Fair Value Measurements and Derivative Instruments (Tables)

12 Months Ended

Aug. 31, 2012

Fair Values of Company's Derivatives

Presented below are the fair values of the Company’s derivatives as of August 31, 2012 and 2011:

As of August 31, 2012	(Level 1)			(Level 2)		(Level 3)		Total
	(in thousands)
Current assets (Other Current Assets):
Commodity derivatives (1)	$	(1,422	)	$	—	$	—	$	(1,422	)

(1) On the consolidated balance sheets, commodity derivative assets and liabilities have been offset by cash collateral due and paid under master netting arrangements which are recorded together in Other Current Assets. The cash collateral offset was $2.6 million at August 31, 2012.

As of August 31, 2011	(Level 1)			(Level 2)		(Level 3)		Total
	(in thousands)
Current assets (Other Current Assets):
Commodity derivatives (1)	$	(3,153	)	$	—	$	—	$	(3,153	)

(1) On the consolidated balance sheets, commodity derivative assets and liabilities have been offset by cash collateral due and paid under master netting arrangements which are recorded together in Other Current Assets. The cash collateral offset was $5.1 million at August 31, 2011.

Outstanding Futures Contracts

As of August 31, 2012, the Company had the following outstanding futures contracts:

Corn Futures	3,050,000	Bushels
Ethanol Swaps	3,625,000	Gallons