5. INVENTORIES

Inventories by segment are presented below. Readily marketable inventory (“RMI”) are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn and wheat, carried at fair value because of their commodity characteristics, widely available markets and international pricing mechanisms. All other inventories are carried at lower of cost and net realizable value.

	March 31,		December 31,
(US$ in millions)	2017		2016
Agribusiness (1)	$	4,138	$	3,741
Edible Oil Products (2)	432		404
Milling Products	190		167
Sugar and Bioenergy (3)	354		406
Fertilizer	74		55

Total	$	5,188	$	4,773

(1)

Includes RMI of $3,979 million and $3,593 million at March 31, 2017 and December 31, 2016, respectively. Of these amounts $2,990 million and $2,523 million can be attributable to merchandising activities at March 31, 2017 and December 31, 2016, respectively.

(2)

Includes RMI of bulk soybean and canola oil in the aggregate amount of $108 million and $123 million at March 31, 2017 and December 31, 2016, respectively.

(3)

Includes sugar RMI, which can be attributable to Bunge’s trading and merchandising business of $50 million and $139 million at March 31, 2017 and December 31, 2016, respectively.