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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Jan. 31, 2025
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 and the line items on the Consolidated Balance Sheets in which the fair values are reflected (in thousands):

 

   Asset Derivatives
Fair Value at January 31,		   Liability Derivatives
Fair Value at January 31,		 
   2025   2024   2025   2024 
                     
Forward purchase contracts (1)  $1,253   $579   $378   $802 
                     
Cash collateral balance (3)  $2,523   $2,152    
-
    
-
 
Commodity futures (2)   (1,291)    (297)    
-
    
-
 
Net position with broker  $1,232   $1,855    
-
    
-
 
                     
Total  $2,485   $2,434   $378   $802 

 

(1)Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 16.8 million and 9.3 million bushels of corn at January 31, 2025 and 2024, respectively.

 

Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 7.6 million and 8.2 million bushels of corn at January 31, 2025 and 2024, respectively.

 

(2)Commodity futures assets and liabilities are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 6.3 million and 575,000 bushels of corn, respectively at January 31, 2025. These contracts also included short/sell positions for approximately 4.2 million gallons of ethanol at January 31, 2025. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024.

 

(3)As of January 31, 2025, and 2024, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. Depending on the amount of unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of January 31, 2025 and 2024, the Company was required to maintain collateral with the counterparty in the amount of approximately $2,523,000 and $2,152,000, respectively, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.
Schedule of Derivative Instruments [Table Text Block]

The following table provides information about gains (losses) recognized in income on the Company’s derivative financial instruments and the line items on the accompanying Consolidated Statements of Operations in which the fair values are reflected for the years ended January 31, 2025, 2024 and 2023 (amounts in thousands):

 

   Year Ended January 31, 
   2025   2024   2023 
                
Net sales  $424   $(37)   $(1,024) 
                
Cost of sales  $(2,739)   $15,023   $(12,714)