Inventories

Major classes of inventories are as follows:



(in thousands)	June 30, 2017		December 31, 2016		June 30, 2016
Grain	$	373,863	$	495,139	$	348,757
Ethanol and co-products	14,041		10,887		15,298
Plant nutrients and cob products	69,365		150,259		91,227
Retail merchandise	906		20,678		25,161
Railcar repair parts	5,030		5,784		5,793
	$	463,205	$	682,747	$	486,236

Inventories on the Condensed Consolidated Balance Sheets at June 30, 2017, December 31, 2016 and June 30, 2016 do not include 0.8 million, 0.9 million and 4.0 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.