The value of major hemp market segments is inflated in the recently released National Hemp Report published by USDA National Agricultural Statistics Service (NASS).  The values are purely reflection of survey response, and respondents continue to submit values that are more aspirational than anything. 

We noted in previous commentary that the acreage figures in the NASS report should be a more accurate representation of production since the data is collected well after harvest.  FSA data is collected shortly after planting. 

For sales figures, operators are reporting on potential farmgate receipts that have not yet been realized.  Inventories are still robust in today’s market conditions when NASS collects data from hemp producers. 

We do see considerable improvement in accuracy of market values for floral, seed, and fiber.  These markets have seen declines, for sure, but not to the extent in the National Hemp Report. …