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Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2023

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 Balance Sheets in which the fair values are reflected (in thousands):

	Asset Derivatives Fair Value						Liability Derivatives Fair Value
	October 31, 2023			January 31, 2023			October 31, 2023			January 31, 2023

Commodity futures (1)		$	172		$	80		$	7		$	67
Forward purchase contracts (2)			-			105			1,405			355
Total		$	172		$	185		$	1,412		$	422

(1) Commodity futures assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts include short/sell positions and long/buy positions for approximately 0.5 million bushels and 4.7 million bushels of corn, respectively, at October 31, 2023. These contracts included short/sell positions and long/buy positions for approximately 3.2 million bushels and 725,000 bushels of corn, respectively, at January 31, 2023. Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts include short/sell positions and long/buy positions for approximately 45,000 bushels and 1.3 million bushels of corn, respectively, at October 31, 2023.These contracts included short/sell positions for approximately 1.4 million bushels of corn at January 31, 2023.

(2) Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 5.2 million bushels of corn at January 31, 2023. Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts were for purchases of approximately 13.8 million bushels and 12.8 million bushels of corn at October 31, 2023 and January 31, 2023, respectively.