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Inventories

9 Months Ended

May 31, 2026


	May 31, 2026		August 31, 2025
	(Dollars in thousands)
Grain and oilseed	$	1,169,091	$	957,894
Energy	610,409		694,655
Agronomy	1,276,757		1,202,326
Processed grain and oilseed	183,297		134,498
Other	366,717		280,977
Total inventories	$	3,606,271	$	3,270,350

As of both May 31, 2026 and August 31, 2025, we valued approximately 18% of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the last in, first out ("LIFO") method, or net realizable value. If the first in, first out ("FIFO") method of accounting had been used, inventories would have been higher than the reported amount by $618.4 million and $361.1 million as of May 31, 2026, and August 31, 2025, respectively. Actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and values and are subject to final year-end LIFO inventory valuation.