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Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2022

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 Fair Value				Liability Derivatives Fair Value
	April 30, 2022		January 31, 2022		April 30, 2022		January 31, 2022

Commodity futures (1)	$	-	$	-	$	4,066	$	933
Forward purchase contracts (2)		4,432		993		-		-
Total	$	4,432	$	993	$	4,066	$	933

(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts include short/sell positions for approximately 11.8 million bushels and 7.4 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Commodity futures assets, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.

(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 20.3 million bushels and 19.2 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Forward contract liabilities, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Accrued expenses and other current liabilities” on the accompanying Consolidate Condensed Balance Sheets.