Inventories are carried at the lower of average cost or net realizable value, except fair-value hedged inventories. Raw materials and finished goods inventories are valued under the first in, first out (FIFO) or weighted average cost method at the lower of average cost or net realizable value. There was a $4.2 million and $2.6 million lower of average cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of March 31, 2024 and December 31, 2023, respectively.


	March 31, 2024		December 31, 2023
Finished goods	$	70,408	$	73,975
Commodities held for sale	25,186		45,898
Raw materials	32,950		32,820
Work-in-process	13,169		14,454
Supplies and parts	49,436		48,663
	$	191,149	$	215,810