Derivatives (Tables)

9 Months Ended

Sep. 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 Condensed Consolidated Balance Sheets:

	September 30, 2012					December 31, 2011					September 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 (received)	$	88,246		$	—	$	66,870		$	—	$	(60,247	)	$	—
Fair value of derivatives	(73,424		)	—		(20,480		)	—		139,882			—
Balance at end of period	$	14,822		$	—	$	46,390		$	—	$	79,635		$	—

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 nine months ended September 30, 2012 and 2011 are as follows:

	Three months ended September 30,					Nine months ended September 30,
(in thousands)	2012			2011		2012			2011
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	(51,318	)	$	16,076	$	(67,875	)	$	119,743

Amounts of quantities outstanding included in commodity derivative contracts

At September 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	228,370	—	—	—
Soybeans	40,473	—	—	—
Wheat	10,683	—	—	—
Oats	15,656	—	—	—
Ethanol	—	76,641	—	—
Corn oil	—	—	36,579	—
Other	—	—	—	90
Subtotal	295,182	76,641	36,579	90
Exchange traded:
Corn	109,430	—	—	—
Soybeans	30,825	—	—	—
Wheat	45,380	—	—	—
Oats	4,590	—	—	—
Ethanol	—	924	—	—
Other	—	—	—	3
Subtotal	190,225	924	—	3
Total	485,407	77,565	36,579	93