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Inventories

3 Months Ended

Nov. 30, 2013



	November 30, 2013		August 31, 2013		November 30, 2012
	(Dollars in thousands)
Grain and oilseed	$	1,539,062	$	1,133,555	$	2,089,348
Energy	717,389		742,194		668,990
Crop nutrients	261,069		293,370		331,666
Feed and farm supplies	435,168		407,023		440,050
Processed grain and oilseed	65,946		79,706		100,059
Other	12,155		8,887		11,631
	$	3,030,789	$	2,664,735	$	3,641,744

As of November 30, 2013, we valued approximately 12% of inventories, primarily related to Energy, using the lower of cost, determined on the LIFO method, or market (16% and 10% as of August 31, 2013 and November 30, 2012, respectively). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $498.9 million, $652.6 million and $518.5 million at November 30, 2013, August 31, 2013 and November 30, 2012, 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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