The article discusses the cliometric controversy over the extent and nature of grain storage in medieval England. The controversy originated from the thesis that open-field agriculture was brought about by rational risk-averse farmers, to insure themselves against insufficient harvests. Inventories had depended not only on the rate of interest, but also on income during that time. To the extent that most income was generated in agriculture, the maximizing strategy for storing or selling grain in such an environment must have depended in the first instance on the average per caput output of grains (as well as on its variance), and on consumption, and not primarily on the rate of interest on alternative investments. Thus, the competing hypothesis, that the quantity of grain held in storage was a function of output (consumption) should be given equal consideration. In addition, one must note that grain stocks are not quite like any other form of investment. In contrast to other assets, they are an important source of nutrients.