6. INVENTORIES

Inventories by segment are presented below. Readily marketable inventories refers to inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms.

	June 30,		December 31,
(US$ in millions)	2013		2012
Agribusiness (1)	$	5,016	$	5,240
Sugar and Bioenergy (2)	540		488
Edible Oil Products (3)	524		617
Milling Products (4)	227		184
Fertilizer (4) (5)	84		61
Total	$	6,391	$	6,590

(1) Includes readily marketable agricultural commodity inventories at fair value of $4,630 million and $4,892 million at June 30, 2013 and December 31, 2012, respectively. Of these amounts $3,697 million and $3,442 million can be attributable to merchandising activities at June 30, 2013 and December 31, 2012, respectively. All other agribusiness segment inventories are carried at lower of cost or market.

(2) Includes readily marketable sugar inventories of $226 million and $199 million at June 30, 2013 and December 31, 2012, respectively. Of these, $152 million and $144 million, respectively, are carried at fair value, in Bunge’s trading and merchandising business. Sugar and ethanol inventories in Bunge’s industrial production business are carried at lower of cost or market.

(3) Edible oil products inventories are generally carried at lower of cost or market, with the exception of readily marketable inventories of bulk soybean oil which are carried at fair value in the aggregate amount of $52 million and $215 million at June 30, 2013 and December 31, 2012, respectively.

(4) Milling products and fertilizer inventories are carried at lower of cost or market.

(5) Fertilizer inventories exclude amounts classified as held for sale (see Note 4).