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 RecognizedCash CollateralDerivative InstrumentsNet Amount
(Dollars in thousands)
Derivative Assets
Commodity derivatives$843,728 $— $8,226 $835,502 
Foreign exchange derivatives29,332 — 7,386 21,946 
Embedded derivative asset16,173 — — 16,173 
Total$889,233 $— $15,612 $873,621 
Derivative Liabilities
Commodity derivatives$585,658 $2,809 $8,226 $574,623 
Foreign exchange derivatives9,907 — 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 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 $396,890 
Derivatives Not Designated as Hedging Instruments The majority of our derivative instruments have not been designated as hedging instruments. The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Condensed Consolidated Statements of Operations for the three and nine months ended May 31, 2021 and 2020.
Three Months Ended May 31,Nine Months Ended May 31,
Location of Gain (Loss)2021202020212020
(Dollars in thousands)
Commodity derivativesCost of goods sold$(552,985)$85,259 $(945,631)$228,201 
Foreign exchange derivativesCost of goods sold35,567 (129,699)27,327 (177,008)
Foreign exchange derivativesMarketing, general and administrative expenses838 (2,553)1,011 (615)
Embedded derivativeOther income308 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, 2021August 31, 2020
LongShortLongShort
 (Units in thousands)
Grain and oilseed (bushels)808,152 1,008,593 664,673892,303
Energy products (barrels)10,346 9,211 10,0286,570
Processed grain and oilseed (tons)579 2,468 6573,304
Crop nutrients (tons)36 32 74127
Ocean freight (metric tons)225 — 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 LocationMay 31,
2021		August 31,
2020		Balance Sheet LocationMay 31,
2021		August 31,
2020
(Dollars in thousands)(Dollars in thousands)
Other current assets$11,243 $34,052 Other current liabilities$6,761 $8,821 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three and nine months ended May 31, 2021 and 2020:
Three Months Ended May 31,Nine Months Ended May 31,
2021202020212020
 (Dollars in thousands)
Commodity derivatives$(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 Gain2021202020212020
  (Dollars in thousands)
Commodity derivativesCost of goods sold$2,329 $884 $19,084 $7,862