The lion’s share of the 2019 biomass crop is still in storage, and though we do not know how much that is, we know it is well north of 10 million lbs, and likely many more times that.  We’ve discussed the relevance of this in previous commentary, noting that connection to markets is paramount.  There is a lot of material that is not and will not likely be connected to markets, making it inconsequential in terms of supply and overall hemp pricing trends.  As an aggregate, these pounds certainly don’t help hemp pricing though.  Buyers looking for deals on 2019 material are able to be selective, but variability in form-factor, location, and lot size will preclude many millions of pounds from transacting.  

Quality issues are the other aspect of any supply-side discussion.  In conversation with Hemp Bulletin reader Bert James today, he notes significant declines in biomass quality,…