Page 101 - New8814 GP 2011_AR-fnl

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F-21
The table below summarizes the volumes of open commodity derivative positions as of December 31, 2011 (in
thousands):
Exchange Traded
Net Long &
(Short) (1)
Long (2)
(Short) (2)
Unit of
Measure
Commodity
Futures
(19,416)
Bushels
Corn, Soybeans and Wheat
Futures
35
(3)
Bushels
Corn
Futures
9,336
Gallons
Ethanol
Futures
(34,566)
(3)
Gallons
Ethanol
Options
(216)
Bushels
Corn
Options
(2,611)
Gallons
Ethanol
Options
(8,340)
(4)
Pounds
Soybean Oil
Forwards
12,274
(7,236)
Bushels
Corn, Soybeans, Wheat and Milo
Forwards
11,780
(257,128)
Gallons
Ethanol
Forwards
4
(104)
Tons
Distillers Grains
(3) Futures used for cash flow hedges.
(4) Soybean oil opt ions are used to hedge corn oil.
December 31, 2011
Derivative
Instruments
Non-Exchange Traded
(1) Exchange t raded futures and opt ions are presented on a net long and (short ) posit ion basis. Opt ions are presented on a delta-
adjusted basis.
(2) Non-exchange t raded forwards are presented on a gross long and (short ) posit ion basis.
Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements o f
operations. Revenues and cost of goods sold under such contracts are summarized in the table below for the periods indicated
(in thousands).
Revenue
$ 133,619
$ 30,252
$ 122,018
Cost of goods sold $ 132,234
$ 30,283
$ 117,247
2009
Year EndedDecember 31,
2011
2010