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Inventories

12 Months Ended

Aug. 31, 2012

Inventories as of August 31, 2012 and 2011 are as follows:



	2012		2011
	(Dollars in thousands)
Grain and oilseed	$	1,625,865	$	1,232,818
Energy	701,348		732,609
Crop nutrients	401,655		389,741
Feed and farm supplies	384,178		346,572
Processed grain and oilseed	76,892		55,231
Other	14,034		11,453
	$	3,203,972	$	2,768,424

As of August 31, 2012, the Company valued approximately 11% of inventories, primarily crude oil and refined fuels within the Energy segment, using the lower of cost, determined on the LIFO method, or market (12% as of August 31, 2011). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $566.6 million and $551.0 million at August 31, 2012 and 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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