Industry Insights

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Industry Insights

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Ag TRENDS Articles

Hay

Jan 26, 2024, 10:52 AM
Title : Hay
Short description : Industry information for Hay in the Pacific Northwest. Updated 3/31/2024
Survey link : https://www.surveymonkey.com/r/HaySnapshot
AgWest Farm Credit’s 12-month outlook for hay suggests breakeven returns for alfalfa and timothy hay.
  • Decline in domestic demand due to a shrinking cattle population
  • Warmer winter weather
  • Financial challenges in the dairy sector, leading to lower hay prices
  • Hay exports dropped by 22% in 2023, with major international buyers reducing purchases significantly, further depressing hay prices

Profitability

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.



This is a test
12-Month Profitability Outlook

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