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Economics

All Graduate Theses and Dissertations

2014

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Structural Change Of The Western United States Alfalfa Hay Market And Its Effects Of The Western United States Dairy Industry, Joseph Patrick Cann May 2014

Structural Change Of The Western United States Alfalfa Hay Market And Its Effects Of The Western United States Dairy Industry, Joseph Patrick Cann

All Graduate Theses and Dissertations

Alfalfa is the fourth largest commodity grown in the Western U.S., representing 20% of the crop acreage over the past twenty years. In the last five years alfalfa hay price has doubled from what it was previously, indicating a possible structural change in the market. This research project was completed to test for this structural change using econometric analysis of the important demand components of alfalfa price. In addition to this, simulations of an average Utah dairy were completed to examine which ratio of forage crops provided the highest economic return to the operation. To analyze the structural change ...