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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Nov. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements
November 30, 2020
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
Gross Amount RecognizedCash CollateralDerivative InstrumentsNet Amount
(Dollars in thousands)
Derivative Assets
Commodity derivatives$642,455 $— $2,036 $640,419 
Foreign exchange derivatives16,684 — 7,629 9,055 
Embedded derivative asset15,563 — — 15,563 
Total$674,702 $— $9,665 $665,037 
Derivative Liabilities
Commodity derivatives$519,909 $1,447 $9,890 $508,572 
Foreign exchange derivatives44,455 — 7,629 36,826 
Total$564,364 $1,447 $17,519 $545,398 
August 31, 2020
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting
Gross Amount RecognizedCash CollateralDerivative InstrumentsNet Amount
 (Dollars in thousands)
Derivative Assets
Commodity derivatives$327,493 $— $2,980 $324,513 
Foreign exchange derivatives11,809 — 9,385 2,424 
Embedded derivative asset18,998 — — 18,998 
Total$358,300 $— $12,365 $345,935 
Derivative Liabilities
Commodity derivatives$343,343 $956 $5,578 $336,809 
Foreign exchange derivatives69,466 — 9,385 60,081 
Total$412,809 $956 $14,963 $396,890 
Derivatives Not Designated as Hedging Instruments The majority of our derivative instruments have not been designated as hedging instruments. The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Condensed Consolidated Statements of Operations for the three months ended November 30, 2020 and 2019.
Three Months Ended
November 30,
Location of Gain (Loss)20202019
(Dollars in thousands)
Commodity derivativesCost of goods sold$(201,362)$42,674 
Foreign exchange derivativesCost of goods sold22,641 (10,161)
Foreign exchange derivativesMarketing, general and administrative expenses608 1,743 
Embedded derivativeOther income1,564 1,569 
Total
$(176,549)$35,825 
Schedule of Derivative Instruments, Purchase and Sales Contracts all outstanding commodity contracts.
 November 30, 2020August 31, 2020
LongShortLongShort
 (Units in thousands)
Grain and oilseed (bushels)890,158 1,270,756 664,673892,303
Energy products (barrels)5,934 8,774 10,0286,570
Processed grain and oilseed (tons)717 5,378 6573,304
Crop nutrients (tons)35 147 74127
Ocean freight (metric tons)585 — 1,14095
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the line items on our Condensed Consolidated Balance Sheets in which they are recorded.
Derivative AssetsDerivative Liabilities
Balance Sheet LocationNovember 30, 2020August 31,
2020		Balance Sheet LocationNovember 30, 2020August 31,
2020
(Dollars in thousands)(Dollars in thousands)
Other current assets$29,518 $34,052 Other current liabilities$2,313 $8,821 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three months ended November 30, 2020 and 2019:
Three Months Ended
November 30,
20202019
 (Dollars in thousands)
Commodity derivatives$1,974 $(7,103)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following table presents the pretax gains relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three months ended November 30, 2020 and 2019:
Three Months Ended
November 30,
Location of Gain20202019
  (Dollars in thousands)
Commodity derivativesCost of goods sold$12,673 $4,852