The article explores how commodity prices are related to storage constraints and market incompleteness. By developing a financial model, the researchers show that the difference between spot and forward prices is influenced by storage costs and convenience yield. This difference is determined by the discounted shadow price of storage constraint minus the discounted marginal storage cost. The study proves the existence of an equilibrium in this economy and provides an equilibrium price formula. Additionally, the researchers derive optimal production plans and trading strategies for firms in this context.