Inventories

6 Months Ended

Feb. 28, 2026


	February 28, 2026		August 31, 2025
	(Dollars in thousands)
Grain and oilseed	$	1,790,114	$	957,894
Energy	738,164		694,655
Agronomy	1,888,789		1,202,326
Processed grain and oilseed	128,738		134,498
Other	340,933		280,977
Total inventories	$	4,886,738	$	3,270,350

As of February 28, 2026, and August 31, 2025, we valued approximately 14% and 18%, respectively, 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 $348.1 million and $361.1 million as of February 28, 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.