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Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

May 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements

			May 31, 2021
									Amounts Not Offset on Condensed Consolidated Balance Sheet But Eligible for Offsetting
			Gross Amount Recognized						Cash Collateral						Derivative Instruments						Net Amount
			(Dollars in thousands)
Derivative Assets
Commodity derivatives			$	843,728					$	—					$	8,226					$	835,502
Foreign exchange derivatives			29,332						—						7,386						21,946
Embedded derivative asset			16,173						—						—						16,173
Total			$	889,233					$	—					$	15,612					$	873,621
Derivative Liabilities
Commodity derivatives			$	585,658					$	2,809					$	8,226					$	574,623
Foreign exchange derivatives			9,907						—						7,386						2,521
Total			$	595,565					$	2,809					$	15,612					$	577,144

			August 31, 2020
									Amounts Not Offset on Condensed Consolidated Balance Sheet But Eligible for Offsetting
			Gross Amount Recognized						Cash Collateral						Derivative Instruments						Net Amount
			(Dollars in thousands)
Derivative Assets
Commodity derivatives			$	327,493					$	—					$	2,980					$	324,513
Foreign exchange derivatives			11,809						—						9,385						2,424
Embedded derivative asset			18,998						—						—						18,998
Total			$	358,300					$	—					$	12,365					$	345,935
Derivative Liabilities
Commodity derivatives			$	343,343					$	956					$	5,578					$	336,809
Foreign exchange derivatives			69,466						—						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 and nine months ended May 31, 2021 and 2020.

									Three Months Ended May 31,												Nine Months Ended May 31,
			Location of Gain (Loss)						2021						2020						2021						2020
									(Dollars in thousands)
Commodity derivatives			Cost of goods sold						$	(552,985)					$	85,259					$	(945,631)					$	228,201
Foreign exchange derivatives			Cost of goods sold						35,567						(129,699)						27,327						(177,008)
Foreign exchange derivatives			Marketing, general and administrative expenses						838						(2,553)						1,011						(615)
Embedded derivative			Other income						308						355						2,174						2,272
Total									$	(516,272)					$	(46,638)					$	(915,119)					$	52,850

Schedule of Derivative Instruments, Purchase and Sales Contracts

all outstanding commodity contracts.

			May 31, 2021												August 31, 2020
			Long						Short						Long						Short
			(Units in thousands)
Grain and oilseed (bushels)			808,152						1,008,593						664,673						892,303
Energy products (barrels)			10,346						9,211						10,028						6,570
Processed grain and oilseed (tons)			579						2,468						657						3,304
Crop nutrients (tons)			36						32						74						127
Ocean freight (metric tons)			225						—						1,140						95

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 Assets																		Derivative Liabilities
Balance Sheet Location						May 31, 2021						August 31, 2020						Balance Sheet Location						May 31, 2021						August 31, 2020
						(Dollars in thousands)																		(Dollars in thousands)
Other current assets						$	11,243					$	34,052					Other current liabilities						$	6,761					$	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 and nine months ended May 31, 2021 and 2020:

						Three Months Ended May 31,												Nine Months Ended May 31,
						2021						2020						2021						2020
						(Dollars in thousands)
Commodity derivatives						$	(7,590)					$	11,081					$	(7,700)					$	(4,153)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the pretax gains relating to our existing cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three and nine months ended May 31, 2021 and 2020:

									Three Months Ended May 31,												Nine Months Ended May 31,
			Location of Gain						2021						2020						2021						2020
									(Dollars in thousands)
Commodity derivatives			Cost of goods sold						$	2,329					$	884					$	19,084					$	7,862

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