Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Columbia Basin / West Coast export plants (FOB stack, then containerized via PNW ports)Headline | physical_fob | High‑color alfalfa, RFV typically >150, CP ≥18–20%, low ADF/NDF, moisture ~10–14%, export‑ready double‑compressed bales destined for Japan, China, Korea and Middle East.[1][2][5] | USD/MT | 330–380 | Mar 2026 | — |
| PNW export yards (Washington/Oregon) FOB stack, containerized | physical_fob | Premium grass hay for Japanese and Korean dairy/beef, bright color, low weed content, moisture ~10–14%, double‑compressed shipping bales.[2][3] | USD/MT | 260–310 | Mar 2026 | — |
| California and Idaho on‑farm or stack‑lot values reported by regional market services | physical_fob | Dairy‑quality alfalfa, CP typically ≥18%, RFV >140, delivered or FOB stack to large dairies, moisture 10–16%; basis against export alfalfa and local feed alternatives.[3][5] | USD/MT | 260–320 | Mar 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical hay trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Columbia Basin / West Coast export plants (FOB stack, then containerized via PNW ports) | — | |
| PNW export yards (Washington/Oregon) FOB stack, containerized | Typically trades at a USD 40–80/MT discount to comparable export alfalfa on a FOB basis, depending on fiber specs and freight spreads. | |
| California and Idaho on‑farm or stack‑lot values reported by regional market services | Often trades at USD 30–60/MT below top‑spec export alfalfa FOB PNW, reflecting inland freight and slightly wider quality tolerances. |
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