Derivatives (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral

The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within short-term commodity derivative assets (or liabilities) on the Consolidated Balance Sheets:

	June 30, 2012					December 31, 2011					June 30, 2011
(in thousands)	Net derivative asset position			Net derivative liability position		Net derivative asset position			Net derivative liability position		Net derivative asset position		Net derivative liability position
Collateral paid	$	151,939		$	—	$	66,870		$	—	$	43,191	$	—
Fair value of derivatives	(106,629		)	—		(20,480		)	—		40,476		—
Balance at end of period	$	45,310		$	—	$	46,390		$	—	$	83,667	$	—

Company's Condensed Consolidated Statement of Income gains and location of line items

The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three and six months ended June 30, 2012 and 2011 are as follows:

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2012			2011		2012			2011
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	(12,900	)	$	102,585	$	(16,557	)	$	103,863

Amounts of quantities outstanding included in commodity derivative contracts

At June 30, 2012, the Company had the following volume of commodity derivative contracts outstanding (on a gross basis):

Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	209,347	—	—	—
Soybeans	32,936	—	—	—
Wheat	10,847	—	—	—
Oats	14,217	—	—	—
Ethanol	—	98,858	—	—
Corn oil	—	—	54,319	—
Other	—	—	—	75
Subtotal	267,347	98,858	54,319	75
Exchange traded:
Corn	110,965	—	—	—
Soybeans	27,030	—	—	—
Wheat	38,835	—	—	—
Oats	4,230	—	—	—
Bean oil	—	—	15,480	—
Ethanol	—	1,176	—	—
Other	—	10	—	—
Subtotal	181,060	1,186	15,480	—
Total	448,407	100,044	69,799	75