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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Aug. 31, 2012

Accounting Policies [Abstract]

Purchase and Sales Contracts

As of August 31, 2012 and 2011, the Company had the following outstanding purchase and sales contracts:

	2012				2011
	Purchase Contracts		Sales Contracts		Purchase Contracts		Sales Contracts
	(Units in thousands)
Grain and oilseed - bushels	722,895		1,074,535		667,409		796,332
Energy products - barrels	9,047		19,561		9,915		14,020
Soy products - tons	15		215		18		269
Crop nutrients - tons	600		725		1,177		1,420
Ocean and barge freight - metric tons	1,018		183		983		93

Schedule of Derivative Assets and Liabilities Not Designated as Hedging Instruments

As of August 31, 2012 and 2011, the gross fair values of the Company’s derivative assets and liabilities not designated as hedging instruments were as follows:

	2012				2011
	(Dollars in thousands)
Derivative Assets:
Commodity and freight derivatives	$	1,070,800			$	882,445
Foreign exchange derivatives	978				1,508
	$	1,071,778			$	883,953
Derivative Liabilities:
Commodity and freight derivatives	$	727,946			$	730,170
Foreign exchange derivatives	2,388
Interest rate derivatives	544				750
	$	730,878			$	730,920

Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Operations

The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in the Company’s Consolidated Statements of Operations during fiscal 2012 and 2011.

	Location of Gain (Loss)		2012				2011
			(Dollars in thousands)
Commodity and freight derivatives	Cost of goods sold		$	311,167			$	186,265
Foreign exchange derivatives	Cost of goods sold		(5,219		)		3,363
Interest rate derivatives	Interest, net		206				522
			$	306,154			$	190,150

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Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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