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Inventories

3 Months Ended

Nov. 30, 2012



	November 30, 2012		August 31, 2012		November 30, 2011
	(Dollars in thousands)
Grain and oilseed	$	2,089,348	$	1,625,865	$	1,375,456
Energy	668,990		701,348		799,061
Crop nutrients	331,666		401,655		395,551
Feed and farm supplies	440,050		384,178		384,804
Processed grain and oilseed	100,059		76,892		47,492
Other	11,631		14,034		10,978
	$	3,641,744	$	3,203,972	$	3,013,342

As of November 30, 2012, we valued approximately 10% of inventories, primarily related to Energy, using the lower of cost, determined on the LIFO method, or market (11% and 13% as of August 31, 2012 and November 30, 2011, respectively). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $518.5 million, $566.6 million and $577.9 million at November 30, 2012, August 31, 2012 and November 30, 2011, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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