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Inventories

3 Months Ended

Nov. 30, 2011

Note 3. Inventories


	November 30, 2011		August 31, 2011		November 30, 2010
Grain and oilseed	$	1,375,456	$	1,232,818	$	1,448,876
Energy		799,061		732,609		637,702
Crop nutrients		395,551		389,741		164,279
Feed and farm supplies		384,804		346,572		281,388
Processed grain and oilseed		47,492		55,231		61,979
Other		10,978		11,453		9,796

	$	3,013,342	$	2,768,424	$	2,604,020

At November 30, 2011, we valued approximately 13% of inventories, primarily related to energy, using the lower of cost, determined on the last in first out (LIFO) method, or market (12% and 13% as of August 31, 2011 and November 30, 2010, respectively). If the first in first out (FIFO) method of accounting had been used, inventories would have been higher than the reported amount by $577.9 million, $551.0 million and $409.6 million at November 30, 2011, August 31, 2011 and November 30, 2010, 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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