DENVER — The cost of storing grain, commonly referred to as the cost of carry, has soared to record highs due to rising interest rates, high commodity prices and increasing costs for labor, insurance, transportation and energy. That is putting a significant squeeze on grain elevators, which may be forced to lower their local bids on grain to manage through the unfavorable economics of holding commodities.
According to a new report from CoBank’s Knowledge Exchange, the interest-related cost of carry in the 2023-2024 crop year will increase 21 percent for corn, 42 percent for soybeans and 50 percent. . .
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