Southwest Iowa Renewable Energy (SWIOU) 10-Q 7 Feb 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019
Document Information [Line Items]
Capital Units, Outstanding		13,327
Entity Registrant Name	SOUTHWEST IOWA RENEWABLE ENERGY, LLC
Entity Central Index Key	0001424844
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Address, Address Line One	10868 189th Street
Entity Address, City or Town	Council Bluffs
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	51503
City Area Code	712
Local Phone Number	366-0392
Entity Tax Identification Number	20-2735046
Entity File Number	000-53041
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	IA
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Entity Emerging Growth Company	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Capital Unit, Class A [Member]
Document Information [Line Items]
Capital Units, Outstanding	8,975
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,975
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	0
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	0

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019
Current Assets
Cash and cash equivalents	$ 1,023	$ 1,075
Accounts receivable	6,878	1,431
Accounts receivable, related party	0	7,885
Derivative financial instruments	131	78
Inventory	14,918	17,167
Prepaid expenses and other	1,442	331
Total current assets	24,392	27,967
Property, Plant, and Equipment
Land	2,064	2,064
Plant, building and equipment	241,872	239,446
Office and other equipment	1,803	1,803
Total Cost	245,739	243,313
Accumulated depreciation	(134,466)	(131,864)
Net property and equipment	111,273	111,449
Operating Lease, Right-of-Use Asset	9,004	0
Other Assets
Other assets	1,447	1,447
Other Assets, Noncurrent	10,451	1,447
Total Assets	146,116	140,863
Current Liabilities
Accounts payable	10,169	4,151
Accounts payable, related parties	0	2
Derivative Instruments and Hedges, Liabilities	477	597
Accrued expenses	10,690	9,906
Accrued expenses, related parties	0	581
Accrued Put Option Liability, Related Party	0	6,037
Long-term Debt, Current Maturities	4,331	580
Operating Lease, Liability, Current	3,119	0
Total current liabilities	28,786	21,854
Long Term Liabilities
Long-term Debt, Excluding Current Maturities	36,898	25,832
Other long-term liabilities	4,448	3,872
Operating Lease, Liability, Noncurrent	5,885	0
Total long term liabilities	47,231	29,704
Members' Equity
Members' capital, 13,139 Units issued and outstanding	64,106	87,165
Accumulated profit (deficit)	5,993	2,140
Total members' equity	70,099	89,305
Total Liabilities and Members' Equity	$ 146,116	$ 140,863

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical)	Sep. 30, 2019shares
Statement of Financial Position [Abstract]
Members' capital, units outstanding	13,327

Statements Of Operations

Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 62,065	$ 53,382
Cost of goods sold-non hedging	57,044	53,516
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	(417)	(496)
Cost of Goods and Services Sold	56,627	53,020
Gross Margin	5,438	362
General and administrative expenses	1,244	1,502
Operating Income	4,194	(1,140)
Other Income (Expense)
Other (Income) Expense	341	169
Net Income (Loss) Available to Common Stockholders, Basic	$ 3,853	$ (1,309)

Statement of Members' Equity St

Statement of Members' Equity Statement - USD ($)	Total	Members' Contribution [Member]	Retained Earnings [Member]
Members' Capital	$ 97,802	$ 87,165	$ 10,637
Net Income (Loss) Attributable to Parent	(1,309)	0	(1,309)
Members' Capital	96,493	87,165	9,328
Members' Capital	89,305	87,165	2,140
Stock Repurchased During Period, Value	(23,059)	23,059	0
Net Income (Loss) Attributable to Parent	3,853	0	3,853
Members' Capital	$ 70,099	$ 64,106	$ 5,993

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 278	$ 187
Cash Flows From Operating Activities
Net Income (Loss) Available to Common Stockholders, Basic	3,853	(1,309)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation	2,602	2,578
Amortization	24	18
(Increase) decrease in current assets:
Accounts receivable	2,438	2,763
Inventories	2,249	(124)
Prepaid expenses and other	(1,111)	(428)
Increase (Decrease) in Derivative Assets	(53)	651
Increase (decrease) in current liabilities:
Accounts payable	6,016	6,460
Derivative Liability	(120)	(991)
Accrued expenses	203	(459)
Increase (Decrease) in Other Noncurrent Liabilities	576	95
Net Cash Provided by (Used in) Operating Activities	16,677	9,254
Cash Flows From Investing Activities
Purchase of property and equipment	(2,426)	(424)
Net Cash Provided by (Used in) Investing Activities	(2,426)	(424)
Cash Flows From Financing Activities
Payments of Financing Costs	(205)	0
Decrease (Increase) in Put Warrant Liability	(6,037)	0
Proceeds from notes payable	(103,731)	(22,876)
Payments on borrowings	(88,733)	(32,104)
Payments for Repurchase of Common Stock	(23,059)	0
Net cash (used in) financing activities	(14,303)	(9,228)
Cash and Cash Equivalents, Period Increase (Decrease)	(52)	(398)
Cash And Equivalents-Beginning	1,075	1,440
Cash And Equivalents-Ending	1,023	1,042
Supplemental Cash Flow Information [Abstract]
increase (decrease) of right to use lease liability	$ 9,684	$ 0

Nature Of Business

Nature Of Business	3 Months Ended
	Dec. 31, 2019
Nature Of Business [Abstract]
Nature Of Business	Nature of Business Southwest Iowa Renewable Energy, LLC (the “ Company ”), located in Council Bluffs, Iowa, was formed in March, 2005, and began producing ethanol in February, 2009. The Company is permitted to produce up to 140 million gallons of ethanol per year. The Company sells its ethanol, distillers grains, corn syrup and corn oil in the continental United States, Mexico, and the Pacific Rim.

Inventory

Inventory	3 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory is comprised of the following: December 31, 2019 September 30, 2019 in 000's in 000's Raw Materials - corn $ 3,003 $ 4,270 Supplies and Chemicals 4,965 5,063 Work in Process 1,796 1,724 Finished Goods 5,154 6,110 Total $ 14,918 $ 17,167

Revolving Loan_Credit Agreement

Revolving Loan/Credit Agreements	3 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Revolving Loan/Credit Agreements	Revolving Loan/Credit Agreements FCSA/CoBank On November 8, 2019 the Company amended the credit agreement with Farm Credit Services of America, FLCA (“ FCSA ”) and CoBank, ACB, as cash management provider and agent (“ CoBank ”) which provides the Company with a term loan in the original amount of $30.0 million (the “ Term Loan ”) and a revolving term loan in the original amount of up to $40.0 million (the “ Revolving Term Loan ”), together with the Term Loan, the “ FCSA Credit Facility ”). The FCSA Credit Facility is secured by a security interest on all of the Company’s assets. The Term Loan, as amended November 8, 2019, provides for semi-annual payments by the Company to FCSA of $3.75 million beginning September 1, 2020 and a maturity date of November 15, 2024. The Revolving Term Loan, as amended November 8, 2019, also has a maturity date of November 15, 2024. Under the FCSA Credit Facility, the Company has the right to select from several LIBOR based interest rate options with respect to each of the Term Loan and the Revolving Term Loan, with a LIBOR spread of 3.4% per annum. The interest rate at December 31, 2019 was 5.19%. As of December 31, 2019 , there was $31.0 million available under the Revolving Term Loan. Notes payable Notes payable consists of the following: December 31, 2019 September 30, 2019 (000's) (000's) Term Loan bearing interest at LIBOR plus 3.40% (5.19% at December 31, 2019) $ 30,000 $ — Revolving Term Loan bearing interest at LIBOR plus 3.40% (5.19% at December 31, 2019) 9,043 23,902 Other debt with interest rates ranging from 3.50% to 4.15% and maturities through 2022 2,426 2,569 41,469 26,471 Less Current Maturities 4,331 580 Less Financing Costs, net of amortization 240 59 Total Long Term Debt 36,898 25,832 The approximate aggregate maturities of notes payable as of December 31, 2019 are as follows: 2020 $ 4,331 2021 8,095 2022 8,750 2023 7,500 2024 12,793 Total $ 41,469

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company used various methods including market, income and cost approaches. Based on these approaches, the Company often utilized certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observable inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 - Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 3 - Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, including the general classifications of such instruments pursuant to the valuation hierarchy, is set below. Put Option liability . The put option liability consisted of a Unit Agreement between the Company and ICM that contains a conditional obligation to repurchase feature. Under the Unit Agreement , the Company granted ICM the right to sell to the Company its 1,000 Series C Units and 18 Series A Membership Units (the " ICM Units ") commencing anytime during the earliest of several alternative dates and events at the price equal to the greater of $10,987 per unit or the fair market value (as defined in the agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put Option and waived its right to determine the fair market value for the ICM Units. On November 15, 2019, the Company repurchased the ICM Units for $11.1 million in settlement of the Put Option consistent with the terms of the Unit Agreement. Derivative financial instruments . Commodity futures and exchange traded options are reported at fair value utilizing Level 1 inputs. For these contracts, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the Chicago Mercantile Exchange (“ CME ”) market. Ethanol contracts are reported at fair value utilizing Level 2 inputs from third-party pricing services. Forward purchase contracts are reported at fair value utilizing Level 2 inputs. For these contracts, the Company obtains fair value measurements from local grain terminal values. The fair value measurements consider observable data that may include live trading bids from local elevators and processing plants which are based on the CME market. The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and September 30, 2019 , categorized by the level of the valuation inputs within the fair value hierarchy (in '000s): December 31, 2019 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 42 $ — $ — Liabilities: Derivative financial instruments 28 477 — Put option liability — — — September 30, 2019 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 368 $ — $ — Liabilities: Derivative financial instruments 364 597 — Put option liability — — 6,037 The following table summarizes the assumptions used in computing the fair value of the put option liability subject to fair value accounting at September 30, 2019 September 30, 2019 Put option assumptions: Risk-free interest rate — % Expected volatility — % Expected life (years) 0.25 Exercise price $10,897 Company unit price $4,967 The following table reflects the activity for liabilities measured at fair value using Level 3 inputs during the three months ended December 31, 2019 and for Fiscal 2019 that ended September 30, 2019 : December 31, 2019 September 30, 2019 Beginning Balance $ 6,037 $ 5,400 Put Option (Redeemed) (6,037 ) — Change in Value — 637 Ending Balance $ — $ 6,037

Related Party Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2019
Related Party Transaction, Due from (to) Related Party [Abstract]
Related Party Transactions	Related Party Transactions Bunge On November 15, 2019, the Company repurchased all of the ICM Units, with an effective date of October 31, 2019. On December 31, 2019, the effective date, the Company repurchased the 3,334 Series B membership units owned by Bunge. Effective as of the date of the respective repurchase of the ICM Units and the Series B Units from Bunge, ICM and Bunge no longer constituted related parties. However, the activities discussed below reflect related party activity during the quarter ended December 31, 2019 up to and through the date of the respective repurchase. Under the Ethanol Agreement, the Company sells Bunge all of the ethanol produced by the Company. The Company pays Bunge a percentage fee for ethanol sold by Bunge, subject to a minimum and maximum annual fee. The initial term of the Ethanol Agreement expired on December 31, 2019. As part of the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement "), the parties entered into a restated Ethanol Agreement effective January 1, 2020 (the "Restated Ethanol Agreement") which provides that the Company will pay Bunge a flat monthly marketing fee. The term of the Restated Ethanol Agreement expires on December 31, 2026. The Company incurred ethanol marketing expenses of $0.4 million during both of the three months ended December 31, 2019 and 2018 under the Ethanol Agreement. Under the DG Purchase Agreement, Bunge purchases all distillers grains produced by the Company, and receives a fee based on the net sale price of distillers grains, subject to a minimum and maximum annual fee. The initial term of the DG Purchase Agreement expired on December 31, 2019. As part of the Bunge Repurchase Agreement, Bunge agreed to provide transition services until March 31, 2020 for all duties and responsibilities of the original DG Purchase Agreement. After that, the Company will be responsible for all duties and responsibilities previously performed by Bunge. The Company incurred distillers grains marketing expenses of $0.3 million during both of the three months ended December 31, 2019 and 2018 . The Company and Bunge entered into an Amended and Restated Grain Feedstock Agency Agreement on December 5, 2014 (the “ Agency Agreement ”). The Agency Agreement provides that Bunge procure corn for the Company and that the Company pay Bunge a per bushel fee, subject to a minimum and maximum annual fee. The initial term of the Agency Agreement expired on December 31, 2019. As part of the Bunge Repurchase Agreement, Bunge agreed to provide transition services until March 31, 2020 for all duties and responsibilities of the original Agency Agreement. After that, the Company will be responsible for all duties and responsibilities previously performed by Bunge. Expenses for corn procurement by Bunge were $0.2 million during both of the three months ended December 31, 2019 and 2018 . Starting with the 2015 crop year, the Company began using corn containing Syngenta Seeds, Inc.’s proprietary Enogen® technology (“ Enogen Corn ”) for a portion of its ethanol production needs. The Company contracts directly with growers to produce Enogen Corn for sale to the Company. The Company has contracted for 25,500 acres of Enogen corn for the fiscal year ending September 30, 2020 (" Fiscal 2020 "). Concurrent with the Agency Agreement, the Company and Bunge entered into a Services Agreement regarding Enogen Corn purchases (the “ Services Agreement ”). Under this Services Agreement, the Company originates all Enogen Corn contracts for its facility and Bunge assists the Company with certain administrative matters related to Enogen Corn, including facilitating delivery to the facility. The Company pays Bunge a per bushel service fee. The initial term of the Services Agreement expired on December 31, 2019 and the Company notified Syngenta not to extend the Services Agreement, but to allow corn planted this fiscal year to be planted and harvested under the terms of the Services Agreement. Expenses under the Services Agreement are included as part of the Amended and Restated Grain Feedstock Agency Agreement discussed above. On June 26, 2009, the Company executed a Railcar Agreement with Bunge for the lease of 325 ethanol cars and 300 hopper cars which are used for the delivery and marketing of ethanol and distillers grains. In November 2016, the Company reduced the number of leased ethanol cars to 323 . In both November 2013 and January 2015, the Company reduced the number of hopper cars by one for a total of 298 leased hopper cars. Under the Railcar Agreement, the Company leases railcars for terms lasting 120 months and continuing on a month-to-month basis thereafter. The Railcar Agreement will terminate upon the expiration of all railcar leases. On November 1, 2016, the agreement was amended to provide for 96 hopper cars to be side-leased back to Bunge. The Company subleased 40 hopper cars to an unrelated third party, which sublease expired March 25, 2019. In June 2018, one of the third party customers entered into an assignment agreement for their 52 hopper cars with the Company and Bunge which was phased in over the fourth quarter of Fiscal 2018, and was implemented during the first quarter of Fiscal 2019. The Company received an up-front assignment/payment, and the net result will be financially neutral, and the number of side-leased railcars by the Company remains the same. The Company entered into an amendment to the Railcar Agreement effective March 24, 2019 to provide for the lease of 323 ethanol cars and 111 hopper cars which will be used for the delivery and marketing of ethanol and distiller grains. Under the terms of the amended Railcar Agreement, the original DOT111 cars will be leased over a four year term running from March 24, 2019 to April 30, 2023, with the ability to start returning cars after January 1, 2023 to conform to the requirement for DOT117 cars with enhanced safety specifications which is scheduled to become effective May 2023. The 111 hopper cars will be leased over a three year term running from March 24, 2019 to March 31, 2022 and continuing on a month-to-month basis thereafter. The Company's lease of the hopper cars will terminate upon the expiration of all such hopper cars. The amendments to the Railcar Agreement lowered the cost for the leases by approximately 15% as compared to the prior lease terms. Expenses under the Railcar Agreements were $0.8 million for the three months ended December 31, 2019 and $0.9 million for the three months ended December 31, 2018 , net of subleases and accretion. The Bunge Repurchase Agreement did not impact the Railcar Agreement and the Company will continue to lease rail cars from Bunge under existing lease documents. ICM In connection with the payoff of the ICM subordinated debt, the Company entered into the SIRE ICM Unit Agreement dated December 17, 2014 (the “ Unit Agreement ”). Under the Unit Agreement, the Company granted ICM the right to sell to the Company its 1,000 Series C and 18 Series A Membership Units (the “ ICM Units ”) commencing anytime during the earliest of several alternative dates and events at the greater of $10,897 per unit or the fair market value (as defined in the agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put Option and waived its right to determine the fair market value for the ICM Units. On November 15, 2019, the Company repurchased the ICM Units for $11.1 million

Major Customers

Major Customers	3 Months Ended
	Dec. 31, 2019
Major Customers [Abstract]
Major Customers	Major Customer The Company is party to the Ethanol and Distillers Grain Purchase Agreements with Bunge for the exclusive marketing, selling, and distributing of all the ethanol through December 31, 2026, and for distillers grains, and syrup produced by the Company through March 31, 2020. Revenues from Bunge were $59.4 million and $50.3 million for the three months ended December 31, 2019 and 2018 , respectively.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Leases of Lessee Disclosure [Text Block]	Leases In February 2016, FASB issued ASU 2016-02 "Leases” (" ASU 2016-02 "). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted cash flow basis; and 2) a "right to use" asset, which is an asset that represents the lessee's right to use the specified asset for the lease term. The Company adopted this accounting standard effective October 1, 2019, the start of our current fiscal year. Upon adoption, the Company elected a practical expedient which allows existing leases to retain their classification as operating leases. The Company has elected to account for lease and related non-lease components as a single lease component. See Note 8 for more detailed information regarding leases.
Lessee, Leases [Policy Text Block]	Leases In February 2016, FASB issued ASU 2016-02 "Leases” (" ASU 2016-02 "). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted cash flow basis; and 2) a "right to use" asset, which is an asset that represents the lessee's right to use the specified asset for the lease term. The Company adopted this accounting standard effective October 1, 2019, the start of our current fiscal year. Upon adoption, the Company elected a practical expedient which allows existing leases to retain their classification as operating leases. The Company has elected to account for lease and related non-lease components as a single lease component. See Note 8 for more detailed information regarding leases.
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Other Information The accompanying financial statements are for the three months ended December 31, 2019 and 2018 , and are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the fiscal year ended September 30, 2019 (" Fiscal 2019 ") contained in the Company’s Annual Report on Form 10-K. See revision considerations related to form amounts presented in Form 10-K in the paragraph below. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Revenue Recognition The Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) on October 1, 2018. Under the ASU, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the considerations the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from the contracts with customers. The Company applied the five-step method outlined in the ASU to all contracts with customers, and elected the modified retrospective implementation method. The new revenue standard did not have an impact on the Company's financial statements. The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the risk of loss has been transferred to the marketing company and the marketing company has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company’s products are generally shipped Free on Board ("FOB") shipping point, and recorded as a sale upon delivery of the applicable bill of lading and transfer of risk of loss. The Company’s ethanol sales are handled through an ethanol purchase agreement (the “ Ethanol Agreement ”) with Bunge North America, Inc. (“ Bunge ”) which was restated effective January 1, 2020 in connection with the Company's repurchase of the Series B Units from Bunge under the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement "). Syrup and distillers grains (co-products) are sold through a distillers grains agreement (the “ DG Agreement ”) with Bunge, based on market prices. As discussed in Note 6, the initial term of this DG Agreement expired December 31, 2019, and as set forth in the Bunge Repurchase Agreement, Bunge will provide transition services for all duties and responsibilities of the original DG Agreement until March 31, 2020. The Company markets and distributes all of the corn oil it produces directly to end users at market prices. Carbon dioxide is sold through a Carbon Dioxide Purchase and Sale Agreement (the “ CO2 Agreemen t”) with Air Products and Chemicals, Inc. Marketing fees, agency fees, and commissions due to the marketer are calculated separately from the settlement for the sale of the ethanol products and co-products and are included as a component of cost of goods sold. Shipping and handling costs incurred by the Company for the sale of ethanol and co-products are included in cost of goods sold. Accounts Receivable Accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating customer receivables and considering the customer’s financial condition, credit history and current economic conditions. As of December 31, 2019 and September 30, 2019 , management had determined no allowance was necessary. Accounts receivables are written off when deemed uncollectable and recoveries of receivables written off are recorded when received. Investment in Commodities Contracts, Derivative Instruments and Hedging Activities The Company’s operations and cash flows are subject to fluctuations due to changes in commodity prices. The Company is subject to significant market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol by-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. Rising corn prices may result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not allow the Company to pass along increased corn costs to customers. The availability and price of corn is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture and international trade and global demand and supply. To minimize the risk and the volatility of commodity prices, primarily related to corn and ethanol, the Company uses various derivative instruments, including forward corn, ethanol, and distillers grains purchase and sales contracts, over-the-counter and exchange-traded futures and option contracts. When the Company has sufficient working capital available, it enters into derivative contracts to hedge its exposure to price risk related to forecasted corn needs and forward corn purchase contracts. Management has evaluated the Company’s contracts to determine whether the contracts are derivative instruments. Certain contracts that literally meet the definition of a derivative may be exempted from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Gains and losses on contracts that are designated as normal purchases or normal sales contracts are not recognized until quantities are delivered or utilized in production. The Company applies the normal sale exemption to forward contracts relating to ethanol, distillers grains, and corn oil and therefore these forward contracts are not marked to market. As of December 31, 2019 , the Company had contracts for 4.6 million gallons of ethanol, 0.1 million tons of wet and dried distillers grains and 7.2 pounds of corn oil. Corn purchase contracts are treated as derivative financial instruments. Changes in market value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of December 31, 2019 , the Company was committed to purchasing 2.7 million bushels of corn on a forward contract basis resulting in a total commitment of $10.7 million. In addition, the Company was committed to purchase 1.6 million bushels of corn on basis contracts. In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to volatile commodity price fluctuations. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market volatility. The Company’s specific goal is to protect itself from large moves in commodity costs. All derivatives are designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts will be effective economic hedges of specified risks, they are not designated as and accounted for as hedging instruments. Derivatives not designated as hedging instruments along with cash held by brokers at December 31, 2019 and September 30, 2019 at market value are as follows: Balance Sheet Classification December 31, 2019 September 30, 2019 in 000's in 000's Futures and option contracts In gain position $ 42 $ 368 In loss position (28 ) (364 ) Cash held by broker 117 74 Current asset 131 78 Forward contracts, corn 477 597 Current liability 477 597 Net futures, options, and forward contracts $ (346 ) $ (519 ) The net realized and unrealized gains and losses on the Company’s derivative contracts for the three months ended December 31, 2019 and 2018 consist of the following: Three Months Ended Statement of Operations Classification December 31, 2019 December 31, 2018 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ 36 $ (477 ) Futures and option corn contracts Cost of Goods Sold (453 ) (19 ) Leases In February 2016, FASB issued ASU 2016-02 "Leases” (" ASU 2016-02 "). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted cash flow basis; and 2) a "right to use" asset, which is an asset that represents the lessee's right to use the specified asset for the lease term. The Company adopted this accounting standard effective October 1, 2019, the start of our current fiscal year. Upon adoption, the Company elected a practical expedient which allows existing leases to retain their classification as operating leases. The Company has elected to account for lease and related non-lease components as a single lease component. See Note 8 for more detailed information regarding leases. Inventory Inventory is stated at the lower of weighted average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. Put Option liability The put option liability consisted of an agreement between the Company and ICM, Inc. ("ICM") that contained a conditional obligation to repurchase feature. Under the Unit Agreement between the Company and ICM dated December 17, 2014 (the " Unit Agreement "), the Company granted ICM the right to sell to the Company its 1,000 Series C and 18 Series A Membership Units (the "ICM Units") commencing anytime during the earliest of several alternative dates and events at a price equal to the greater of $10,987 per unit or the fair market value (as defined in the Unit Agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put Option and waived its right to determine the fair market value for the ICM Units. On November 15, 2019, the Company repurchased the ICM Units for $11.1 million in accordance with the terms of the Put Option set forth in the Unit Agreement. Income Per Unit Basic income per unit is calculated by dividing net income by the weighted average units outstanding for each period. Basic earnings and diluted per unit data were computed as follows (in thousands except per unit data): Three Months Ended December 31, 2019 December 31, 2018 Numerator: Net Income (loss) for basic earnings per unit $ 3,853 $ (1,309 ) Net Income (loss) for diluted earnings per unit $ 3,853 $ (1,309 ) Denominator: Weighted average units outstanding - basic 12,652 13,327 Weighted average units outstanding - diluted 13,104 13,327 Income (Loss) per unit - basic $ 304.54 $ (98.22 ) Income (Loss) per unit - diluted $ 294.03 $ (98.22 )
Basis Of Presentation And Other Information	Basis of Presentation and Other Information The accompanying financial statements are for the three months ended December 31, 2019 and 2018 , and are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the fiscal year ended September 30, 2019 (" Fiscal 2019 ") contained in the Company’s Annual Report on Form 10-K. See revision considerations related to form amounts presented in Form 10-K in the paragraph below. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year.
Use Of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition The Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) on October 1, 2018. Under the ASU, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the considerations the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from the contracts with customers. The Company applied the five-step method outlined in the ASU to all contracts with customers, and elected the modified retrospective implementation method. The new revenue standard did not have an impact on the Company's financial statements. The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the risk of loss has been transferred to the marketing company and the marketing company has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company’s products are generally shipped Free on Board ("FOB") shipping point, and recorded as a sale upon delivery of the applicable bill of lading and transfer of risk of loss. The Company’s ethanol sales are handled through an ethanol purchase agreement (the “ Ethanol Agreement ”) with Bunge North America, Inc. (“ Bunge ”) which was restated effective January 1, 2020 in connection with the Company's repurchase of the Series B Units from Bunge under the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement "). Syrup and distillers grains (co-products) are sold through a distillers grains agreement (the “ DG Agreement ”) with Bunge, based on market prices. As discussed in Note 6, the initial term of this DG Agreement expired December 31, 2019, and as set forth in the Bunge Repurchase Agreement, Bunge will provide transition services for all duties and responsibilities of the original DG Agreement until March 31, 2020. The Company markets and distributes all of the corn oil it produces directly to end users at market prices. Carbon dioxide is sold through a Carbon Dioxide Purchase and Sale Agreement (the “ CO2 Agreemen t”) with Air Products and Chemicals, Inc. Marketing fees, agency fees, and commissions due to the marketer are calculated separately from the settlement for the sale of the ethanol products and co-products and are included as a component of cost of goods sold. Shipping and handling costs incurred by the Company for the sale of ethanol and co-products are included in cost of goods sold.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating customer receivables and considering the customer’s financial condition, credit history and current economic conditions. As of December 31, 2019 and September 30, 2019 , management had determined no allowance was necessary. Accounts receivables are written off when deemed uncollectable and recoveries of receivables written off are recorded when received.
Investment In Commodities Contracts, Derivative Instruments And Hedging Activities	Investment in Commodities Contracts, Derivative Instruments and Hedging Activities The Company’s operations and cash flows are subject to fluctuations due to changes in commodity prices. The Company is subject to significant market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol by-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. Rising corn prices may result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not allow the Company to pass along increased corn costs to customers. The availability and price of corn is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture and international trade and global demand and supply. To minimize the risk and the volatility of commodity prices, primarily related to corn and ethanol, the Company uses various derivative instruments, including forward corn, ethanol, and distillers grains purchase and sales contracts, over-the-counter and exchange-traded futures and option contracts. When the Company has sufficient working capital available, it enters into derivative contracts to hedge its exposure to price risk related to forecasted corn needs and forward corn purchase contracts. Management has evaluated the Company’s contracts to determine whether the contracts are derivative instruments. Certain contracts that literally meet the definition of a derivative may be exempted from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Gains and losses on contracts that are designated as normal purchases or normal sales contracts are not recognized until quantities are delivered or utilized in production. The Company applies the normal sale exemption to forward contracts relating to ethanol, distillers grains, and corn oil and therefore these forward contracts are not marked to market. As of December 31, 2019 , the Company had contracts for 4.6 million gallons of ethanol, 0.1 million tons of wet and dried distillers grains and 7.2 pounds of corn oil. Corn purchase contracts are treated as derivative financial instruments. Changes in market value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of December 31, 2019 , the Company was committed to purchasing 2.7 million bushels of corn on a forward contract basis resulting in a total commitment of $10.7 million. In addition, the Company was committed to purchase 1.6 million bushels of corn on basis contracts. In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to volatile commodity price fluctuations. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market volatility. The Company’s specific goal is to protect itself from large moves in commodity costs. All derivatives are designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts will be effective economic hedges of specified risks, they are not designated as and accounted for as hedging instruments. Derivatives not designated as hedging instruments along with cash held by brokers at December 31, 2019 and September 30, 2019 at market value are as follows: Balance Sheet Classification December 31, 2019 September 30, 2019 in 000's in 000's Futures and option contracts In gain position $ 42 $ 368 In loss position (28 ) (364 ) Cash held by broker 117 74 Current asset 131 78 Forward contracts, corn 477 597 Current liability 477 597 Net futures, options, and forward contracts $ (346 ) $ (519 ) The net realized and unrealized gains and losses on the Company’s derivative contracts for the three months ended December 31, 2019 and 2018 consist of the following: Three Months Ended Statement of Operations Classification December 31, 2019 December 31, 2018 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ 36 $ (477 ) Futures and option corn contracts Cost of Goods Sold (453 ) (19 )
Inventory	Inventory Inventory is stated at the lower of weighted average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Put Option liability The put option liability consisted of an agreement between the Company and ICM, Inc. ("ICM") that contained a conditional obligation to repurchase feature. Under the Unit Agreement between the Company and ICM dated December 17, 2014 (the " Unit Agreement "), the Company granted ICM the right to sell to the Company its 1,000 Series C and 18 Series A Membership Units (the "ICM Units") commencing anytime during the earliest of several alternative dates and events at a price equal to the greater of $10,987 per unit or the fair market value (as defined in the Unit Agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put Option and waived its right to determine the fair market value for the ICM Units. On November 15, 2019, the Company repurchased the ICM Units for $11.1 million in accordance with the terms of the Put Option set forth in the Unit Agreement.
Net (Loss) Per Unit	Income Per Unit Basic income per unit is calculated by dividing net income by the weighted average units outstanding for each period. Basic earnings and diluted per unit data were computed as follows (in thousands except per unit data): Three Months Ended December 31, 2019 December 31, 2018 Numerator: Net Income (loss) for basic earnings per unit $ 3,853 $ (1,309 ) Net Income (loss) for diluted earnings per unit $ 3,853 $ (1,309 ) Denominator: Weighted average units outstanding - basic 12,652 13,327 Weighted average units outstanding - diluted 13,104 13,327 Income (Loss) per unit - basic $ 304.54 $ (98.22 ) Income (Loss) per unit - diluted $ 294.03 $ (98.22 )

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule Of Derivatives Not Designated As Hedging Instruments	Derivatives not designated as hedging instruments along with cash held by brokers at December 31, 2019 and September 30, 2019 at market value are as follows: Balance Sheet Classification December 31, 2019 September 30, 2019 in 000's in 000's Futures and option contracts In gain position $ 42 $ 368 In loss position (28 ) (364 ) Cash held by broker 117 74 Current asset 131 78 Forward contracts, corn 477 597 Current liability 477 597 Net futures, options, and forward contracts $ (346 ) $ (519 )
Schedule of Derivative Instruments [Table Text Block]	The net realized and unrealized gains and losses on the Company’s derivative contracts for the three months ended December 31, 2019 and 2018 consist of the following: Three Months Ended Statement of Operations Classification December 31, 2019 December 31, 2018 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ 36 $ (477 ) Futures and option corn contracts Cost of Goods Sold (453 ) (19 )
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]	Three Months Ended December 31, 2019 December 31, 2018 Numerator: Net Income (loss) for basic earnings per unit $ 3,853 $ (1,309 ) Net Income (loss) for diluted earnings per unit $ 3,853 $ (1,309 ) Denominator: Weighted average units outstanding - basic 12,652 13,327 Weighted average units outstanding - diluted 13,104 13,327 Income (Loss) per unit - basic $ 304.54 $ (98.22 ) Income (Loss) per unit - diluted $ 294.03 $ (98.22 )

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Components Of Inventory	Inventory is comprised of the following: December 31, 2019 September 30, 2019 in 000's in 000's Raw Materials - corn $ 3,003 $ 4,270 Supplies and Chemicals 4,965 5,063 Work in Process 1,796 1,724 Finished Goods 5,154 6,110 Total $ 14,918 $ 17,167

Revolving Loan_Credit Agreeme_2

Revolving Loan/Credit Agreements Debt Maturities (Tables)	3 Months Ended
	Dec. 31, 2019
Debt Instrument [Line Items]
Schedule of Long-term Debt Instruments [Table Text Block]	Notes payable consists of the following: December 31, 2019 September 30, 2019 (000's) (000's) Term Loan bearing interest at LIBOR plus 3.40% (5.19% at December 31, 2019) $ 30,000 $ — Revolving Term Loan bearing interest at LIBOR plus 3.40% (5.19% at December 31, 2019) 9,043 23,902 Other debt with interest rates ranging from 3.50% to 4.15% and maturities through 2022 2,426 2,569 41,469 26,471 Less Current Maturities 4,331 580 Less Financing Costs, net of amortization 240 59 Total Long Term Debt 36,898 25,832
Schedule of Maturities of Long-term Debt [Table Text Block]	The approximate aggregate maturities of notes payable as of December 31, 2019 are as follows: 2020 $ 4,331 2021 8,095 2022 8,750 2023 7,500 2024 12,793 Total $ 41,469

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	The following table reflects the activity for liabilities measured at fair value using Level 3 inputs during the three months ended December 31, 2019 and for Fiscal 2019 that ended September 30, 2019 : December 31, 2019 September 30, 2019 Beginning Balance $ 6,037 $ 5,400 Put Option (Redeemed) (6,037 ) — Change in Value — 637 Ending Balance $ — $ 6,037
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and September 30, 2019 , categorized by the level of the valuation inputs within the fair value hierarchy (in '000s): December 31, 2019 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 42 $ — $ — Liabilities: Derivative financial instruments 28 477 — Put option liability — — — September 30, 2019 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 368 $ — $ — Liabilities: Derivative financial instruments 364 597 — Put option liability — — 6,037
Financial Instruments Subject to Mandatory Redemption Disclosure [Table Text Block]	The following table summarizes the assumptions used in computing the fair value of the put option liability subject to fair value accounting at September 30, 2019 September 30, 2019 Put option assumptions: Risk-free interest rate — % Expected volatility — % Expected life (years) 0.25 Exercise price $10,897 Company unit price $4,967

Nature Of Business (Details)

Nature Of Business (Details) gal in Millions	3 Months Ended
	Dec. 31, 2019gal
Nature Of Business [Abstract]
Production, Number Of Gallons	140

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, gal in Millions, bu in Millions	3 Months Ended
	Dec. 31, 2019USD ($)T$ / sharessharesbugal	Dec. 31, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	$ 9,004,000		$ 0
Total Commitment to Sale of Ethanol (gallons) | gal	4.6
Accounts Receivable, Allowance for Credit Loss	$ 0
Derivative Assets (Liabilities), at Fair Value, Net	(346,000)		(519,000)
Realized & unrealized hedging (gains)	(417,000)	$ (496,000)
Net Income (Loss) Available to Common Stockholders, Basic	$ 3,853,000	(1,309,000)
Share repurchase agreement, minimum per share price | $ / shares	$ 10,987
Stock Repurchased, Aggregate Dollar Amount	$ 11,100,000
Future And Option Contracts [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Asset	131,000		78,000
Derivative Liability	$ 477,000		597,000
Distillers Grains [Member]
Summary Of Significant Accounting Policies [Line Items]
Sale of distillers, grains, and solubles (in tons) | T	100,000
Corn Oil [Member]
Summary Of Significant Accounting Policies [Line Items]
Sale of distillers, grains, and solubles (in tons) | T	7.2
corn [Member]
Summary Of Significant Accounting Policies [Line Items]
Total purchase commitment	$ 10,700,000
corn [Member] | Future And Option Contracts [Member]
Summary Of Significant Accounting Policies [Line Items]
Realized & unrealized hedging (gains)	$ 453,000	19,000
corn [Member] | Forward Contracts [Member]
Summary Of Significant Accounting Policies [Line Items]
Total purchase commitment of corn (in bushels) | bu	2.7
Derivative Liability			$ 597,000
Realized & unrealized hedging (gains)	$ (36,000)	477,000
Fair Value, Inputs, Level 2 [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Asset	0			$ 0
Derivative Liability	477,000			$ 597,000
Numerator [Member]
Summary Of Significant Accounting Policies [Line Items]
Net Income (Loss) Available to Common Stockholders, Diluted	$ 3,853,000	$ (1,309,000)
Denominator [Member]
Summary Of Significant Accounting Policies [Line Items]
Weighted Average Number of Shares Outstanding, Basic | shares	12,652	13,327
Weighted Average Number of Shares Outstanding, Diluted | shares	13,104	13,327
Earnings Per Share, Basic | $ / shares	$ 304.54	$ (98.22)
Earnings Per Share, Diluted | $ / shares	$ 294.03	$ (98.22)
Forward Contracts [Member] | corn [Member]
Summary Of Significant Accounting Policies [Line Items]
Total purchase commitment of corn (in bushels) | bu	1.6
Retained Earnings [Member] | Numerator [Member]
Summary Of Significant Accounting Policies [Line Items]
Net Income (Loss) Available to Common Stockholders, Basic	$ 3,853,000
Capital Unit Class C [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchased During Period, Shares | shares	1,000
Capital Unit, Class A [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchased During Period, Shares | shares	18

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary Of Significant Accounting Policies [Line Items]
Net realized and unrealized (gains) losses	$ 417	$ 496
In Gain Position [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Assets			$ (368)
In loss position [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Assets	28		364
Cash Held By Broker [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Assets	(117)		(74)
Future And Option Contracts [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Assets	(131)		(78)
Derivative Liability	477		597
Fair Value, Inputs, Level 1 [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Assets	(42)			$ (368)
Derivative Liability	28			$ 364
corn [Member] | Future And Option Contracts [Member]
Summary Of Significant Accounting Policies [Line Items]
Net realized and unrealized (gains) losses	(453)	(19)
corn [Member] | Forward Contracts [Member]
Summary Of Significant Accounting Policies [Line Items]
Net realized and unrealized (gains) losses	$ 36	$ (477)
Derivative Liability			$ 597

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Schedule Of Net Realized And Unrealized Gains And Losses On Derivative Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ 417	$ 496
Future And Option Contracts [Member] | corn [Member]
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	(453)	(19)
Forward Contracts [Member] | corn [Member]
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ 36	$ (477)

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Schedule Of Property And Equipment) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 0
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ 417,000	$ 496,000
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Process Equipment - Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Process Equipment - Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Office Equipment - Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office Equipment - Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years

Inventory (Components Of Invent

Inventory (Components Of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019
Inventory Disclosure [Abstract]
Raw Materials - corn	$ 3,003	$ 4,270
Supplies and Chemicals	4,965	5,063
Work in Process	1,796	1,724
Finished Goods	5,154	6,110
Inventory	$ 14,918	$ 17,167

Revolving Loan_Credit Agreeme_3

Revolving Loan/Credit Agreements (FCSA) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Long-term Debt	$ 41,469		$ 26,471
Long-term Debt, Current Maturities	4,331		580
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net	240		59
Long-term Debt, Excluding Current Maturities	36,898		25,832
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	4,331
Long-term Debt, Maturities, Repayments of Principal in Year Two	8,095
Long-term Debt, Maturities, Repayments of Principal in Year Three	8,750
Long-term Debt, Maturities, Repayments of Principal in Year Four	7,500
Long-term Debt, Maturities, Repayments of Principal in Year Five	$ 12,793
FSCA - Term Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 3.40%
Debt Instrument, Basis Spread on Variable Rate	3.40%
Debt Instrument, Interest Rate During Period	5.19%
Convertible Note Payable - Unit Holders [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 2,426		2,569
FSCA [Member]
Debt Instrument [Line Items]
Term Loan		$ 30,000
Debt Instrument, Periodic Payment, Principal		3,750
Term loan, outstanding balance	30,000		0
Term Revolver, Outstanding Amount	$ 9,043		$ 23,902
FSCA - Term Revolver [Member]
Debt Instrument [Line Items]
Term Loan		40,000
Debt Instrument, Unused Borrowing Capacity, Amount		$ 31,000
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 3.40%
Debt Instrument, Basis Spread on Variable Rate	3.40%
Debt Instrument, Interest Rate During Period	5.19%
Minimum [Member] | Various Other [Member]
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Rate	3.50%
Maximum [Member] | Various Other [Member]
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Rate	4.15%

Fair Value Measurement (Financi

Fair Value Measurement (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Share repurchase agreement, minimum per share price	$ 10,987
Warrants and rights outstanding, risk-free interest rate		0.00%
Warrants and rights outstanding, expected volatility		0.00%
Put Option, Expected Life		7 days
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 10,897
Share Price		$ 4,967
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 0	$ 6,037,000	$ 5,400,000
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	637,000
Capital Units, Value	64,106,000	87,165,000
Stock Repurchased During Period, Value	23,059
Payments for Repurchase of Warrants	(6,037,000)	$ 0
Level 1 [Member]
Derivative [Line Items]
Derivative Assets	42,000		368,000
Liabilities: Derivative financial instruments	28,000		364,000
Fair Value, Put Option Liability	0		0
Level 2 [Member]
Derivative [Line Items]
Derivative Assets	0		0
Liabilities: Derivative financial instruments	477,000		597,000
Fair Value, Put Option Liability	0		0
Level 3 [Member]
Derivative [Line Items]
Derivative Assets	0		0
Liabilities: Derivative financial instruments	0		0
Fair Value, Put Option Liability	$ 0		$ 6,037,000
ICM [Member]
Derivative [Line Items]
Share repurchase agreement, minimum per share price	$ 10,987
Stock Repurchased During Period, Value	$ 11,100,000
ICM [Member] | Capital Unit Class C [Member]
Derivative [Line Items]
Capital Units Issued	1,000
ICM [Member] | Capital Unit, Class A [Member]
Derivative [Line Items]
Capital Units Issued	18

Related Party Transactions (Bun

Related Party Transactions (Bunge) (Narrative) (Details)	3 Months Ended
	Dec. 31, 2019USD ($)a$ / sharesRateshares	Dec. 31, 2018USD ($)	Dec. 31, 2014
Related Party Transaction [Line Items]
Share repurchase agreement, minimum per share price | $ / shares	$ 10,987
Stock Repurchased During Period, Value	$ 23,059
Railcar Agreement [Member]
Related Party Transaction [Line Items]
Number of railcars	60
Operating Leases, Rent Expense, Net	$ 800,000	$ 900,000
Agreement period	120 months
Bunge [Member] | DG Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 300,000	300,000
Related Party Renewal Period	5 years
Minimum renewal notice time	180 days
Bunge [Member] | Grain Feedstock Agency Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 200,000	200,000
Related Party Renewal Period	5 years
Minimum renewal notice time	180 days
Bunge [Member] | Ethanol Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 400,000	$ 400,000
Related Party Renewal Period	5 years
Minimum renewal notice time	180 days
Bunge [Member] | Services Agreement [Member]
Related Party Transaction [Line Items]
Contracted Acres, Enogen | a	25,500
Related Party Renewal Period	5 years
Minimum renewal notice time	180 days
Bunge [Member] | Railcar Agreement [Member]
Related Party Transaction [Line Items]
Lease Expense Reduction | Rate	15.00%
number of railcars, subleased	96
Other unrelated parties [Member]
Related Party Transaction [Line Items]
number of railcars, subleased	40
Other unrelated parties [Member] | Railcar Agreement [Member]
Related Party Transaction [Line Items]
number of railcars, subleased	52
Ethanol Cars [Member] | Extended Railcar Agreement [Member]
Related Party Transaction [Line Items]
Number of railcars	323
Ethanol Cars [Member] | Railcar Agreement [Member]
Related Party Transaction [Line Items]
Number of railcars	323		325
Hopper Cars [Member] | Extended Railcar Agreement [Member]
Related Party Transaction [Line Items]
Number of railcars	111
Hopper Cars [Member] | Railcar Agreement [Member]
Related Party Transaction [Line Items]
Number of railcars	298		300
Common Class C [Member]
Related Party Transaction [Line Items]
Share repurchase agreement, minimum per share price | $ / shares	$ 10,897
Common Class A [Member]
Related Party Transaction [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares	18
ICM [Member]
Related Party Transaction [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares	1,000
Share repurchase agreement, minimum per share price | $ / shares	$ 10,987
Stock Repurchased During Period, Value	$ 11,100,000
Capital Unit, Class B [Member] | Bunge [Member]
Related Party Transaction [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares	3,334

Major Customers (Details)

Major Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Bunge [Member]
Revenue, Major Customer [Line Items]
Revenue from Related Parties	$ 59.4	$ 50.3

Lease Obligations (Details)

Lease Obligations (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2019USD ($)Rate
Lessee, Operating Lease, Discount Rate | Rate	5.10%
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 3,206
Operating Lease, Expense	800
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	9,764
Lessee, Operating Lease, Liability, Payments, Due Year Two	3,197
Lessee, Operating Lease, Liability, Payments, Due Year Three	2,439
Lessee, Operating Lease, Liability, Payments, Due Year Four	922
Operating Lease Discount Effect	(760)
Lessee, Operating Lease, Liability, Discounted Excess Amount	$ 9,004