Commodity price variability is a major component of fluctuations in net farm income. Farm managers assume some of this price risk by choice when they store grain after harvest. This study estimates the realized returns from these post-harvest grain storage and marketing activities and shows that they are small on a risk-adjusted basis, particularly relative to the downside risk of negative returns. One explanation is that farm managers’ use of post-harvest forward contracting is limited so they are subject to considerable flat price risk.