Inventories



	May 31, 2016		August 31, 2015
	(Dollars in thousands)
Grain and oilseed	$	1,283,697	$	966,923
Energy	714,610		785,116
Crop nutrients	194,023		369,105
Feed and farm supplies	557,813		465,744
Processed grain and oilseed	99,655		48,078
Other	24,211		17,378
Total inventories	$	2,874,009	$	2,652,344

As of May 31, 2016, we valued approximately 17% of inventories, primarily related to our Energy segment, using the lower of cost, determined on the LIFO method, or market (18% as of August 31, 2015). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $69.2 million and $68.1 million at May 31, 2016, and August 31, 2015, respectively. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs, and are subject to the final year-end LIFO inventory valuation. During the first two quarters of fiscal 2016, we recorded lower of cost or market valuation adjustments of $80.2 million to cost of goods sold to reduce the carrying value of our energy inventory. During the third quarter of fiscal 2016, market prices for energy products increased and we recorded a recovery of the full $80.2 million valuation reserve, recognizing a benefit to cost of goods sold.