U.S. on-farm hay stocks are at historically low levels.

The USDA says that on May 1st, the supply was 14.523 million tons, a decrease of 2.2 million on the year because of increased demand and lower production.

That is the second smallest U.S. supply since the USDA started keeping track of hay stocks in 1950.

The hay harvest is expected to be slightly larger in 2023, but not by much.

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