Inventories

Major classes of inventories are as follows:



(in thousands)	September 30, 2017		December 31, 2016		September 30, 2016
Grain	$	342,837	$	495,139	$	262,165
Ethanol and co-products	12,502		10,887		7,734
Plant nutrients and cob products	114,131		150,259		126,922
Retail merchandise	718		20,678		24,985
Railcar repair parts	5,414		5,784		5,948
	$	475,602	$	682,747	$	427,754

Inventories on the Condensed Consolidated Balance Sheets at September 30, 2017, December 31, 2016 and September 30, 2016 do not include 1.0 million, 0.9 million and 1.0 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.