U.S. hay exports have been growing in importance in recent years with alfalfa hay representing most of this increase. Forage export prices have been steadily increasing since the early 2000s, and China has emerged as a major importer of alfalfa in the last decade. In general, real prices for alfalfa, other hay, corn, and soybeans have all trended higher over the 1994-2022 period. However, the spread between export and domestic prices has trended larger for other hay and alfalfa, while the spread for corn and soybeans has been flat. This result is believed to be related to the fact that hay is bulky to move and transport, such that it does not possess the same level of arbitrage between regions that grain transport enjoys. Essentially, all alfalfa and other hay exports originate from the seven most western states of our forty-eight contiguous states as well.