INVENTORIES

3 Months Ended

Mar. 31, 2020

Inventories by segment are presented below. Readily marketable inventories (“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. The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.



(US$ in millions)	March 31, 2020		December 31, 2019
Agribusiness ⁽¹⁾	$	4,411	$	4,002
Edible Oil Products ⁽²⁾	735		770
Milling Products	209		194
Sugar and Bioenergy ⁽³⁾	7		6
Fertilizer	89		66
Total	$	5,451	$	5,038


(1)	Includes RMI of $4,170 million and $3,796 million at March 31, 2020 and December 31, 2019, respectively. Of these amounts, $3,083 million and $2,589 million can be attributable to merchandising activities at March 31, 2020 and December 31, 2019, respectively.


(2)	Includes RMI of $103 million and $133 million at March 31, 2020 and December 31, 2019, respectively.

(3)

Includes RMI of $6 million and $5 million at March 31, 2020 and December 31, 2019, respectively.