February 2016 alfalfa hay exports were estimated at 175,962 metric tons, up more than 24,350 metric tons from January (Table 1).
Although nearly steady with January shipments, February exports of other hay were also the highest since November 2015. Exports of alfalfa cubes were down slightly from January, but alfalfa meal exports were up.
With the higher volume, the value of alfalfa hay exports also rose. February exports were valued at $54.2 million, up from $38.5 million a year earlier. Exports of other hay were valued at $37.3 million, up from $36.3 million a year earlier.
Chinese alfalfa hay shipments totaled 76,790 metric tons in February, up nearly 30,000 metric tons from both January 2016 and February 2015 (Table 2).
For the second month in a row, the UAE also made a substantial investment in the U.S. alfalfa hay, purchasing 30,991 metric tons, up more than 27,400 metric tons compared to February 2015.
Hay exports have shown a relatively strong start to the year, according to the Northwest Farm Credit Services Hay Market Snapshot, updated March 31. Hay shipments from California ports continue to increase at a faster pace.
The value of the U.S. dollar increased significantly throughout 2015 and is expected to continue challenging U.S. exporters in 2016. Dollar strength is expected to continue as the Federal Reserve gradually increases benchmark interest rates and the global economy remains generally weak.
U.S. agricultural products maintained a trade surplus in February at about $1.1 billion. Total ag exports were valued at about $10.7 billion compared to $9.6 billion in ag imports.
Read Northwest FCS Hay Market Snapshot. FG
-
Dave Natzke
- Editor
- Progressive Forage Grower
- Email Dave Natzke
