Inventories

6 Months Ended

Jun. 30, 2025

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, 2025		December 31, 2024		June 30, 2024
Grain and other agricultural products (a)	$	500,748	$	951,283	$	452,314
Energy inventories (a)	10,807		17,381		14,085
Ethanol and co-products (a)	112,232		109,528		108,407
Nutrients and cob products	148,081		208,619		111,734
Total inventories	$	771,868	$	1,286,811	$	686,540

(a) Includes RMI of $496.6 million, $944.5 million, and $455.8 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively.