Hemp planting in the U.S. is off to a slower start this year compared to the same period in 2022, according to the U.S. Department of Agriculture’s (USDA) National Weekly Hemp Report. So far this year, less than 10 acres of hemp have been reported to the Farm Service Agency (FSA), down from about 100 acres reported to the FSA last year.
According to the report, most of the hemp planted is being cultivated for seed production and cannabinoid extraction.
The agency said that retail ad totals for hemp products were up 12% from last week and 14% from 2022 while the number of hemp items advertised fell by only one item. Hemp item prices were reportedly down overall in the weekly report, except for a 25% increase in the price of 16 oz. organic hemp seed. Price decreases were “only slight,” the report notes, except for a 19% decrease for 7 oz. organic hemp seed. Hemp prices remained stable in Hawaii.
The USDA launched the weekly National Hemp Report late last month. The report contains retail advertised prices of hemp products nationally and by region, along with volumes and cost, insurance, and freight values of hemp imports into the U.S.
In a statement announcing the new report, Under Secretary for Marketing and Regulatory Programs Jenny Lester Moffitt said the USDA “has recognized the hemp industry’s need for timely market information” and the report “will equip stakeholders with weekly price and volume information to help guide smart business decisions.”
The report will be issued every Wednesday.
Get daily cannabis business news updates. Subscribe