundable income taxes	1,810	268
Prepaid expenses and other	5,001	4,891
Deferred taxes, net		2,146
Total current assets	168,545	148,810
Property and equipment, net	198,418	202,258
Other assets	5,324	5,388
Equity method investments	74,439	71,189
Restricted investments and deposits	223	223
Total assets	446,949	427,868
Current liabilities:
Current portion of long-term debt	10,125	12,226
Accounts payable, trade	6,956	6,626
Deferred taxes	3,382
Derivative financial instruments	747	1,141
Accrued expenses and other current liabilities	9,813	12,147
Total current liabilities	31,023	32,140
Long-term liabilities:
Long-term debt	58,125	63,500
Deferred taxes	19,613	19,613
Other long-term liabilities	1,876	1,862
Total long-term liabilities	79,614	84,975
REX shareholders’ equity:
Common stock	299	299
Paid-in capital	144,643	144,051
Retained earnings	378,843	357,101
Treasury stock	(221,403)	(222,170)
Total REX shareholders’ equity	302,382	279,281
Noncontrolling interests	33,930	31,472
Total equity	336,312	310,753
Total liabilities and equity	$ 446,949	$ 427,868

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Fair Value (Details) - Assets measured at fair value on a non-recurring basis (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014		Jan. 31, 2014
Fair Value (Details) - Assets measured at fair value on a non-recurring basis [Line Items]
Property and equipment, net	$ 68	[1]	$ 55	[1]
Fair Value, Inputs, Level 3 [Member]
Fair Value (Details) - Assets measured at fair value on a non-recurring basis [Line Items]
Property and equipment, net	$ 450		$ 521

[1] Total losses include impairment charges and loss on disposal.

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Consolidated Condensed Financial Statements

3 Months Ended

Apr. 30, 2014

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Consolidated Condensed Financial Statements

The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2014 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2014 (fiscal year 2013). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2014. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.

Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of REX American Resources Corporation and its wholly and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month.

Nature of Operations – The Company operates in two reportable segments, alternative energy and real estate.

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Income Taxes (Details)	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent	36.50%	35.40%

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Discontinued Operations (Tables)

3 Months Ended

Apr. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands):

	Three Months Ended
	April 30,
		2014			2013
Net sales and revenue	$	—		$	581
Cost of sales		(91	)		227
Income before income taxes		91			280
Provision for income taxes		(36	)		(109	)
Income from discontinued operations, net of tax	$	55		$	171
Gain on disposal	$	—		$	215
Provision for income taxes		—			(84	)
Gain on disposal of discontinued operations, net of tax	$	—		$	131

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Segment Reporting (Details) - Schedule of Segment Reporting Information Assets (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items]
Assets	$ 446,949	$ 427,868
Alternative Energy Segment [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items]
Assets	384,034	356,589
Real Estate Segment [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items]
Assets	4,635	4,722
Corporate and Other Segment [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items]
Assets	$ 58,280	$ 66,557

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Related-Party Transactions

3 Months Ended

Apr. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 17. Related-Party Transactions

During the first quarters of fiscal year 2014 and 2013, One Earth purchased approximately $44.8 million and $71.7 million of corn, respectively, from the Alliance Grain Elevator, an equity investor in One Earth.

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Segment Reporting (Tables)

3 Months Ended

Apr. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information Profit Loss And Revenue Percentage [Table Text Block]

The following table summarizes segment and other results and assets (amounts in thousands):

	Three Months Ended April 30,
	2014			2013
Net sales and revenue:
Alternative energy	$	155,827		$	178,324
Real estate		109			100
Total net sales and revenues	$	155,936		$	178,424
Segment gross profit (loss):
Alternative energy	$	36,614		$	9,026
Real estate		(64	)		(34	)
Total gross profit	$	36,550		$	8,992

	Three Months Ended April 30,
	2014			2013
Segment profit (loss):
Alternative energy	$	38,876		$	6,626
Real estate		(91	)		(97	)
Corporate expense, net		(753	)		(692	)
Income from continuing operations before income taxes and noncontrolling interests	$	38,032		$	5,837

	Three Months Ended April 30,
	2014			2013
Sales of products alternative energy segment:
Ethanol		76	%		74	%
Dried distillers grains		20	%		17	%
Modified distillers grains		1	%		6	%
Other		3	%		3	%
Total		100	%		100	%
Sales of services real estate segment:
Lease revenue		100	%		100	%

Schedule of Segment Reporting Information Assets [Table Text Block]

		April 30, 2014		January 31, 2014
Assets:
Alternative energy	$	384,034	$	356,589
Real estate		4,635		4,722
Corporate and other		58,280		66,557
Total assets	$	446,949	$	427,868

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Accounting Policies (Tables)

3 Months Ended

Apr. 30, 2014

Accounting Policies [Abstract]

Schedule of Inventory, Current [Table Text Block]

The components of inventory at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Ethanol and other finished goods	$	2,385	$	3,517
Work in process		3,115		3,017
Grain and other raw materials		13,693		12,836
Total	$	19,193	$	19,370

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Accounting Policies

3 Months Ended

Apr. 30, 2014

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 2. Accounting Policies

The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2013 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates.

Revenue Recognition

The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, upon shipment from its plant. Shipping and handling charges billed to customers are included in net sales and revenue.

The Company includes income from real estate leasing activities in net sales and revenue. The Company accounts for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term of the lease.

Prior to its exit of the retail business, the Company sold extended service policies covering periods beyond the normal manufacturers’ warranty periods, usually with terms of coverage (including manufacturers’ warranty periods) of between 12 to 60 months. Contract revenues and sales commissions were deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers’ warranty periods. The Company retained the obligation to perform warranty service and such costs were charged to operations as incurred. All related revenue and expense is classified as discontinued operations. All of the extended service policy contracts have expired as of January 31, 2014.

Cost of Sales

Alternative energy cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, shipping costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges.

Real estate cost of sales includes depreciation, real estate taxes, insurance, repairs and maintenance and other costs directly associated with operating the Company’s portfolio of real property.

Selling, General and Administrative Expenses

The Company includes non-production related costs from its alternative energy segment such as professional fees, selling charges and certain payroll in selling, general and administrative expenses.

The Company includes costs not directly related to operating its portfolio of real property from its real estate segment such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

The Company includes costs associated with its corporate headquarters such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

Interest Cost

Interest paid for the three months ended April 30, 2014 and 2013 was approximately $820,000 and $981,000, respectively.

Financial Instruments

The Company uses derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). The interest rate swap is recorded at its fair value and the changes in fair value are recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid settlements of interest rate swaps of approximately $398,000 and $440,000 for the three months ended April 30, 2014 and 2013, respectively.

Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.

Income Taxes

The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $10,050,000 during the three months ended April 30, 2014 and paid no income taxes during the three months ended April 30, 2013.

As of April 30, 2014, total unrecognized tax benefits were approximately $1,451,000 and accrued penalties and interest were approximately $425,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

Inventories

Inventories are carried at the lower of cost or market on a first-in, first-out basis. Alternative energy segment inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There was no permanent write-down of inventory at April 30, 2014 and January 31, 2014, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Ethanol and other finished goods	$	2,385	$	3,517
Work in process		3,115		3,017
Grain and other raw materials		13,693		12,836
Total	$	19,193	$	19,370

Property and Equipment

Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.

In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were approximately $68,000 of impairment charges in the first quarter of fiscal year 2014, which are included in cost of sales in the Consolidated Condensed Statements of Operations. These impairment charges relate to individual properties in the Company’s real estate segment. There were no impairment charges in the first quarter of fiscal year 2013. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for asset groups in the real estate reportable segment) or a change in the spread between ethanol and grain prices that would result in greater than six consecutive months of estimated or actual significant negative cash flows (for asset groups in the alternative energy reportable segment).

The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups).

In the real estate reportable segment, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. The real estate reportable segment includes both income producing and non-income producing asset groups.

In the alternative energy reportable segment, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. The alternative energy reportable segment includes only income producing asset groups.

Investments

The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month.

The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.

Comprehensive Income

The company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

Accounting Changes and Recently Issued Accounting Standards

Effective February 1, 2014, the Company was required to adopt Accounting Standard Update (“ASU”) No. 2013-11 (“ASU 2013-11”), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The update requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 was effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted. The adoption of ASU 2013-11 did not impact the Company’s financial statements.

In April 2014, the FASB issued ASU 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” that changes the criteria for reporting a discontinued operation. Under this new guidance, only disposals of a component that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results is a discontinued operation. Expanded disclosures about discontinued operations and disposals of a significant part of an entity that does not qualify for discontinued operations reporting are also required. ASU 2014-08 is effective beginning February 1, 2015 with early adoption permitted, but only for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. Management has not determined the impact of adopting ASU 2014-08 on the Company’s consolidated financial statements.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Net sales and revenue	$ 155,936,000	$ 178,424,000
Cost of sales	119,386,000	169,432,000
Gross profit	36,550,000	8,992,000
Selling, general and administrative expenses	(6,171,000)	(3,747,000)
Equity in income of unconsolidated affiliates	8,297,000	1,599,000
Interest and other income	52,000	42,000
Interest expense	(692,000)	(1,053,000)
(Losses) gains on derivative financial instruments, net	(4,000)	4,000
Income from continuing operations before income taxes	38,032,000	5,837,000
Provision for income taxes	(13,887,000)	(2,066,000)
Income from continuing operations	24,145,000	3,771,000
Income from discontinued operations, net of tax	55,000	171,000
Gain on disposal of discontinued operations, net of tax		131,000
Net income	24,200,000	4,073,000
Net income attributable to noncontrolling interests	(2,458,000)	(566,000)
Net income attributable to REX common shareholders	21,742,000	3,507,000
Weighted average shares outstanding – basic (in Shares)	8,117	8,158
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 2.67	$ 0.39
Basic income per share from discontinued operations attributable to REX common shareholders (in Dollars per share)	$ 0.01	$ 0.02
Basic income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share)		$ 0.02
Basic net income per share attributable to REX common shareholders (in Dollars per share)	$ 2.68	$ 0.43
Weighted average shares outstanding – diluted (in Shares)	8,149	8,200
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 2.66	$ 0.39
Diluted income per share from discontinued operations attributable to REX common shareholders (in Dollars per share)	$ 0.01	$ 0.02
Diluted income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share)		$ 0.02
Diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 2.67	$ 0.43
Amounts attributable to REX common shareholders:
Income from continuing operations, net of tax	21,687,000	3,205,000
Income from discontinued operations, net of tax	55,000	302,000
Net income	$ 21,742,000	$ 3,507,000

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Investments

3 Months Ended

Apr. 30, 2014

Investments And Deposits [Abstract]

Investments And Deposits [Text Block]

Note 12. Investments

The following table summarizes equity method investments at April 30, 2014 and January 31, 2014 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2014		Carrying Amount January 31, 2014
Big River		10	%	$	40,090	$	40,042
Patriot		27	%		34,349		31,147
Total Equity Method Investments				$	74,439	$	71,189

The following table summarizes income recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2014		2013
Big River	$	5,059	$	644
Patriot		3,238		955
Total	$	8,297	$	1,599

Undistributed earnings of Big River and Patriot totaled approximately $35.9 million and $32.6 million at April 30, 2014 and January 31, 2014, respectively. During the first quarters of fiscal years 2014 and 2013, the Company received dividends from equity method investees of approximately $5.0 million and $0.2 million, respectively.

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three months ended April 30, 2014 and 2013 (amounts in thousands):

	Three Months Ended April 30, 2014
		Patriot		Big River
Net sales and revenue	$	80,409	$	280,423
Gross profit		13,785		83,833
Income from continuing operations		12,195		52,121
Net income		12,195		52,121

	Three Months Ended April 30, 2013
	Patriot		Big River
Net sales and revenue	$	94,093	$	294,628
Gross profit	$	5,142	$	15,619
Income from continuing operations	$	3,599	$	6,632
Net income	$	3,599	$	6,632

Patriot and Big River have debt agreements that limit and restrict amounts the companies can pay in the form of dividends or advances to owners. The restricted net assets of Patriot and Big River combined at April 30, 2014 and January 31, 2014 are approximately $366.5 million and $366.2 million, respectively.

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Document And Entity Information	3 Months Ended
	Apr. 30, 2014	Jun. 05, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	REX AMERICAN RESOURCES Corp
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		8,182,031
Amendment Flag	false
Entity Central Index Key	0000744187
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Apr. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

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Income Taxes

3 Months Ended

Apr. 30, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 13. Income Taxes

The effective tax rate on consolidated pre-tax income from continuing operations was 36.5% for the three months ended April 30, 2014, and 35.4% for the three months ended April 30, 2013. The fluctuations in the effective tax rate primarily relate to the presentation of noncontrolling interests in the income of consolidated subsidiaries as noncontrolling interests are presented in the Consolidated Condensed Statements of Operations after the income tax provision or benefit. Net income attributable to noncontrolling interests was a higher percentage of income from continuing operations before income taxes in the first quarter of fiscal year 2013 compared to the first quarter of fiscal year 2014.

The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2010 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):

Unrecognized tax benefits, January 31, 2014	$	1,862
Changes for prior years’ tax positions		14
Changes for current year tax positions		—
Unrecognized tax benefits, April 30, 2014	$	1,876

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Total
Balance at Jan. 31, 2013	$ 299	$ (219,550)	$ 143,575	$ 322,028	$ 27,931	$ 274,283
Balance (in Shares) at Jan. 31, 2013	29,853	21,701
Net income				3,507	566	4,073	4,073
Treasury stock acquired		(564)				(564)
Treasury stock acquired (in Shares)		31
Stock options and related tax effects		438	130			568
Stock options and related tax effects (in Shares)		(43)
Balance at Apr. 30, 2013	299	(219,676)	143,705	325,535	28,497	278,360
Balance (in Shares) at Apr. 30, 2013	29,853	21,689
Balance at Jan. 31, 2014	299	(222,170)	144,051	357,101	31,472	310,753	310,753
Balance (in Shares) at Jan. 31, 2014	29,853	21,753
Net income				21,742	2,458	24,200	24,200
Stock options and related tax effects		767	592			1,359
Stock options and related tax effects (in Shares)		(75)
Balance at Apr. 30, 2014	$ 299	$ (221,403)	$ 144,643	$ 378,843	$ 33,930	$ 336,312	$ 336,312
Balance (in Shares) at Apr. 30, 2014	29,853	21,678

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Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 30, 2014

Disclosure Text Block Supplement [Abstract]

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 7. Accrued Expenses and Other Current Liabilities

The components of accrued expenses and other current liabilities at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Accrued utility charges	$	2,242	$	3,745
Accrued payroll and related items		2,975		3,122
Accrued real estate taxes		2,593		2,471
Other		2,003		2,809
Total	$	9,813	$	12,147

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Other Assets

3 Months Ended

Apr. 30, 2014

Disclosure Text Block Supplement [Abstract]

Other Assets Disclosure [Text Block]

Note 6. Other Assets

The components of other assets at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Deferred financing costs, net	$	351	$	402
Deposits		964		1,014
Real estate taxes refundable		3,644		3,644
Other		365		328
Total	$	5,324	$	5,388

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Accounting Policies, by Policy (Policies)

3 Months Ended

Apr. 30, 2014

Accounting Policies [Abstract]

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, upon shipment from its plant. Shipping and handling charges billed to customers are included in net sales and revenue.

The Company includes income from real estate leasing activities in net sales and revenue. The Company accounts for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term of the lease.

Prior to its exit of the retail business, the Company sold extended service policies covering periods beyond the normal manufacturers’ warranty periods, usually with terms of coverage (including manufacturers’ warranty periods) of between 12 to 60 months. Contract revenues and sales commissions were deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers’ warranty periods. The Company retained the obligation to perform warranty service and such costs were charged to operations as incurred. All related revenue and expense is classified as discontinued operations. All of the extended service policy contracts have expired as of January 31, 2014.

Cost of Sales, Policy [Policy Text Block]

Cost of Sales

Alternative energy cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, shipping costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges.

Real estate cost of sales includes depreciation, real estate taxes, insurance, repairs and maintenance and other costs directly associated with operating the Company’s portfolio of real property.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

Selling, General and Administrative Expenses

The Company includes non-production related costs from its alternative energy segment such as professional fees, selling charges and certain payroll in selling, general and administrative expenses.

The Company includes costs not directly related to operating its portfolio of real property from its real estate segment such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

The Company includes costs associated with its corporate headquarters such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses.

Interest Expense, Policy [Policy Text Block]

Interest Cost

Interest paid for the three months ended April 30, 2014 and 2013 was approximately $820,000 and $981,000, respectively.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

The Company uses derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). The interest rate swap is recorded at its fair value and the changes in fair value are recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid settlements of interest rate swaps of approximately $398,000 and $440,000 for the three months ended April 30, 2014 and 2013, respectively.

Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $10,050,000 during the three months ended April 30, 2014 and paid no income taxes during the three months ended April 30, 2013.

As of April 30, 2014, total unrecognized tax benefits were approximately $1,451,000 and accrued penalties and interest were approximately $425,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are carried at the lower of cost or market on a first-in, first-out basis. Alternative energy segment inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. There was no permanent write-down of inventory at April 30, 2014 and January 31, 2014, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014		January 31, 2014
Ethanol and other finished goods	$	2,385	$	3,517
Work in process		3,115		3,017
Grain and other raw materials		13,693		12,836
Total	$	19,193	$	19,370

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.

In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were approximately $68,000 of impairment charges in the first quarter of fiscal year 2014, which are included in cost of sales in the Consolidated Condensed Statements of Operations. These impairment charges relate to individual properties in the Company’s real estate segment. There were no impairment charges in the first quarter of fiscal year 2013. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for asset groups in the real estate reportable segment) or a change in the spread between ethanol and grain prices that would result in greater than six consecutive months of estimated or actual significant negative cash flows (for asset groups in the alternative energy reportable segment).

The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups).

In the real estate reportable segment, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. The real estate reportable segment includes both income producing and non-income producing asset groups.

In the alternative energy reportable segment, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. The alternative energy reportable segment includes only income producing asset groups.

Investment, Policy [Policy Text Block]

Investments

The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month.

The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income

The company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

New Accounting Pronouncements, Policy [Policy Text Block]

Accounting Changes and Recently Issued Accounting Standards

Effective February 1, 2014, the Company was required to adopt Accounting Standard Update (“ASU”) No. 2013-11 (“ASU 2013-11”), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The update requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 was effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted. The adoption of ASU 2013-11 did not impact the Company’s financial statements.

In April 2014, the FASB issued ASU 2014-08 (“ASU 2014-08”), “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” that changes the criteria for reporting a discontinued operation. Under this new guidance, only disposals of a component that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results is a discontinued operation. Expanded disclosures about discontinued operations and disposals of a significant part of an entity that does not qualify for discontinued operations reporting are also required. ASU 2014-08 is effective beginning February 1, 2015 with early adoption permitted, but only for disposals (or classifications as held for sale) that have not been reported in previously-issued financial statements. Management has not determined the impact of adopting ASU 2014-08 on the Company’s consolidated financial statements.

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Discontinued Operations

3 Months Ended

Apr. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 14. Discontinued Operations

During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, all operations of the Company’s former retail segment and certain sold properties have been classified as discontinued operations for all periods presented. Once real estate property has been sold, and no continuing involvement is expected, the Company classifies the results of the operations as discontinued operations. The results of operations were previously reported in the Company’s real estate segment. Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands):

	Three Months Ended
	April 30,
		2014			2013
Net sales and revenue	$	—		$	581
Cost of sales		(91	)		227
Income before income taxes		91			280
Provision for income taxes		(36	)		(109	)
Income from discontinued operations, net of tax	$	55		$	171
Gain on disposal	$	—		$	215
Provision for income taxes		—			(84	)
Gain on disposal of discontinued operations, net of tax	$	—		$	131

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Stock Option Plans

3 Months Ended

Apr. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 10. Stock Option Plans

The Company has stock-based compensation plans under which stock options have been granted to directors, officers and key employees at the market price on the date of the grant. No options have been granted since fiscal year 2004.

The total intrinsic value of options exercised during the three months ended April 30, 2014 and 2013 was approximately $3.6 million and $0.3 million, respectively, resulting in tax deductions of approximately $0.6 million and $0.1 million, respectively. The following table summarizes options granted, exercised and canceled or expired during the three months ended April 30, 2014:

				Weighted		Weighted Average	Aggregate
				Average		Remaining	Intrinsic
				Exercise		Contractual Term	Value
	Shares			Price		(in years)	(in thousands)
Outstanding at January 31, 2014		83,330		$	12.37
Exercised		(75,120	)	$	12.39
Outstanding and exercisable at April 30, 2014		8,210		$	12.18	0.1	$	437

At April 30, 2014, there was no unrecognized compensation cost related to nonvested stock options.

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Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract]
Unrecognized tax benefits, January 31, 2014	$ 1,862
Changes for prior years’ tax positions	14
Unrecognized tax benefits, April 30, 2014	$ 1,876

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Long Term Debt and Interest Rate Swaps

3 Months Ended

Apr. 30, 2014

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 8. Long Term Debt and Interest Rate Swaps

One Earth Energy Subsidiary Level Debt

During the third quarter of fiscal year 2009, pursuant to the terms of the loan agreement, One Earth converted its construction loan into a term loan. On September 3, 2013, One Earth entered into an amendment of its loan agreement with First National Bank of Omaha (“the Bank”). The amendment included a refinance amount of approximately $44,101,000 (the remaining balance of the original loan) which bears interest at a variable interest rate of LIBOR plus 300 basis points (3.2% at April 30, 2014). Quarterly principal payments of approximately $2.0 million are due beginning January 8, 2014 and ending October 8, 2018. Principal payments equal to 20% of annual excess cash flows are also due. Such payments cannot exceed $6 million in a year or $18 million in the aggregate. This amendment did not change requirements regarding financial covenants.

Borrowings are secured by all of the assets of One Earth. This debt is recourse only to One Earth and not to REX American Resources Corporation or any of its other subsidiaries. As of April 30, 2014 and January 31, 2014, approximately $35.0 million and $39.1 million, respectively, was outstanding on the term loan. One Earth is also subject to certain financial covenants under the loan agreement, including debt service coverage ratio requirements and working capital requirements.

One Earth has a $10.0 million revolving loan facility that matures July 31, 2014. Borrowings under this facility bear interest at LIBOR plus 265 basis points. One Earth had no outstanding borrowings on the revolving loan as of April 30, 2014 or January 31, 2014.

One Earth has paid approximately $1.4 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan.

The Company’s proportionate share of restricted net assets related to One Earth was approximately $92.9 million and $86.9 million at April 30, 2014 and January 31, 2014, respectively. Restricted net assets may not be paid in the form of dividends or advances to the parent company or other members of One Earth per the terms of the loan agreement with the Bank.

One Earth entered into a forward interest rate swap in the notional amount of $50.0 million with the Bank. The swap settlements commenced as of July 31, 2009 and terminate on July 8, 2014. The swap fixed a portion of the variable interest rate of the term loan subsequent to the plant completion date at 7.9%. At April 30, 2014 and January 31, 2014, the Company recorded a liability of approximately $0.7 million and $1.1 million, respectively, related to the fair value of the swap. The change in fair value is recorded in the Consolidated Condensed Statements of Operations.

NuGen Energy Subsidiary Level Debt

In November 2011, NuGen entered into a $65,000,000 financing agreement consisting of a term loan for $55,000,000 and a $10,000,000 annually renewable revolving loan with the Bank. The term loan bears interest at a variable interest rate of LIBOR plus 325 basis points, subject to a 4% floor (4% at April 30, 2014). Beginning with the first quarterly payment on February 1, 2012, payments are due in 19 quarterly payments of principal plus accrued interest with the principal portion calculated based on a 120 month amortization schedule. One final installment will be required on the maturity date (October 31, 2016) for the remaining unpaid principal balance with accrued interest. Principal payments equal to 40% of annual excess cash flows are also due. Such payments cannot exceed $5 million in a year.

Borrowings are secured by all of the assets of NuGen. This debt is recourse only to NuGen and not to REX American Resources Corporation or any of its other subsidiaries. As of April 30, 2014 and January 31, 2014, approximately $33.3 million and $36.6 million, respectively, was outstanding on the term loan. NuGen is also subject to certain financial covenants under the loan agreement, including debt service coverage ratio requirements and working capital requirements.

NuGen has paid approximately $0.6 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan.

The Company’s proportionate share of restricted net assets related to NuGen was approximately $63.0 million and $66.1 million at April 30, 2014 and January 31, 2014, respectively. Restricted net assets may not be paid in the form of dividends or advances to the parent company or other members of NuGen per the terms of the loan agreement with the Bank.

NuGen has no outstanding borrowings on the $10,000,000 revolving loan as of April 30, 2014 which expires on May 31, 2014.

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Financial Instruments

3 Months Ended

Apr. 30, 2014

Disclosure Text Block Supplement [Abstract]

Financial Instruments Disclosure [Text Block]

Note 9. Financial Instruments

The Company uses an interest rate swap, which expires July 8, 2014, to manage its interest rate exposure at One Earth by fixing the interest rate on a portion of the entity’s variable rate debt. The Company does not engage in trading activities involving derivative contracts for which a lack of marketplace quotations would necessitate the use of fair value estimation techniques. The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at April 30, 2014, are summarized in the table below (amounts in thousands):

	Notional Amount		Fair Value Liability
Interest rate swap	$	32,300	$	747

As the interest rate swap is not designated as a cash flow hedge, the unrealized gain and loss on the derivative is reported in current earnings. The Company reported a loss of $4,000 for the first quarter of fiscal year 2014 and a gain of $4,000 for the first quarter of fiscal year 2013.

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Income Per Share from Continuing Operations Attributable to REX Common Shareholders

3 Months Ended

Apr. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 11. Income Per Share from Continuing Operations Attributable to REX Common Shareholders

The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts):

	Three Months Ended April 30, 2014						Three Months Ended April 30, 2013
	Income		Shares		Per Share		Income		Shares		Per Share
Basic income per share from continuing operations attributable to REX common shareholders	$	21,687		8,117	$	2.67	$	3,205		8,158	$	0.39
Effect of stock options		—		32				—		42
Diluted income per share from continuing operations attributable to REX common shareholders	$	21,687		8,149	$	2.66	$	3,205		8,200	$	0.39

For the three months ended April 30, 2014 and 2013, all shares subject to outstanding options were dilutive.

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Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Net sales and revenues	$ 155,936	$ 178,424
Gross profit	36,550	8,992
Income from continuing operations before income taxes and noncontrolling interests	38,032	5,837
Alternative Energy Segment [Member] | Ethanol [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Sale of Product	76.00%	74.00%
Alternative Energy Segment [Member] | Dried Distillers Grains [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Sale of Product	20.00%	17.00%
Alternative Energy Segment [Member] | Modified Distillers Grains [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Sale of Product	1.00%	6.00%
Alternative Energy Segment [Member] | Other Products [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Sale of Product	3.00%	3.00%
Alternative Energy Segment [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Net sales and revenues	155,827	178,324
Gross profit	36,614	9,026
Additions to property and equipment	38,876	6,626
Sale of Product	100.00%	100.00%
Real Estate Segment [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Net sales and revenues	109	100
Gross profit	(64)	(34)
Additions to property and equipment	(91)	(97)
Lease revenue	100.00%	100.00%
Corporate Segment [Member]
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss And Revenue Percentage [Line Items]
Additions to property and equipment	$ (753)	$ (692)

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Related-Party Transactions (Details) (One Earth Energy [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
One Earth Energy [Member]
Related-Party Transactions (Details) [Line Items]
Related Party Transaction, Purchases from Related Party	$ 44.8	$ 71.7

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Segment Reporting (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2014
Segment Reporting (Details) [Line Items]
Number of Reportable Segments	2
One Earth Energy And Nu Gen Energy [Member]
Segment Reporting (Details) [Line Items]
Cash	$ 70.1

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Income Taxes (Tables)

3 Months Ended

Apr. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):

Unrecognized tax benefits, January 31, 2014	$	1,862
Changes for prior years’ tax positions		14
Changes for current year tax positions		—
Unrecognized tax benefits, April 30, 2014	$	1,876

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Financial Instruments (Details) - Schedule of Notional Amounts and fair Values (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014	Jan. 31, 2014
Financial Instruments (Details) - Schedule of Notional Amounts and fair Values [Line Items]
Interest rate swap	$ 747	$ 1,141
Interest Rate Swap [Member]
Financial Instruments (Details) - Schedule of Notional Amounts and fair Values [Line Items]
Interest rate swap	32,300
Interest rate swap	$ 747

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Segment Reporting

3 Months Ended

Apr. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 16. Segment Reporting

The Company has two segments: alternative energy and real estate. The Company evaluates the performance of each reportable segment based on segment profit. Segment profit excludes income taxes, indirect interest expense, discontinued operations, indirect interest income and certain other items that are included in net income determined in accordance with GAAP. Segment profit includes realized and unrealized gains and losses on derivative financial instruments. The following table summarizes segment and other results and assets (amounts in thousands):

	Three Months Ended April 30,
	2014			2013
Net sales and revenue:
Alternative energy	$	155,827		$	178,324
Real estate		109			100
Total net sales and revenues	$	155,936		$	178,424
Segment gross profit (loss):
Alternative energy	$	36,614		$	9,026
Real estate		(64	)		(34	)
Total gross profit	$	36,550		$	8,992

	Three Months Ended April 30,
	2014			2013
Segment profit (loss):
Alternative energy	$	38,876		$	6,626
Real estate		(91	)		(97	)
Corporate expense, net		(753	)		(692	)
Income from continuing operations before income taxes and noncontrolling interests	$	38,032		$	5,837

		April 30, 2014		January 31, 2014
Assets:
Alternative energy	$	384,034	$	356,589
Real estate		4,635		4,722
Corporate and other		58,280		66,557
Total assets	$	446,949	$	427,868

	Three Months Ended April 30,
	2014			2013
Sales of products alternative energy segment:
Ethanol		76	%		74	%
Dried distillers grains		20	%		17	%
Modified distillers grains		1	%		6	%
Other		3	%		3	%
Total		100	%		100	%
Sales of services real estate segment:
Lease revenue		100	%		100	%

Certain corporate costs and expenses, including information technology, employee benefits and other shared services are allocated to the business segments. The allocations are generally amounts agreed upon by management and are based on a reasonable and systematic approach, which may differ from amounts that would be incurred if such services were purchased separately by the business segment. Corporate assets are primarily cash.

Cash, except for cash held by One Earth and NuGen, is considered to be fungible and available for both corporate and segment use depending on liquidity requirements. Cash of approximately $70.1 million held by One Earth and NuGen will be used by the subsidiaries primarily to fund liquidity requirements and maintain adequate working capital levels.

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Fair Value (Tables)

3 Months Ended

Apr. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Money market mutual fund (1)	$	120		—		—		120
Investment in cooperative (1)		—		—		299		299
Total assets	$	120	$	—	$	299	$	419
Interest rate swap derivative liability	$	—	$	747	$	—	$	747

	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	2	$	—	$	—	$	2
Money market mutual fund (1)		120		—		—		120
Investment in cooperative (1)		—		—		289		289
Total assets	$	122	$	—	$	289	$	411
Interest rate swap derivative liability	$	—	$	1,141	$	—	$	1,141

(1) The money market mutual fund and the investment in cooperative are included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a reconciliation of the activity related to assets (investment in cooperative) measured at fair value on a recurring basis using Level 3 inputs (amounts in thousands):

Balance, January 31, 2014	$	289
Current period activity		10
Balance, April 30, 2014	$	299
Balance, January 31, 2013	$	252
Current period activity		—
Balance, April 30, 2013	$	252

Fair Value Measurements, Nonrecurring [Table Text Block]

Assets measured at fair value on a non-recurring basis as of April 30, 2014 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Total Losses (1)
Property and equipment, net	$	—	$	—	$	450	$	68

	Level 1		Level 2		Level 3		Total Losses (1)
Property and equipment, net	$	—	$	—	$	521	$	55

(1) Total losses include impairment charges and loss on disposal.

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Long Term Debt and Interest Rate Swaps (Details) (USD $)			3 Months Ended			3 Months Ended		3 Months Ended		3 Months Ended			1 Months Ended	3 Months Ended		1 Months Ended		3 Months Ended		3 Months Ended
	Apr. 30, 2014	Jan. 31, 2014	Apr. 30, 2014 Interest Rate Swap One [Member] One Earth Energy [Member]	Jan. 31, 2014 Interest Rate Swap One [Member] One Earth Energy [Member]	Jul. 31, 2009 Interest Rate Swap One [Member] One Earth Energy [Member]	Apr. 30, 2014 One Earth Energy [Member] Term Loan [Member]	Jan. 31, 2014 One Earth Energy [Member] Term Loan [Member]	Apr. 30, 2014 One Earth Energy [Member] Revolving Credit Facility [Member]	Jan. 31, 2014 One Earth Energy [Member] Revolving Credit Facility [Member]	Apr. 30, 2014 One Earth Energy [Member]	Apr. 30, 2014 One Earth Energy [Member] Minimum [Member] Term Loan [Member]	Apr. 30, 2014 One Earth Energy [Member] Maximum [Member] Term Loan [Member]	Nov. 30, 2011 Nu Gen Energy [Member] Term Loan [Member]	Apr. 30, 2014 Nu Gen Energy [Member] Term Loan [Member]	Jan. 31, 2014 Nu Gen Energy [Member] Term Loan [Member]	Nov. 30, 2011 Nu Gen Energy [Member] Revolving Credit Facility [Member]	Nov. 30, 2011 Nu Gen Energy [Member]	Apr. 30, 2014 Nu Gen Energy [Member]	Jan. 31, 2014 Nu Gen Energy [Member]	Apr. 30, 2014 Nu Gen Energy [Member] Maximum [Member]
Long Term Debt and Interest Rate Swaps (Details) [Line Items]
Debt Instrument Refinanced Amount										$ 44,101,000
Debt Instrument Refinanced Amount Interest Rate										LIBOR plus 300 basis points
Debt Instrument, Interest Rate at Period End											3.20%
Long term debt, quarterly principle payments						2,000,000
Long Term Debt Maturities Quarterly Principal Payment Due Beginning Date										Jan. 08, 2014
Debt Instrument Maximum Payment Aggregate											6,000,000
Long-term Debt, Excess Cash Flow Principle Payments, Maximum												18,000,000
Long-term Debt, Gross						35,000,000	39,100,000
Line of Credit Facility, Maximum Borrowing Capacity								10,000,000
Debt Instrument, Maturity Date								Jul. 31, 2014
Debt Instrument, Description of Variable Rate Basis								LIBOR plus 265 basis points						LIBOR plus 325 basis points
Line of Credit Facility, Amount Outstanding								0	0
Payments of Financing Costs						1,400,000														600,000
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries						92,900,000	86,900,000											63,000,000	66,100,000
Derivative Liability, Notional Amount					50,000,000
Swap Termination Date			July 8, 2014
Debt Instrument, Basis Spread on Variable Rate			7.90%
Derivative Liability	747,000	1,141,000	700,000	1,100,000										33,300,000	36,600,000
Proceeds from Bank Debt													$ 55,000,000			$ 10,000,000	$ 65,000,000
Debt Instrument Libor Floor Rate														4.00%
Debt Instrument, Frequency of Periodic Payment																		19 quarterly payments
Long Term Debt Principal Portion Amortization Schedule														120 months

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Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (USD $) In Thousands, unless otherwise specified	Apr. 30, 2014
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
Remainder of 2015	$ 246
2016	328
2017	285
2018	74
Total	$ 933

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Cash flows from operating activities:
Net income including noncontrolling interests	$ 24,200	$ 4,073
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, impairment charges and amortization	4,187	4,391
Income from equity method investments	(8,297)	(1,599)
Loss (gain) on disposal of real estate and property and equipment	5	(4)
Dividends received from equity method investees	5,012	200
Deferred income		(274)
Derivative financial instruments	(394)	(444)
Deferred income tax	5,339	2,026
Excess tax benefit from stock option exercises	(241)
Changes in assets and liabilities:
Accounts receivable	(406)	(6,351)
Inventories	177	3,734
Other assets	(1,020)	978
Accounts payable, trade	580	2,264
Other liabilities	(2,320)	(195)
Net cash provided by operating activities	26,822	8,799
Cash flows from investing activities:
Capital expenditures	(547)	(32)
Restricted cash	500
Proceeds from sale of real estate and property and equipment	30	141
Net cash (used in) provided by investing activities	(17)	109
Cash flows from financing activities:
Payments of long-term debt	(7,476)	(4,201)
Stock options exercised	930	555
Excess tax benefit from stock option exercises	241
Treasury stock acquired		(564)
Net cash used in financing activities	(6,305)	(4,210)
Net increase in cash and cash equivalents	20,500	4,698
Cash and cash equivalents, beginning of period	105,149	69,073
Cash and cash equivalents, end of period	125,649	73,771
Non cash investing activities – Accrued capital expenditures	$ (250)

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Property and Equipment

3 Months Ended

Apr. 30, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5. Property and Equipment

The components of property and equipment at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014			January 31, 2014
Land and improvements	$	21,606		$	21,543
Buildings and improvements		28,733			28,297
Machinery, equipment and fixtures		223,752			223,544
Construction in progress		197			693
		274,288			274,077
Less: accumulated depreciation		(75,870	)		(71,819	)
	$	198,418		$	202,258

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Investments (Details) - Schedule of Financial information For Equity Method Investment (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Patriot [Member]
Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items]
Net sales and revenue	$ 80,409	$ 94,093
Gross profit	13,785	5,142
Income from continuing operations	12,195	3,599
Net income	12,195	3,599
Big River [Member]
Investments (Details) - Schedule of Financial information For Equity Method Investment [Line Items]
Net sales and revenue	280,423	294,628
Gross profit	83,833	15,619
Income from continuing operations	52,121	6,632
Net income	$ 52,121	$ 6,632

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Property and Equipment (Tables)

3 Months Ended

Apr. 30, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

The components of property and equipment at April 30, 2014 and January 31, 2014 are as follows (amounts in thousands):

	April 30, 2014			January 31, 2014
Land and improvements	$	21,606		$	21,543
Buildings and improvements		28,733			28,297
Machinery, equipment and fixtures		223,752			223,544
Construction in progress		197			693
		274,288			274,077
Less: accumulated depreciation		(75,870	)		(71,819	)
	$	198,418		$	202,258

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Accounting Policies (Details) (USD $)	3 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Accounting Policies (Details) [Line Items]
Interest Paid	$ 820,000	$ 981,000
Derivative Settlement on Interest Rate Swap	398,000	440,000
Income Taxes Paid	10,050,000	0
Unrecognized Tax Benefit	1,451,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	425,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	24,000
Property, Plant and Equipment, Depreciation Methods	Depreciation is computed using the straight-line method
Impairment of Real Estate	$ 68,000	$ 0
Estimated Cash Flow Percentage	25.00%
EstimatedFutureCashFlowsTerms	six
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting	20.00%
Building and Building Improvements [Member] | Minimum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	15
Building and Building Improvements [Member] | Maximum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	40
Fixtures And Equipment [Member] | Minimum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Fixtures And Equipment [Member] | Maximum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	20
Minimum [Member]
Accounting Policies (Details) [Line Items]
Extended Period of Warranty	12 months
Maximum [Member]
Accounting Policies (Details) [Line Items]
Extended Period of Warranty	60 months

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Commitments and Contingencies

3 Months Ended

Apr. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 15. Commitments and Contingencies

The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated condensed financial statements.

One Earth and NuGen have combined forward purchase contracts for approximately 10.4 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through July 2014.

One Earth and NuGen have combined sales commitments for approximately 36.6 million gallons of ethanol, approximately 121,000 tons of distillers grains and approximately 4.2 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through July 2014.