| Inventories |
Inventories | | | | | | | | | | | | | May 31,
2021 | | August 31,
2020 | | (Dollars in thousands) | | Grain and oilseed | $ | 1,689,408 | | | $ | 1,064,079 | | | Energy | 758,765 | | | 696,858 | | | Agronomy | 836,974 | | | 822,535 | | | Processed grain and oilseed | 187,132 | | | 126,022 | | | Other | 41,592 | | | 32,644 | | Total inventories | $ | 3,513,871 | | | $ | 2,742,138 | |
As of May 31, 2021, and August 31, 2020, we valued approximately 15% and 16%, respectively, of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the LIFO method, or net realizable value. If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $313.3 million and $93.5 million as of May 31, 2021, and August 31, 2020, 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.
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