The short‐run supply of grain storage is reexamined. A classical, positively‐sloping function applies over most of the observed range. Because different grains compete for space, all grains were considered together. A novel method of computing price was used. This price of binspace is positively related to off‐farm grain stocks and sales of grain off farms—each deflated by bin capacity. Sales are a major influence, reflecting current handling demands as opposed to pure storage demands. Handling demands seem to act as a storage supply shifter. The position slope suggests existence of convenience yields for uncommitted bins.

This paper reports an unmistakable tendency during the final weeks of trading for the price of most commodity futures contracts to rise by a small but statistically significant amount relative to the price of the next maturity. Of four explanations examined, two squeeze theories are least plausible in the light of available evidence. The other two theories, one a variant of the Keynes-Hicks hypothesis, the other a theory based on the overlap of trading and delivery, are more plausible. Yet they differ in character, generality, and in their implications for market efficiency. More data are needed to appraise them.

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