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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 03/31/2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to  .             
Commission file number 000-20557
 
ande-20210331_g1.jpg
THE ANDERSONS, INC.
(Exact name of the registrant as specified in its charter)
 
Ohio34-1562374
(State of incorporation or organization)(I.R.S. Employer Identification No.)
1947 Briarfield Boulevard
MaumeeOhio43537
(Address of principal executive offices)(Zip Code)

(419) 893-5050
(Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol Name of each exchange on which registered:
Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filerý
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes     No  ý

The registrant had 33,231,852 common shares outstanding at April 23, 2021.


Table of Contents
THE ANDERSONS, INC.
INDEX
 
 Page No.
PART I. FINANCIAL INFORMATION
PART II. OTHER INFORMATION

2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements

The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)(In thousands)
March 31,
2021
December 31,
2020
March 31,
2020
Assets
Current assets:
Cash and cash equivalents$35,393 $29,123 $19,693 
Accounts receivable, net699,725 659,834 539,671 
Inventories (Note 2)
1,295,061 1,300,693 1,028,076 
Commodity derivative assets – current (Note 5)
317,939 320,706 149,070 
Other current assets88,771 106,053 85,372 
Total current assets2,436,889 2,416,409 1,821,882 
Other assets:
Goodwill135,709 135,709 135,360 
Other intangible assets, net135,611 142,940 167,398 
Right of use assets, net55,802 56,031 62,182 
Other assets, net63,858 49,907 47,215 
Total other assets390,980 384,587 412,155 
Rail assets leased to others, net (Note 3)
580,599 591,946 597,069 
Property, plant and equipment, net (Note 3)
858,269 879,179 921,585 
Total assets$4,266,737 $4,272,121 $3,752,691 
Liabilities and equity
Current liabilities:
Short-term debt (Note 4)
$915,205 $403,703 $392,450 
Trade and other payables538,691 957,683 553,416 
Customer prepayments and deferred revenue163,935 180,160 121,148 
Commodity derivative liabilities – current (Note 5)
91,448 146,990 90,491 
Current maturities of long-term debt (Note 4)
49,937 75,475 80,758 
Accrued expenses and other current liabilities158,900 167,671 147,225 
Total current liabilities1,918,116 1,931,682 1,385,488 
Long-term lease liabilities37,246 37,177 43,308 
Long-term debt, less current maturities (Note 4)
906,720 916,540 987,526 
Deferred income taxes173,481 170,147 156,804 
Other long-term liabilities48,623 55,915 65,703 
Total liabilities3,084,186 3,111,461 2,638,829 
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized; 33,786, 33,599 and 33,550 shares issued at 3/31/2021, 12/31/2020 and 3/31/2020, respectively)
140 138 137 
Preferred shares, without par value (1,000 shares authorized; none issued)
   
Additional paid-in-capital355,961 348,714 341,382 
Treasury shares, at cost (123, 45 and 21 shares at 3/31/2021, 12/31/2020 and 3/31/2020, respectively)
(2,872)(966)(652)
Accumulated other comprehensive loss(1,214)(12,076)(27,649)
Retained earnings631,652 626,081 599,039 
Total shareholders’ equity of The Andersons, Inc.983,667 961,891 912,257 
Noncontrolling interests198,884 198,769 201,605 
Total equity1,182,551 1,160,660 1,113,862 
Total liabilities and equity$4,266,737 $4,272,121 $3,752,691 
See Notes to Condensed Consolidated Financial Statements
3

Table of Contents
The Andersons, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)(In thousands, except per share data)
 
 Three months ended March 31,
 20212020
Sales and merchandising revenues (Note 6)
$2,635,729 $1,853,105 
Cost of sales and merchandising revenues2,513,017 1,789,975 
Gross profit122,712 63,130 
Operating, administrative and general expenses99,872 105,060 
Interest expense, net13,169 15,587 
Other income, net:
Equity in earnings of affiliates, net1,794 129 
Other income, net7,542 4,813 
Income (loss) before income taxes19,007 (52,575)
Income tax provision (benefit)5,745 (1,464)
Net income (loss)13,262 (51,111)
Net loss attributable to the noncontrolling interests(1,845)(13,449)
Net income (loss) attributable to The Andersons, Inc.$15,107 $(37,662)
Per common share:
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders (Note 9)
$0.46 $(1.15)
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders (Note 9)
$0.45 $(1.15)
See Notes to Condensed Consolidated Financial Statements

4

Table of Contents
The Andersons, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)(In thousands)
 
 Three months ended March 31,
 20212020
Net income (loss)$13,262 $(51,111)
Other comprehensive income (loss), net of tax:
Change in unrecognized actuarial loss and prior service cost(103)(116)
Foreign currency translation adjustments1,224 (6,639)
Cash flow hedge activity9,741 (13,663)
Other comprehensive income (loss)10,862 (20,418)
Comprehensive income (loss)24,124 (71,529)
Comprehensive loss attributable to the noncontrolling interests(1,845)(13,449)
Comprehensive income (loss) attributable to The Andersons, Inc.$25,969 $(58,080)
See Notes to Condensed Consolidated Financial Statements

5

Table of Contents
The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)(In thousands)
 Three months ended March 31,
 20212020
Operating Activities
Net income (loss)$13,262 $(51,111)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization47,504 46,898 
Bad debt (recovery) expense, net(1,686)4,310 
Equity in earnings of affiliates, net of dividends(1,794)(129)
Gain on sales of Rail assets and related leases, net(2,635)(645)
Stock-based compensation expense1,990 2,880 
Deferred federal income tax(2)16,474 
Inventory write down2,479 10,571 
Other2,100 4,001 
Changes in operating assets and liabilities:
Accounts receivable(33,476)(11,737)
Inventories5,007 122,323 
Commodity derivatives(53,295)1,231 
Other assets16,740 (10,887)
Payables and other accrued expenses(441,921)(362,609)
Net cash used in operating activities(445,727)(228,430)
Investing Activities
Purchases of Rail assets(2,611)(13,270)
Proceeds from sale of Rail assets5,383 2,405 
Purchases of property, plant and equipment and capitalized software(16,919)(19,307)
Proceeds from sale of assets385 36 
Purchase of investments(2,800)(280)
Other832  
Net cash used in investing activities(15,730)(30,416)
Financing Activities
Net change in short-term borrowings510,160 251,712 
Proceeds from issuance of long-term debt89,700 90,736 
Payments of long-term debt(125,884)(104,913)
Contributions from noncontrolling interest owner1,960 3,307 
Distributions to noncontrolling interest owner (10,298)
Payments of debt issuance costs(1,225)(250)
Dividends paid(5,839)(5,723)
Other(1,110)(994)
Net cash provided by financing activities467,762 223,577 
Effect of exchange rates on cash and cash equivalents(35)67 
Increase (decrease) in cash and cash equivalents6,270 (35,202)
Cash and cash equivalents at beginning of period29,123 54,895 
Cash and cash equivalents at end of period$35,393 $19,693 
See Notes to Condensed Consolidated Financial Statements
6

Table of Contents
    The Andersons, Inc.
Condensed Consolidated Statements of Equity
(Unaudited)(In thousands, except per share data)
Three Months Ended
 Common
Shares
Additional
Paid-in
Capital
Treasury
Shares
Accumulated
Other
Comprehensive Income
(Loss)
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2019
$137 $345,359 $(7,342)$(7,231)$642,687 $222,045 $1,195,655 
Net income (loss)(37,662)(13,449)(51,111)
Other comprehensive loss(20,974)(20,974)
Amounts reclassified from accumulated other comprehensive income (loss)556 556 
Contributions from noncontrolling interests3,307 3,307 
Distributions to noncontrolling interests(10,298)(10,298)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (181 shares)
(3,977)6,452 2,475 
Dividends declared ($0.175 per common share)
(5,748)(5,748)
Restricted share award dividend equivalents238 (238) 
Balance at March 31, 2020
$137 $341,382 $(652)$(27,649)$599,039 $201,605 $1,113,862 
Balance at December 31, 2020
$138 $348,714 $(966)$(12,076)$626,081 $198,769 $1,160,660 
Net income (loss)15,107 (1,845)13,262 
Other comprehensive income9,418 9,418 
Amounts reclassified from accumulated other comprehensive income (loss)1,444 1,444 
Contributions from noncontrolling interests1,960 1,960 
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (86 shares)
2 7,247 (2,154)(3,480)1,615 
Dividends declared ($0.175 per common share)
(5,808)(5,808)
Restricted share award dividend equivalents248 (248) 
Balance at March 31, 2021
$140 $355,961 $(2,872)$(1,214)$631,652 $198,884 $1,182,551 
See Notes to Condensed Consolidated Financial Statements

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The Andersons, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)


1. Basis of Presentation and Consolidation

These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”), its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The portion of these entities that is not owned by the Company is presented as noncontrolling interests. All intercompany accounts and transactions are eliminated in consolidation.
Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting.

In the opinion of management, all adjustments consisting of normal and recurring items considered necessary for the fair presentation of the results of operations, financial position, and cash flows for the periods indicated have been made. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2020 has been included as the Company operates in several seasonal industries.
The Condensed Consolidated Balance Sheet data at December 31, 2020 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).
Recently Adopted Accounting Pronouncements

Simplified Accounting for Income Taxes

In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12. The new standard simplifies accounting for income taxes, including guidance relating to the approach for calculating income taxes in an interim period, intraperiod tax allocation, and the recognition of deferred tax liabilities among other items. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. The new standard does not have a material impact to the company’s financial statements or disclosures.


2. Inventories

Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value.
(in thousands)March 31,
2021
December 31,
2020
March 31,
2020
Grain and other agricultural products (a)$971,914 $1,025,809 $750,281 
Frac sand and propane (a)8,388 12,477 5,723 
Ethanol and co-products (a)136,234 114,895 87,706 
Plant nutrients and cob products171,101 139,885 178,028 
Railcar repair parts7,424 7,627 6,338 
Total Inventories$1,295,061 $1,300,693 $1,028,076 
(a) Includes RMI of $942.4 million, $983.2 million and $712.3 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

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Inventories do not include 1.6 million, 3.0 million and 3.9 million bushels of grain held in storage for others as of March 31, 2021, December 31, 2020 and March 31, 2020, respectively. 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.

Lower of cost or net realizable value charges were $2.5 million and $10.6 million for the three months ended March 31, 2021 and March 31, 2020, respectively. The charge in the prior year was a result of lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic.


3. Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:
(in thousands)March 31,
2021
December 31,
2020
March 31,
2020
Land$39,874 $40,222 $40,336 
Land improvements and leasehold improvements96,901 96,700 95,327 
Buildings and storage facilities388,075 387,992 381,258 
Machinery and equipment939,123 925,074 861,812 
Construction in progress16,396 19,725 41,824 
1,480,369 1,469,713 1,420,557 
Less: accumulated depreciation 622,100 590,534 498,972 
Property, plant and equipment, net$858,269 $879,179 $921,585 

Depreciation expense on property, plant and equipment was $32.0 million and $31.0 million for the three months ended March 31, 2021 and 2020, respectively.
Rail Assets
The components of Rail assets leased to others are as follows:
(in thousands)March 31,
2021
December 31,
2020
March 31,
2020
Rail assets leased to others$737,862 $750,473 $740,809 
Less: accumulated depreciation157,263 158,527 143,740 
Rail assets, net$580,599 $591,946 $597,069 

Depreciation expense on Rail assets leased to others amounted to $7.7 million for both the three months ended March 31, 2021 and 2020, respectively.


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4. Debt

Short-term and long-term debt at March 31, 2021, December 31, 2020 and March 31, 2020 consisted of the following:
(in thousands)March 31,
2021
December 31,
2020
March 31,
2020
Short-term debt – non-recourse$140,730 $93,192 $83,791 
Short-term debt – recourse774,475 310,511 308,659 
Total short-term debt$915,205 $403,703 $392,450 
Current maturities of long-term debt – non-recourse$6,062 $6,438 $5,212 
Current maturities of long-term debt – recourse43,875 69,037 75,546 
Total current maturities of long-term debt$49,937 $75,475 $80,758 
Long-term debt, less: current maturities – non-recourse$142,123 $143,406 $329,462 
Long-term debt, less: current maturities – recourse764,597 773,134 658,064 
Total long-term debt, less: current maturities$906,720 $916,540 $987,526 

On February 4, 2021, The Andersons, Inc. completed the second amendment to its credit agreement dated January 11, 2019. The amendment, which replaced an underwritten bridge loan received on January 21, 2021, provided for a short-term $250 million term note in which the entire stated principal is due on December 31, 2021. The term note bears interest at variable interest rates, which are based on LIBOR plus an applicable spread.

The total borrowing capacity of the Company's lines of credit at March 31, 2021 was $1,405.0 million of which the Company had a total of $635.8 million available for borrowing under its lines of credit. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit.

As of March 31, 2021, December 31, 2020 and March 31, 2020, the estimated fair value of long-term debt, including the current portion, was $977.8 million, $1,026.8 million and $1,113.0 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities.

The Company is in compliance with all financial covenants as of March 31, 2021.


5. Derivatives

The Company’s operating results are affected by changes to commodity prices. The Trade and Ethanol businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via regulated commodity exchanges. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year.

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Most of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company primarily accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled.

Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and commodity inventories are included in cost of sales and merchandising revenues.

Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets.

The following table presents at March 31, 2021, December 31, 2020 and March 31, 2020, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

(in thousands)March 31, 2021December 31, 2020March 31, 2020
Cash collateral paid$95,533 $208,670 $22,855 
Fair value of derivatives(76,388)(157,301)20,977 
Net derivative asset position$19,145 $51,369 $43,832 

The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:
March 31, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$357,802 $6,762 $20,752 $16 $385,332 
Commodity derivative liabilities(123,480)(925)(124,116)(1,029)(249,550)
Cash collateral paid83,617  11,916  95,533 
Balance sheet line item totals$317,939 $5,837 $(91,448)$(1,013)$231,315 

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December 31, 2020
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$304,533 $4,328 $19,386 $14 $328,261 
Commodity derivative liabilities(192,023)(348)(166,850)(243)(359,464)
Cash collateral paid208,196  474  208,670 
Balance sheet line item totals$320,706 $3,980 $(146,990)$(229)$177,467 

March 31, 2020
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$164,700 $3,240 $9,648 $142 $177,730 
Commodity derivative liabilities(38,485)(119)(100,139)(2,667)(141,410)
Cash collateral paid22,855    22,855 
Balance sheet line item totals$149,070 $3,121 $(90,491)$(2,525)$59,175 

The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three months ended March 31, 2021 and 2020 are as follows:

 Three months ended March 31,
(in thousands)20212020
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues$166,985 $30,960 


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The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2021, December 31, 2020 and March 31, 2020:
March 31, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn745,248    
Soybeans64,698    
Wheat110,930    
Oats48,066    
Ethanol 200,232   
Corn oil  43,010  
Soybean Oil  28,573  
Other4,645 1,834 440 1,859 
Subtotal973,587 202,066 72,023 1,859 
Exchange traded:
Corn262,920    
Soybeans62,020    
Wheat76,164    
Oats310    
Ethanol 96,978   
Propane 12,894   
Other 423 2,434 264 
Subtotal401,414 110,295 2,434 264 
Total1,375,001 312,361 74,457 2,123 
December 31, 2020
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn684,654    
Soybeans73,521    
Wheat109,661    
Oats27,482    
Ethanol 124,795   
Corn oil  36,015  
Soybean oil  26,510  
Other4,371 2,058 740 1,859 
Subtotal899,689 126,853 63,265 1,859 
Exchange traded:
Corn267,792    
Soybeans53,730    
Wheat80,733    
Oats1,800    
Ethanol 73,584   
Propane