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Inventories

3 Months Ended

Mar. 31, 2015

Major classes of inventories are as follows:



(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Grain	$	470,216	$	570,916	$	488,492
Ethanol and by-products	9,940		13,154		17,658
Plant nutrients and cob products	229,551		181,136		188,362
Retail merchandise	27,311		23,810		26,205
Railcar repair parts	6,739		6,431		4,661
Other	200		208		206
	$	743,957	$	795,655	$	725,584

Inventories on the Condensed Consolidated Balance Sheets at March 31, 2015, December 31, 2014 and March 31, 2014 do not include 1.8 million, 3.1 million and 5.6 million bushels of grain, respectively, held in storage for others. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future.

- 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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