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Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value [Table Text Block]

The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands):

	Asset Derivatives				Liability Derivatives
	Fair Value				Fair Value
	October 31, 2020		January 31, 2020		October 31, 2020		January 31, 2020

Commodity futures and swaps (1)	$	-	$	352	$	378	$	-
Forward purchase contracts (2)		351		-		-		230
Total	$	351	$	352	$	378	$	230

(1) Commodity futures and swaps assets are included in prepaid expenses and other current assets. These contracts are short/sell positions for approximately 3.7 million bushels of corn and long/buy positions for approximately 2.2 million bushels of corn at January 31, 2020. Commodity futures and swaps liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 4.6 million bushels of corn, long/buy positions for approximately 4.8 million bushels of corn and short/sell positions for approximately 4.2 million gallons of ethanol at October 31, 2020.

(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 5.4 million bushels of corn at October 31, 2020. Forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 1.6 million bushels of corn at January 31, 2020.