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Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2021

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
	April 30, 2021		January 31, 2021		April 30, 2021		January 31, 2021

Commodity futures (1)	$	-	$	-	$	1,825	$	1,794
Forward purchase contracts (2)		4,480		2,144		-		-
Total	$	4,480	$	2,144	$	1,825	$	1,794

(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.6 million bushels of corn at April 30, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021.

(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 9.5 million bushels of corn at April 30, 2021 and 6.4 million bushels of corn at January 31, 2021.