The cost of storing the average Ohio corn and soybean bushel since 1973 is examined. Storage cost is measured three ways: per bushel, relative to harvest price, and per acre of production. All three measures are at or near post 1973 highs as total costs to store corn and soybeans have roughly doubled since 2020 and now exceed $1 per bushel for both corn and soybeans over a 12 month storage period. This notable increase occurred after a long period (1974-2019) during which declining interest rates and thus interest opportunity storage cost per bushel largely offset increasing physical storage cost per bushel. These storylines underscored the important role of interest rates and thus interest opportunity cost in offsetting or reinforcing on-going increases in physical storage cost. The reinforcing role has been especially noticeable since 2020.
