Inventories

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023		March 31, 2023
Grain and other agricultural products (a)	$	669,373	$	886,725	$	1,112,155
Energy inventories (a)	14,454		21,705		17,641
Ethanol and co-products (a)	104,878		104,349		147,275
Plant nutrients and cob products	205,838		153,921		274,030
Total inventories	$	994,543	$	1,166,700	$	1,551,101

(a) Includes RMI of $635.5 million, $862.5 million, and $1,085.7 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.