Inventories

3 Months Ended

Mar. 31, 2020

Inventory, Net [Abstract]

Inventories

Inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2020		December 31, 2019		March 31, 2019
Grain and other agricultural products	$	750,281	$	907,482	$	812,361
Frac sand and propane	5,723		15,438		8,172
Ethanol and co-products	87,706		95,432		16,302
Plant nutrients and cob products	178,028		146,164		183,886
Railcar repair parts	6,338		6,020		5,744
Total Inventories	$	1,028,076	$	1,170,536	$	1,026,465

Inventories on the Condensed Consolidated Balance Sheets do not include 3.9 million, 6.4 million and 1.9 million bushels of grain held in storage for others as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively. 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.

In the first quarter of 2020, the Company recorded a $10.6 million lower of cost or net realizable value charge related to lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic.