Inventories

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Inventories

Inventories

Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available market information, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value.

(in thousands)	March 31, 2023		December 31, 2022		March 31, 2022
Grain and other agricultural products (a)	$	1,112,155	$	1,326,531	$	1,435,763
Energy inventories (a)	17,641		21,084		17,529
Ethanol and co-products (a)	147,275		156,341		193,303
Plant nutrients and cob products	274,030		227,769		303,708
Total inventories	$	1,551,101	$	1,731,725	$	1,950,303

(a) Includes RMI of $1,085.7 million, $1,308.8 million and $1,413.5 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.