I wanted to get some feedback on the cost of carry for corn spreads. Using the "standard" formula with 16.5c/bushel/day and 1 + 3.25% prime I am showing an 88.85c full carry cost for CZ12 to CZ13 (or 7.4c a month). That means the current premium of 93-2 for CZ12-CZ13 is almost 105% of full carry. I am relatively new to this whole Ag spread thing but as I understand it, 80%+ is considered "extreme". Am I calculating the carry cost wrong? What am I missing?