Inventories

Major classes of inventories are as follows:



(in thousands)	June 30, 2015		December 31, 2014		June 30, 2014
Grain	$	327,480	$	570,916	$	290,595
Ethanol and by-products	12,802		13,154		16,798
Plant nutrients and cob products	136,472		181,136		95,122
Retail merchandise	25,415		23,810		25,180
Railcar repair parts	6,050		6,431		5,107
Other	189		208		194
	$	508,408	$	795,655	$	432,996

Inventories on the Condensed Consolidated Balance Sheets at June 30, 2015, December 31, 2014 and June 30, 2014 do not include 1.2 million, 3.1 million and 3.7 million bushels of grain, respectively, held in storage for others. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future.