Inventories

Major classes of inventories are as follows:



(in thousands)	March 31, 2016		December 31, 2015		March 31, 2015
Grain	$	450,414	$	534,548	$	470,216
Ethanol and by-products	11,895		8,576		9,940
Plant nutrients and cob products	207,109		172,815		229,551
Retail merchandise	27,792		24,510		27,311
Railcar repair parts	6,185		6,894		6,739
Other	57		56		200
	$	703,452	$	747,399	$	743,957

Inventories on the Condensed Consolidated Balance Sheets at March 31, 2016, December 31, 2015 and March 31, 2015 do not include 2.8 million, 3.4 million and 1.8 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.