Iowa Direct Hay Report

May 1 hay stocks take a turn

For the first time since 2023, May 1 hay stocks declined. That’s according to USDA’s annual assessment of the collective U.S. haymow. The report pegged hay stocks just short of 23.3 million tons, which was down 0.8 million tons (3.3%) from 2025’s May 1 hay inventory.

Although the extent of the reduction isn’t terribly impressive, the break in the upward trend toward growing hay inventories is noteworthy. Between 2023 and 2025, May 1 hay stocks grew by nearly 9.8 million tons. This past December, year-over-year hay stocks had essentially remained stable.

There were some hay-producing states that had significant year-over-year May 1 stock gains (see table below). Those with the largest increases included:

West Virginia: up 153%

Ohio: up 119%

Kansas: up 70%

Virginia: up 54%

New Mexico: up 50%

Conversely, there were also some major hay-producing states that experienced notable inventory reductions. This group included:

Utah: down 41%

Wisconsin: down 35%

New York: down 35%

Texas: down 33%

Colorado: down 32%

Hay disappearance

Hay disappearance (primarily feeding) between December 1, 2025, and May 1, 2026, totaled nearly 58.4 million tons. This was the most hay fed since 2022 (see graph).

Prior to the 2011 and 2012 drought years, disappearance from hay barns and stacks was always in the 80 million to 85 million tons range. Since 2012, it’s been rare to have a year where disappearance exceeded 70 million tons. During seven of the past eight years, hay feeding has been under 65 million tons.

Looking ahead

Since the record-low May 1 hay stocks year of 2023, barns and stacks swelled by nearly 10 million tons. Although that’s still a true statement, some of that swelling started to subside in 2026. That’s at least a positive sign for maintaining or strengthening hay prices. As is always the case, weather and water availability will ultimately dictate where hay yields and prices head.

Low commodity prices make hay-competitive feeds cheaper, although there is some sign of those strengthening in 2026. Beef prices are expected to stay strong in the foreseeable future, while milk prices look to be in a hold pattern. Strong beef prices continue to temper U.S. herd growth, although there has been significant growth in the nation’s dairy herd.

Hay crop input prices are going to cut into the slim margins already being seen for producers. Fuel (trucking) and fertilizer — especially nitrogen — are going to be particularly troublesome in 2026 because of the Middle East conflict. Hay growers will need to remain diligent in knowing their costs of production. Still, there are early signs that hay prices are going to be somewhat stronger in 2026 than they were in 2025. Better prices will be needed to overcome greater input costs.

Alfalfa export volumes during the first quarter of the year were down 9% from 2025, which depresses competition for Western hay, but there is some optimism that exports will improve in 2026. Shipments to the Middle East are currently being severely hampered by the war.

Everything considered, it’s reasonable to expect that 2026 hay prices should improve compared to last year, but how much of an improvement is hard to say. There is the expectation that an El Niño weather pattern will take hold at some point this summer. Some are predicting a stronger than normal event. That usually means that if you’ve been wet, you’ll probably get dry, and if you’ve been dry, you’ll probably get wet.

Finally, let’s not forget the two hay market mantras that hold true every year. First, high-quality hay always sells for a premium price and costs no more to make than poor-quality hay. Making quality hay is the quickest way to widen profit margins.

Second, hay markets are largely a regional phenomenon. Local weather conditions and predominant enterprise types (dairy, beef, or equine) will ultimately dictate the demand and price for hay.

USDA Hay Markets – May 19, 2026

Dakota Hay Auction - Corsica, SD (Monday)

Kentucky Direct Hay Report

Regional Hay Prices

State-By-State Hay Markets

New Mexico—In May 8 report, compared to the last report, the hay market appeared steady to firm.

Colorado—In May 7 report, compared to the last report, trade activity Very Light. Demand Good to Very Good on both old crop and new crop hay. Feedlots in northeast Colorado are contracting new crop alfalfa upwards of $70/ton over what 2026 alfalfa standing prices would have penciled out in the bale. Recent rain/snow accumulations across multiple regions of the state was welcomed but will only have short term impact. The next available report will be May 21.

Missouri—In the Apr. 30 report, heavy rains and some severe weather over the last couple of weeks here in Missouri. As of the latest drought monitor, near 83 percent of the state is drought free. The SE corner, especially the boothill area, still of the most concern. Farmers have made decent progress planting over the last two weeks, but many low areas did end up underwater and some replanting will have to occur. Haying has started with some wheat, rye and such being wrapped. Weather hasn’t given enough consecutive days for much else but there is a touch of new crop alfalfa that has been baled. Thus far the market on new crop hay hasn’t really been tested. High fuel cost doesn’t really encourage for much trucking at this time either. Hay prices are steady. Demand is light and supplies are moderate. The Missouri Department of Agriculture has a hay directory at https://apps.mda.mo.gov/haydirectory or visit the University of Missouri Extension feed stuff finder at https://feedstufffinder.org.

Nebraska—In the May 7 report, compared to the last report, lfalfa pellets in the eastern side sold 10.00 higher. Bales of alfalfa in the platte valley and central areas sold steady to 20.00 higher. Grass hay sold fully steady. Ground and delivered hay steady. Ground and delivered hay in the west sold 25.00 higher, alfalfa pellets sold 20.00 higher and bales sold 20.00 higher. Demand and buyer inquiry was good. Contacts stated that phones have been busy and buyers are trying to contract large amounts of hay before its even in the bale. Some hay is priced a lot higher than what is quoted in this report but has yet to be confirmed sold. All sale are quoted FOB unless otherwise noted.

Oklahoma—In the May 8 report, compared to the last report, movement is moderate to steady for this time of year. 2026 new crop hay is being sold. Hay growers are trying to find their footing in pricing trends. Still have a lot of 2025 hay waiting to be sold, too. The next report release will be on May 22.

Texas—In the May 1 report, compared to the last report, hay prices remain steady. The next available hay report will be May 15.

South Dakota— In the Apr. 10 report, compared to last report, good interest from beef cattle operations looking to buy grass hay, not near the interest in buying alfalfa currently. Large dairy operations continue to feed haylage, which is keeping the alfalfa market under some pressure. Warmer temps and some rain in the forecast for the weekend and the start of next week. Good demand for cornstalks yet. 

Wyoming— In Apr. 15 report, compared to the last report, bales of alfalfa grass and pellets sold steady. Demand was good. Quite a few people calling and looking for hay to purchase. Hay contacts are sold out of 2025 hay and are waiting to start the new crop hay probably the last week in May if every works out correctly. Irrigation water is the big topic on the hay calls. Some areas will have normal amounts of water and other districts are limiting the amount of water and the days to use it.  Released on Monday, April 13, the state’s SNOTELs are reading 46% of median with a basin high of 88% and a basin low of 0%. Last year the state was at 91%, and at 97% in 2024. Lack of snow fall this year is what has put the halt on the irrigation water for this growing season. Hopefully good Ole Mother Nature will bring the rains to grow the grass, hay and replenish the water in lakes and reservoirs. Next report will the first part of June

Montana— In May 1 report, hay sold mostly steady to 5.00 higher. Hay supplies across the state continue to tighten and many producers are completely sold out of hay. Some producers are holding over some hay for personal use in case drought conditions worsen. Lower quality hay continues to see strong demand as ranchers search for hay to feed cows while they wait for there to be enough grass to turn out. Spring rain and snow showers were scattered across the state over the past two weeks but moisture varied greatly by location. Overall, much of the state remains dry and in some form of a drought. New crop contracts are starting to be written and demand for new crop hay is good to very good. Ranchers report they need more hay than last year as many are trying to grow their herds and will have more mouths to feed this winter. Asking prices are 170.00-180.00 from several producers across the state with some ranchers locking in these prices quickly. There is a major concern over how much hay will be produced this summer. Many irrigation districts have already announced they will have a very short irrigation season due to low river and stream flows. This, coupled with drought conditions will limit the volume of hay produced. According to the drought monitor 57.18% of the state is in Moderate drought or worse, up 0.14% from 2 weeks ago. 28.30% of the state is in an Severe drought or worse, unchanged from 2 weeks ago. 5.17% of the state is in Extreme drought or worse, up 3.27% from 2 weeks ago. 0% of the state is in Expectational drought, unchanged from 2 weeks ago. Notably, 94.28% of the state is abnormally dry, up 0.79% from 2 weeks ago.