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Harvest time 2019, the first federally legal hemp crop. Farmers across the nation planted fields to pursue economic opportunity for their families. We wanted to learn more about family farms, so we visited the Farm Progress trade show in Decatur IL.
Corn is a mature market where commerce flows freely. The process looks something like this:
- 3rd party grades the corn
- Commodity exchanges determine pricing
- Wholesaler buys the crop
- Corn heads to a storage / processing facility
This level of infrastructure is new to hemp. The majority of hemp farmers in the USA lack a buyer, 60% according to Whitney Economics. There are two factors driving this statistic. First, a general surplus of hemp material . Second, the ability of hemp processors to extract the incoming hemp crop.
As a result, we expect a surplus of material that requires drying and storage to preserve the value of the crop.