Uncertain outlook for hemp market
December 23, 2019 By Will Robinson Filed Under: Crops, Hemp, Missouri, News
An agricultural economist says hemp farmers should lock in a contract before investing in a crop. The University of Missouri’s Ray Massey tells Brownfield hemp price has dropped quickly in recent months:
“I think we’re starting to see an oversupply and disappointing demand,” Massey said. “Demand not as high as we thought we would have.”
In the long-term, Massey said Missouri farmers should consider producing hemp for fiber and plastics because of its potential industrial use, such as use in car manufacturing.
“At this point, its a chicken and egg thing,” he said. “Do car manufacturers really want to put in the plastics made from hemp into their dashboards and into different parts of their car when there’s not enough supplies? So they can’t make all their cars that way.”
Massey said with higher hemp fiber supply, car manufacturers will be more attracted to using the product. Massey spoke at the MU Crop Management Conference.
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