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If you need help setting up services or accessing your accounts, please call our Customer Care Team at 866.552.9172 during business hours (7 a.m. — 5 p.m. PST, M-F) or email us at CustomerCare@AgWestFC.com.
Location
If you need help setting up services or accessing your accounts, please call our Customer Care Team at 866.552.9172 during business hours (7 a.m. — 5 p.m. PST, M-F) or email us at CustomerCare@AgWestFC.com.
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Steady prices, soft demand and yen woes.
Hay prices have remained steady across most of the Western states. However, both export and domestic demand have remained soft, impacting the overall market. In California, extreme heat has affected hay quality test results and demand from dairies has softened. The alfalfa crop in Arizona is in good to excellent condition as harvest wraps up with only 4% of the crop rated as poor to very poor. The Idaho hay market is stabilizing as the first cutting has concluded, and the second cutting is beginning. Hay sales in Montana have been slow as ranchers turn their cattle out to summer pasture.
In the Columbia Basin, Washington, alfalfa and timothy quality has been good with strong yields. While export movement is starting to pick up, there are concerns about pricing due to Japanese exchange rates affecting export demand. Japan is a major international buyer for hay and Japan’s weakening currency is due to its central bank policy. Until recently, Japan kept interest rates low to stimulate growth. Paradoxically, this policy has made it more expensive for Japan to import U.S. hay, offsetting any potential relief from lower hay prices.
March 31, 2024
The profitability of Northwest hay growers has been impacted by a sharp decline in hay prices. In February, the average price per ton for Northwest hay growers was $202, marking a 29% decrease compared to the previous year. While hay prices have come down, expenses remain elevated and sticky. Anecdotally, Northwest producers are selling at breakeven levels and still struggling to find buyers.
12-Month Profitability Outlook
Aug 15, 2024, 11:00 AM
AgWest is pleased to be joined by Derrell Peel, livestock marketing specialist from Oklahoma State University, for a timely outlook on the cattle market. In this one-hour webinar, Derrell will look at expected production levels, profitability forecasts and essential risk management tools to ensure you’re well-prepared for the cattle market’s future.