Protein Prices Favorable to Hempseed Market Development

Protein Prices Favorable to Hempseed Market Development

High commodity prices will have a considerable impact on planting decisions again in 2022.  In the first year of hemp production, in 2019, it was touted as a remedy for depressed farmgate prices for major crops.  This is no longer the case. 

In 2021 we observed a contraction of hempseed production, while hempseed prices remained level.  Commodity pricing is not the only factor influencing planting decisions.  Crop rotations are fundamental to well-managed farms, and hemp offers a compelling opportunity as a soil-building cash crop.  Climate smart agricultural policy will provide even more impetus for farmers to try new crops.  

Hempseed meal is currently traded on gray markets and utilized by producers as an economical alternative – or complement to – current protein sources.  Canola and sunflower meal are also in demand, creating an ideal scenario for livestock operators in the Northern Plains to utilize more hempseed meal…

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