Derivatives (Tables)

6 Months Ended

Jun. 30, 2013

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:

	June 30, 2013				December 31, 2012					June 30, 2012
(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)	$	33,364	$	—	$	(13,772	)	$	—	$	151,939		$	—
Fair value of derivatives	46,329		—		61,247			—		(106,629		)	—
Balance at end of period	$	79,693	$	—	$	47,475		$	—	$	45,310		$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	June 30, 2013
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent		Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	98,902		$	87	$	4,133		$	62		$	103,184
Commodity derivative liabilities	(10,477		)	—		(62,316		)	(5,925		)	(78,718		)
Cash collateral	33,364			—		—			—			33,364
Balance sheet line item totals	$	121,789		$	87	$	(58,183	)	$	(5,863	)	$	57,830

	December 31, 2012
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	137,119		$	2,059		$	5,233		$	130		$	144,541
Commodity derivative liabilities	(20,242		)	(153		)	(38,510		)	(1,264		)	(60,169		)
Cash collateral	(13,772		)	—			—			—			(13,772		)
Balance sheet line item totals	$	103,105		$	1,906		$	(33,277	)	$	(1,134	)	$	70,600

	June 30, 2012
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	89,552		$	4,950		$	2,943		$	9		$	97,454
Commodity derivative liabilities	(119,481		)	(106		)	(32,707		)	(463		)	(152,757		)
Cash collateral	151,939			—			—			—			151,939
Balance sheet line item totals	$	122,010		$	4,844		$	(29,764	)	$	(454	)	$	96,636

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, 2013 and 2012 are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2013		2012			2013		2012
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	31,068	$	(12,900	)	$	67,436	$	(16,557	)

Amounts of quantities outstanding included in commodity derivative contracts

At June 30, 2013, 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	196,108	—	—	2
Soybeans	26,244	—	—	—
Wheat	21,205	—	—	—
Oats	12,139	—	—	—
Ethanol	—	36,814	—	—
Corn oil	—	—	9,726	—
Other	28	—	—	98
Subtotal	255,724	36,814	9,726	100
Exchange traded:
Corn	105,880	—	—	—
Soybeans	15,610	—	—	—
Wheat	32,050	—	—	—
Oats	4,655	—	—	—
Ethanol	—	12,283	—	—
Other	—	—	—	1
Subtotal	158,195	12,283	—	1
Total	413,919	49,097	9,726	101