@article{Feuz:337176,
      recid = {337176},
      author = {Feuz, Dillon M. and Larsen, Ryan},
      title = {Factors Impacting Alfalfa Hay Prices in Seven Western  States: An Explanatory Model Used for Extension  Forecasting},
      journal = {Western Economics Forum},
      address = {2023-07},
      number = {1837-2023-1429},
      year = {2023},
      abstract = {Alfalfa is an important crop for the seven western states  in the U.S. However, price reporting is inconsistent across  the states and there is no futures market for alfalfa hay.  This creates price uncertainty within these hay markets.  This paper looks at how closely alfalfa hay prices in one  state track with hay prices in another state. Further, the  paper seeks to determine what factors have influenced  alfalfa hay prices over time. Alfalfa prices for the last  30 years, 1992-2021, for each of the seven western states  of Arizona (AZ), California (CA), Idaho (ID), Nevada (NV),  Oregon (OR), Utah (UT), and Washington (WA) were analyzed  and compared. The hay prices between the states are  correlated between 0.85 and 0.96. California and Oregon had  the highest prices over time and Idaho and Utah had the  lowest prices. A regression model was developed to explain  what factors influence western state alfalfa hay prices.  The findings indicate that larger May 1 hay stocks for the  seven-state total leads to lower alfalfa hay prices.  Additionally, increased hay exports increase hay prices.  Higher corn, feeder cattle and milk prices all positively  impact alfalfa hay prices with corn having the biggest  impact and milk prices having the smallest impact.},
      url = {http://ageconsearch.umn.edu/record/337176},
      doi = {https://doi.org/10.22004/ag.econ.337176},
}