Inventories

9 Months Ended

Sep. 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)	September 30, 2023		December 31, 2022		September 30, 2022
Grain and other agricultural products (a)	$	718,290	$	1,326,531	$	1,198,790
Energy inventories (a)	18,939		21,084		25,797
Ethanol and co-products (a)	94,375		156,341		117,310
Plant nutrients and cob products	153,688		227,769		214,529
Total inventories	$	985,292	$	1,731,725	$	1,556,426

(a) Includes RMI of $708.2 million, $1,308.8 million and $1,167.0 million at September 30, 2023, December 31, 2022 and September 30, 2022, respectively.