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Inventories

6 Months Ended

Feb. 29, 2012

Note 3. Inventories


	February 29, 2012		August 31, 2011		February 28, 2011
Grain and oilseed	$	1,339,347	$	1,232,818	$	1,673,116
Energy		838,802		732,609		605,791
Crop nutrients		423,571		389,741		381,554
Feed and farm supplies		625,979		346,572		485,656
Processed grain and oilseed		67,629		55,231		76,042
Other		10,899		11,453		10,156

	$	3,306,227	$	2,768,424	$	3,232,315

At February 29, 2012, we valued approximately 16% 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 February 28, 2011, respectively). If the first in first out (FIFO) method of accounting had been used, inventories would have been higher than the reported amount by $636.8 million, $551.0 million and $507.2 million at February 29, 2012, August 31, 2011 and February 28, 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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