Other Derivatives:  During fiscal years 2014 and 2013, the  Company held certain futures and options contract positions  as part of a merchandising program and to manage the  Company’s exposure to fluctuations in commodity markets  and foreign currencies. The Company did not apply hedge  accounting to these positions. All foreign exchange contracts  were closed as of the end of fiscal year 2013. During fiscal year 2013, the Company dedesignated its corn  futures contracts held for its hog operations that were pre- viously designated as cash flow hedges, as these contracts  were no longer highly effective. Hedge accounting is no longer  being applied to these contracts, and gains or losses occur- ring after the date of dedesignation have been recognized in  earnings as incurred. As of October 26, 2014, and October 27, 2013, the Company  had the following outstanding futures and options contracts  related to these programs: for as fair value hedges, and the Company measures the  effectiveness of the hedges at least quarterly. Changes in the  fair value of the futures contracts, along with the gain or loss  on the hedged purchase commitment, are marked-to-market  through earnings and are recorded on the Consolidated  Statement of Financial Position as a current asset and liabil- ity, respectively. Effective gains or losses related to these fair  value hedges are recognized through cost of products sold in  the period or periods in which the hedged transactions affect  earnings. Any gains or losses related to hedge ineffectiveness  are recognized in the current period cost of products sold. As  of October 26, 2014, and October 27, 2013, the Company had  the following outstanding commodity futures contracts desig- nated as fair value hedges: Fair Values:  The fair values of the Company’s derivative instruments as of October 26, 2014, and October 27, 2013, were as follows: Volume Commodity  October 26, 2014 October 27, 2013 Corn 2.9 million bushels 1.7 million bushels Volume Commodity  October 26, 2014 October 27, 2013 Corn 8.0 million bushels 5.8 million bushels Lean hogs  0.7 million cwt 1.4 million cwt Fair Value (1) Location on Consolidated  October 26,  October 27, (in thousands)  Statements of Financial Position  2014 2013 Asset Derivatives: Derivatives Designated as Hedges: Commodity contracts  Other current assets  $(7,124) $(17,947) Derivatives Not Designated as Hedges: Commodity contracts  Other current assets  (938) (1,757) Total Asset Derivatives  $(8,062) $(19,704) (1)  Amounts represent the gross fair value of derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its  hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the deriv- ative contract. The amount or timing of cash collateral balances may impact the classification of the derivative in the Consolidated Statement of  Financial Position. See Note N for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position. 56