Inventories

6 Months Ended

Jun. 30, 2023

Inventory, Net [Abstract]

Inventories

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 market information, 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)	June 30, 2023		December 31, 2022		June 30, 2022
Grain and other agricultural products (a)	$	707,980	$	1,326,531	$	1,241,933
Energy inventories (a)	19,564		21,084		19,483
Ethanol and co-products (a)	142,978		156,341		179,175
Plant nutrients and cob products	120,267		227,769		177,735
Total inventories	$	990,789	$	1,731,725	$	1,618,326

(a) Includes RMI of $691.7 million, $1,308.8 million and $1,214.4 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively.