Derivatives (Tables)

9 Months Ended

Sep. 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:

	September 30, 2013				December 31, 2012					September 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)	$	27,101	$	—	$	(13,772	)	$	—	$	88,246		$	—
Fair value of derivatives	38,352		—		61,247			—		(73,424		)	—
Balance at end of period	$	65,453	$	—	$	47,475		$	—	$	14,822		$	—

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:

	September 30, 2013
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent		Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	89,540		$	5	$	2,933		$	41		$	92,519
Commodity derivative liabilities	(11,251		)	—		(91,167		)	(9,677		)	(112,095		)
Cash collateral	27,101			—		—			—			27,101
Balance sheet line item totals	$	105,390		$	5	$	(88,234	)	$	(9,636	)	$	7,525

	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

	September 30, 2012
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	194,771		$	7,383		$	3,558		$	38		$	205,750
Commodity derivative liabilities	(116,753		)	(336		)	(47,147		)	(628		)	(164,864		)
Cash collateral	88,246			—			—			—			88,246
Balance sheet line item totals	$	166,264		$	7,047		$	(43,589	)	$	(590	)	$	129,132

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, 2013 and 2012 are as follows:

	Three months ended September 30,					Nine months ended September 30,
(in thousands)	2013		2012			2013		2012
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	30,894	$	(51,318	)	$	99,896	$	(67,875	)

Amounts of quantities outstanding included in commodity derivative contracts

At September 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	214,500	—	—	—
Soybeans	46,325	—	—	—
Wheat	8,450	—	—	—
Oats	14,555	—	—	—
Ethanol	—	144,339	—	—
Corn oil	—	—	12,921	—
Other	255	—	—	88
Subtotal	284,085	144,339	12,921	88
Exchange traded:
Corn	92,120	—	—	—
Soybeans	19,110	—	—	—
Wheat	30,725	—	—	—
Oats	3,890	—	—	—
Ethanol	—	15,540	—	—
Other	—	—	—	1
Subtotal	145,845	15,540	—	1
Total	429,930	159,879	12,921	89