Estimating Long-Term Idaho Hay Prices Using Multiple Data Sources
September 22, 2021
The dairy industry can substantially affect markets for other agricultural commodities, particularly those like alfalfa hay, which is used in dairy feed. In other words, hay and milk prices move together. The close relationship inspired University of Idaho Extension specialists to predict long-term (several months) future Idaho hay prices by using Idaho milk prices. Including sample calculations and a decision tree rubric, they also discuss the conditions in which using stocks and exports variables might impede their accuracy.
Authors: Patrick L. Hatzenbuehler, Hernan Tejeda, Steven Hines, Joel Packham