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Inventories

9 Months Ended

May 31, 2012

Note 3. Inventories


	May 31, 2012		August 31, 2011		May 31, 2011
Grain and oilseed	$	1,249,067	$	1,232,818	$	1,508,130
Energy		691,424		732,609		688,387
Crop nutrients		202,194		389,741		325,226
Feed and farm supplies		405,781		346,572		440,499
Processed grain and oilseed		75,299		55,231		72,437
Other		10,969		11,453		11,058

	$	2,634,734	$	2,768,424	$	3,045,737

At May 31, 2012, we valued approximately 14% of inventories, primarily related to energy, using the lower of cost, determined on the last in first out (LIFO) method, or market (12% and 11% as of August 31, 2011 and May 31, 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 $530.9 million, $551.0 million and $605.3 million at May 31, 2012, August 31, 2011 and May 31, 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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