Inventories

6 Months Ended

Jun. 30, 2024

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, 2024		December 31, 2023		June 30, 2023
Grain and other agricultural products (a)	$	452,314	$	886,725	$	707,980
Energy inventories (a)	14,085		21,705		19,564
Ethanol and co-products (a)	108,407		104,349		142,978
Plant nutrients and cob products	111,734		153,921		120,267
Total inventories	$	686,540	$	1,166,700	$	990,789

(a) Includes RMI of $455.8 million, $862.5 million, and $691.7 million at June 30, 2024, December 31, 2023, and June 30, 2023, respectively.