24 unchanged sentences
Our ethanol sales are
−Removed: priced using contracts that are either based on a fixed price or an indexed price tied to a specific market, such as Chicago Ethanol (Platts)
−Removed: or the Oil Price Information Service.
−Removed: Under these fixed-priced arrangements, we are exposed to risk of a decrease in the market price
−Removed: of ethanol between the time the price is fixed and the time the alcohol is sold.
+Added: priced using contracts that are either based on a fixed price or an indexed price tied to a specific market, such as Chicago Ethanol
+Added: (Platts) or the Oil Price Information Service.
+Added: Under these fixed-priced arrangements, we are exposed to risk of a decrease in the market
+Added: price of ethanol between the time the price is fixed and the time the alcohol is sold.
We satisfy our physical corn
1 unchanged sentence
we determine the purchase price of our corn at or near the time we begin to grind.
−Removed: Additionally, we also enter into volume contracts with
−Removed: our vendors to fix the purchase price.
+Added: Additionally, we also enter into volume contracts
+Added: with our vendors to fix the purchase price.
As such, we are also subject to market risk with respect to the price of corn.
−Removed: The price of corn
−Removed: is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies
−Removed: with respect to agriculture and international trade and global supply and demand.
−Removed: Under the fixed price arrangements, we assume the risk
−Removed: of a decrease in the market price of corn between the time the price is fixed and the time the corn is utilized.
+Added: of corn is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental
+Added: policies with respect to agriculture and international trade and global supply and demand.
+Added: Under the fixed price arrangements, we assume
+Added: the risk of a decrease in the market price of corn between the time the price is fixed and the time the corn is utilized.
Essential ingredients are sensitive
2 unchanged sentences
As noted above, we may attempt
−Removed: to reduce the market risk associated with fluctuations in the price of ethanol or corn by employing a variety of risk management and hedging
−Removed: Strategies include the use of derivative financial instruments such as futures and options executed on the Chicago Mercantile
−Removed: Exchange or the New York Mercantile Exchange, as well as the daily management of physical corn.
+Added: to reduce the market risk associated with fluctuations in the price of ethanol or corn by employing a variety of risk management and
+Added: hedging strategies.
+Added: Strategies include the use of derivative financial instruments such as futures and options executed on the Chicago
+Added: Mercantile Exchange or the New York Mercantile Exchange, as well as the daily management of physical corn.
These derivatives are not designated for special
1 unchanged sentence
immediately in cost of goods sold.
−Removed: We recognized net gains of $3.3 million and net losses of $1.8 million related to the changes in the
−Removed: fair values of these contracts for the three months ended March 31, 2025 and 2024, respectively.
+Added: We recognized net gains of $4.4 million and $11.6 million related to the changes in the fair values
+Added: of these contracts for the six months ended June 30, 2025 and 2024, respectively.
We prepared a sensitivity analysis
−Removed: as of March 31, 2025 to estimate our exposure to ethanol and corn.
+Added: as of June 30, 2025 to estimate our exposure to ethanol and corn.
Market risk related to these factors was estimated as the potential
2 unchanged sentences
The results of
−Removed: this analysis for the three months ended March 31, 2025, which may differ materially from actual results, are as follows (in millions):
+Added: this analysis for the six months ended June 30, 2025, which may differ materially from actual results, are as follows (in millions):
Unit of Measure
−Removed: Adverse Change to
Pre-Tax Income
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.