Hello, I'm a newbie in calculating the cost of carry for grains and I have some questions regarding interest rates. I used the formula given by Ballsofgold in this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=80938&highlight=WHEAT+COST+OF+CARRY, and given LIBOR is at something like 0.28%, i found a lot of market where contango exceeded cost of carry. What am I missing? What are the interest rate used when calculating longer carrying charges? Do you use eurodollar 3 month for 3 month charges and so on? Talking about grains, do you calculate the cost of carry between crops in the same manner? What are the current storage and insurance costs? Where can I find it? Thanks a lot. Interest rates are not my cup of tea.