Hay Farming in the United States — An Investor's Primer

NAICS 2022 code 111940 — Hay Farming (NAICS = North American Industry Classification System, the standard code set U.S. statistical agencies use to group businesses.)

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1. Overview

Hay is cut, dried grass and legume forage — mostly alfalfa, clover, timothy, and mixed grasses — baled and stored to feed livestock when pasture isn't growing. It is one of the least glamorous but most foundational links in American agriculture: the feed layer under the beef, dairy, and horse industries. Measured by value of production, hay ranks as the third most valuable U.S. field crop, behind only corn and soybeans — worth about $21.3 billion in 2023.[5] Measured by footprint, it is one of the most widespread crops in the country: hay and forage led all harvested cropland in a large share of U.S. counties in the 2022 Census of Agriculture.[6]

Hay revenue is driven by a few simple things — marketable tons, realized price per ton, forage quality, water availability, and freight — and all of them are volatile. It is also one of the hardest industries to invest in directly. There is essentially no pure-play, U.S.-listed hay company; the sector is a fragmented mass of hundreds of thousands of family and part-time farms, plus a handful of privately held and foreign-owned processors and exporters. Public-market investors reach it indirectly, through farm machinery, farmland real estate, seed, and livestock-supply companies — a look-through exposure inside broader firms. Private investors reach it more directly by owning, leasing, or financing land, processing, storage, and export capacity — which is how most of the money in this business has always been made, and where the water, weather, liquidity, and operating risk actually sit.

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2. What it is and how it's structured

In scope (NAICS 111940): establishments primarily engaged in growing hay, alfalfa, clover, and mixed hay for forage.[1]

What it excludes — this matters, because a lot of "hay" activity lands in adjacent codes:

• Grain hay (hay cut from small grains) sits under NAICS 1111, Oilseed and Grain Farming.[1]
• Grass and hay seed production is NAICS 111998, All Other Miscellaneous Crop Farming — so the alfalfa-seed genetics business is a separate industry from growing the hay itself.[1]
• Livestock operations that grow their own hay are classified by their animals — a cattle ranch (NAICS 1121) or a dairy (NAICS 11212) that bales its own alfalfa is counted as ranching or dairying, not hay farming.[1]
• Custom haying (contractors who mow, rake, and bale another farm's field for a fee) is a farm-support service under NAICS 115113.

The production chain runs: (1) land ownership or lease plus water access; (2) seed, stand establishment, fertilizer, and crop management; (3) cutting, curing, baling, and quality testing; (4) storage, trucking, brokerage, processing, and distribution; (5) sale to dairies, beef producers, horse and small-animal owners, and foreign buyers. Note that separate processors, brokers, equipment dealers, and seed companies often fall outside code 111940 even though they share the same value chain.

Ownership mix: overwhelmingly small, family-owned, and often part-time. Family-owned-and-operated farms were 95% of all U.S. farms in the 2022 Census of Agriculture (a whole-agriculture figure, not hay-specific).[6] Because buying baled hay is uneconomic for many small livestock owners, they grow and bale it themselves, frequently with family labor. At the other end sit a small number of large irrigated operations in the West and Southwest that grow export-grade alfalfa and timothy. The market is extraordinarily fragmented: in the alfalfa segment, the three largest players together hold well under 1% of the market.[8] There is no dominant producer.

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3. How big it is

Hay is an industry where the ordinary federal business statistics badly undercount reality, so the right yardstick is the U.S. Department of Agriculture (USDA), not the Economic Census.

The undercount, explained. The 2022 Economic Census excluded crop production, including hay farming, apart from selected support-activity industries, and it generally excludes government-owned establishments.[2] On top of that, most U.S. hay is grown as a secondary activity by cattle ranches, dairies, and diversified farms classified under other codes. As a result there is no reliable establishment-count series for NAICS 111940; the real production universe runs to hundreds of thousands of farms. Our ingested federal ground-truth extract for this code contains only one industry-specific figure: the U.S. Small Business Administration (SBA) size standard — average annual receipts of $2.5 million, below which a hay farm counts as "small" for federal programs.[3] That extract does not contain NAICS-111940 revenue, payroll, employment, establishment count, or ownership statistics; no suppressed value is stated here. The scale figures below therefore come from USDA crop reports and are physical-crop statistics, not code-111940 revenue — they do not map perfectly to the code's boundaries.

USDA production figures (all hay, 2024):

Alfalfa — the higher-protein, higher-value legume — accounts for roughly one-third of hay acreage and a bit over 40% of tonnage; grass and mixed "other hay" make up the rest.[7] Total value of all hay was about $21.3 billion in 2023, third among field crops behind corn (~$73.9 billion) and soybeans (~$52.8 billion).[5] For scale, the 2022 Census of Agriculture counted 1,900,487 U.S. farms in total (a farm being any place that produces and sells, or normally would sell, at least $1,000 of agricultural products).[6] Hay is grown in every state; the leading production and export regions are the irrigated West (California, Idaho, Washington) and the northern Plains and Mountain states.

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4. The investable universe

There is no listed "hay company." Public exposure is indirect and diversified; most of the real operators are private. The table below is the practical menu.

Public and listed (indirect / look-through exposure):

(REIT = real estate investment trust, a company that owns income-producing property and passes most income to shareholders as dividends. Tadawul = the Saudi Exchange.)

No longer a listed route: S&W Seed (formerly Nasdaq: SANW), historically the closest alfalfa-seed pure-play, announced a voluntary delisting from Nasdaq and SEC deregistration in 2025 after financial distress and a retreat from international markets — it is no longer an accessible public vehicle.[31]

Major private and foreign-owned operators (the actual hay economy):

• Al Dahra ACX — part of an Abu Dhabi (UAE)–based group; U.S. forage sourcing, farming, processing, and storage, ~30,000 acres across the western U.S. and Mexico and roughly ten pressing plants worldwide; a top exporter.[8][36]
• Border Valley Trading (Imperial Valley, California) — described as the largest forage-processing facility in the U.S.[35]
• Standlee Premium Western Forage — family-owned grower/processor/distributor (part of AgReserves Inc., the farming arm of the LDS Church); the leading retail/bagged forage brand.[33]
• Fondomonte (subsidiary of Saudi Arabia's Almarai) — grows alfalfa in Arizona and California for export to Saudi dairies; center of a major water-rights fight (see §7).[37]
• Anderson Hay & Grain (Ellensburg, Washington; founded 1960) — long one of the largest Pacific Northwest exporters; filed for Chapter 11 bankruptcy in November 2025 amid weak export demand and low prices.[34]
• Forage Genetics International — alfalfa seed/trait developer, owned by the Land O'Lakes farmer cooperative (private).

Bottom line for the universe: if you want equity exposure, you are really buying farm machinery, farmland, or seed genetics — not hay itself. Direct hay exposure requires owning land or lending to/partnering with operators.

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5. How the money works

Hay economics are simple to state and brutal to execute. Revenue per acre is yield (tons/acre) × price (per ton), and both sides are volatile. The metrics that decide whether an operation makes money: yield and marketable tons per acre; realized price by crop, quality, customer, and delivery point; all-in cost per ton; water cost and water-right security; and baling, storage, shrinkage, and freight per ton.

• Yield. Irrigated Western alfalfa yields ~3.5–7+ tons/acre across three to five cuttings a year; dryland grass hay in the East and Plains yields far less. The national average across all hay is ~2.5 tons/acre.[4]
• Price and grade. Hay is graded by feed quality (protein, relative feed value). Dairy-grade alfalfa commands the top price; feeder/beef-grade less; export timothy and premium horse hay earn further premiums. In 2024 the U.S. all-alfalfa price averaged about $185/ton, down roughly $61 from 2023; dairy-quality alfalfa in major dairy states ran ~$250/ton.[9]
• No futures market. Unlike corn or soybeans, hay has no liquid futures contract, so growers can't hedge. Prices are set locally by supply, quality, weather, and — because hay is bulky and cheap per pound — transportation distance.[8] A load worth $200/ton at the farm can double in delivered cost a few hundred miles away.

Prices are highly regional. In 2024, USDA state overviews reported Texas producing 11.96 million tons at $181/ton, California 4.64 million tons at $226/ton, and South Dakota 5.84 million tons at $103/ton — a spread that shows why water, local livestock demand, quality, and freight can matter as much as acreage.[10] The USDA Agricultural Marketing Service (AMS) publishes recurring local hay reports rather than one national cash benchmark.[16]

Costs are dominated by land, water/irrigation, fertilizer (potash and phosphorus), fuel, machinery, and labor. University and Farm Bureau budgets put the full economic cost of alfalfa around $229/ton, ranging from ~$165 to over $300 depending on irrigation and region; input costs jumped 20–35% since 2020 while yields stagnated near 3.5 tons/acre for irrigated stands.[11]

The squeeze. National alfalfa prices fell from about $288/ton (April 2023) to ~$164/ton (November 2024) — a roughly 43% drop — and averaged near $171/ton in 2025, below break-even for many growers.[11] Higher-yield irrigated operations can cover variable operating costs at those prices, but often not the full charge for land and capital. That is the core risk of the business: thin, cyclical margins with no hedging tool.

Where extra margin comes from: (1) quality — hitting dairy or export grade instead of feeder grade; (2) value-add — compressing bales for ocean-container export (a ~$40–$60/ton premium over domestic spot) or bagging retail forage for horse and pet markets;[8] (3) land appreciation — for owner-operators and landlords, much of the long-run return is the rising value of the underlying acreage rather than the crop itself, which is why farmland REITs and private funds participate. Note too that hay is cut seasonally but sold over many months, so inventory ties up cash, needs storage, and can lose value to moisture, mold, or poor handling — a working-capital and quality risk on top of the price risk.

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6. What drives demand

Hay demand is a derived demand — it tracks the animals that eat it.

• Cattle (the dominant driver). Beef and dairy cattle consume most U.S. hay. The U.S. cattle herd is at a multi-decade low — about 86.7 million head on January 1, 2025, the smallest since 1951 — after years of drought and high costs pushed ranchers to sell down.[12] Fewer cattle means softer domestic hay demand, a major reason 2024–25 prices sagged. A future herd rebuild (ranchers retaining heifers) would be a demand tailwind.
• Dairy. Milk cows are the premium buyers, paying up for dairy-grade alfalfa; dairy health drives the top of the price range.
• Horses and small animals. The U.S. equine population is ~6.6 million, part of a ~$40 billion industry; an idle horse eats roughly four tons of hay a year, and horse owners buy premium grass, orchard, and timothy hay at retail prices well above commodity feed.[13]
• Exports. Only about 3% of U.S. hay is exported, but exports set the marginal price for Western premium alfalfa and timothy. U.S. hay exports were worth ~$1.11 billion (3.18 million metric tons) in 2024, with Japan, China, South Korea, and Saudi Arabia the leading destinations.[14] Within alfalfa specifically, China is the largest volume buyer — about 44% (~937,000 metric tons of 2.13 million).[15] These flows exist because it is cheaper for water-scarce dairy regions abroad to import "virtual water" as baled alfalfa than to grow it at home, linking U.S. hay demand to Chinese and Gulf dairy expansion.
• Weather. Drought cuts pasture and forces livestock owners to buy replacement feed (demand up) while simultaneously cutting the hay harvest (supply down) — a double squeeze that produced the 2021–22 price spikes.

Hay demand is structurally necessary but not automatically high-growth. The strongest economics occur where growers have secure water, consistent quality, nearby livestock customers, export access, or integrated processing and storage.

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7. Regulation

Hay is lightly regulated as a product but sits in the middle of America's most contentious resource fight: water. Regulatory exposure rises as a business moves from the field toward processing, packing, storage, and export.

• Farm programs. There is no target-price/loan program of the kind grains get. Hay and forage are eligible for USDA support through the Risk Management Agency's (RMA) Pasture, Rangeland, and Forage (PRF) insurance,[22] the Farm Service Agency's Noninsured Crop Disaster Assistance Program (NAP) where insurance is unavailable,[21] and emergency haying and grazing of Conservation Reserve Program (CRP) acres in qualifying droughts (counties at D2 or worse on the U.S. Drought Monitor, or ≥40% forage-production loss).[20]
• Food safety. The Food and Drug Administration (FDA) treats animal feed as animal food; the Food Safety Modernization Act (FSMA) can impose registration, preventive-control, traceability, and contamination requirements on covered animal-food facilities — a concern chiefly for processors, not the field.[18]
• Environment. The Environmental Protection Agency (EPA) regulates or influences pesticide, nutrient, water-quality, wetlands, and runoff issues, though state water-rights law is usually more important economically than federal law.[19] Alfalfa is a nitrogen-fixing legume (a soil-rotation benefit), but flood irrigation, nutrient runoff, and groundwater depletion draw growing scrutiny.
• Labor. Seasonal harvest labor can involve wage rules, housing requirements, and the H-2A temporary agricultural-worker visa.[23]
• Water — the structural issue. Irrigation accounted for about 47% of U.S. freshwater withdrawals in 2010–2020, across ~54.9 million irrigated acres in 2022.[17] Irrigated alfalfa is the single largest agricultural water user in the arid West and a lightning rod in Colorado River and groundwater politics, because it is thirsty and low-value-per-gallon yet grown where water is scarce. Investors in Western hay land are effectively taking a water-rights position.
• Foreign ownership and groundwater. The flashpoint case: Saudi-owned Fondomonte grows alfalfa on Arizona state and desert land, pumping largely unregulated groundwater to export feed home. Arizona's governor canceled its Butler Valley lease and declined to renew others in 2023–24,[24] and the state attorney general sued the operation under public-nuisance law in December 2024.[25] The episode has spurred proposals to restrict foreign farmland ownership and to regulate rural groundwater — a real regulatory risk for large export-oriented operators.

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8. Competitive dynamics and consolidation

The industry has two layers. At the farm level, hay is close to perfectly fragmented — hundreds of thousands of growers, no pricing power, local markets, and a commodity product (the three largest alfalfa players together hold under 1%).[8] Barriers to entry are low for anyone who already owns land and machinery, which keeps supply elastic and margins thin.

Consolidation is happening not in growing but in the more concentrated channels — processing, storage, export, and port-linked distribution, where scale, pressing plants, and international relationships matter. A handful of firms — Al Dahra ACX, Border Valley, Standlee, and (until recently) Anderson Hay — dominate the export/value-add layer.[8] That layer is now under stress: Anderson Hay filed for Chapter 11 in late 2025 as Chinese demand and prices weakened.[34] Foreign capital (Emirati, Saudi) has bought into U.S. production and processing to secure feed supply, which is both a consolidation force and a political flashpoint. Vertical integration can improve quality control and supply reliability, but it raises water, capital, environmental, and geopolitical exposure.

The equipment and seed layers are, by contrast, genuinely consolidated and investable — a few global machinery makers (Deere, AGCO, CNH, Kubota; plus dealers like Titan) and a short list of alfalfa-genetics firms.[26][27][28][29]

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9. Risks

• Price cyclicality with no hedge. No futures market means growers ride the livestock and drought cycle unhedged; the 2023→2025 price collapse pushed many below break-even.[11]
• Herd contraction. With cattle numbers at their lowest since 1951, the biggest customer base is shrinking; a delayed or shallow herd rebuild caps demand.[12]
• Input inflation. Water, fertilizer, fuel, labor, and freight up 20–35% since 2020 have compressed margins even before the price fall.[11]
• Water and regulatory risk. Western irrigated hay depends on contested water; groundwater rules, Colorado River cuts, lease cancellations, and foreign-ownership backlash all threaten the highest-value acreage.[24][25]
• Export/trade exposure. Premium-alfalfa prices hinge on Asian and Gulf demand; tariffs, phytosanitary bans, currency swings, and a strong dollar can shut markets quickly.[15]
• Weather, storage, and quality. Hay is perishable and weather-sensitive — rain on cut hay destroys quality, and mold, mycotoxins, pesticide residue, foreign material, or moisture can trigger discounts or rejected loads.[18]
• Customer concentration. Large dairies, feedlots, and exporters can hold outsized bargaining power over individual growers.
• Illiquidity and measurement (for direct investors). Farmland is illiquid and management-intensive; private operators often have thin disclosure, seasonal cash flow, and inventory-heavy balance sheets; and hay land without secure water can be worth a fraction of the headline price.

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10. How to invest and the outlook

Public-market routes (all indirect / look-through):

• Haying equipment and dealers — Deere (DE), AGCO (AGCO), CNH Industrial (CNH), Kubota (KUBTY), and dealer Titan Machinery (TITN). The cleanest liquid way to ride mechanized forage — but it is diversified ag-machinery exposure, not pure hay.[26][27][28][29]
• Seed — Corteva (CTVA) for broad crop genetics; note it does not isolate hay/alfalfa. The former pure-play, S&W Seed (SANW), has delisted.[30][31]
• Farmland REITs — Gladstone Land (LAND) and Farmland Partners (FPI) let you own farmland and collect rent/dividends, but both skew to specialty and row crops rather than hay.[32]
• Foreign-listed parent — Almarai (Tadawul: 2280) is a strategic, foreign-listed way to touch large U.S. alfalfa operations, with all the country and governance caveats that implies.[37]

Because hay is a look-through exposure, valuation multiples, dividend yields, and share prices apply to the whole company, not to hay farming — a product line can be economically important yet immaterial to consolidated earnings.

Private routes (direct exposure):

• Own or lease hay land — returns come from crop cash flow plus land appreciation; the key due-diligence item is secured water.
• Farmland platforms and funds — crowdfunding platforms (e.g., AcreTrader, FarmTogether) and institutional managers (Nuveen/Westchester, Manulife's Hancock Natural Resource Group, UBS Farmland) hold row-crop and forage acreage; access varies by investor accreditation.
• Processing, storage, and export platforms; equipment finance and asset-backed lending; and private-equity consolidation of regional operators — these capture the value-add margin rather than the commodity.

Due diligence should focus on water rights, historical yield and quality, all-in cost per ton, customer contracts, freight, storage losses, insurance, environmental liabilities, land tenure, and debt service.

Near-term drivers (forward-looking, not a forecast):

• Prices near multi-year lows. All-alfalfa averaged ~$171/ton in 2025, below break-even for many; this looks cyclically depressed, not structurally broken, and sub-break-even prices should eventually force acreage out and set up a recovery.[11]
• Herd rebuild is the swing factor. If ranchers begin retaining heifers to rebuild the historically small cattle herd, domestic feed demand — and hay prices — would firm; timing depends on drought and cattle-price signals.[12]
• Export demand is soft and politically exposed. Premium-alfalfa upside runs through Chinese and Gulf dairy demand and trade policy, both weak today.[15][34]
• Water becomes the real asset. Over the long run, the durable value in Western hay is the water right underneath it, and tightening groundwater and Colorado River rules will increasingly separate winners (secure water) from losers.[24]

In one line: hay is a foundational, third-most-valuable U.S. crop with almost no direct public-market vehicle; it is cheap and out of favor after a 2023–25 price crash and a shrinking cattle herd, and the smartest exposure — for those who can take it — is water-secure, quality-differentiated, logistics-integrated farmland, played either directly or through the equipment, seed, and land companies that sit around the crop.

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Sources

1. U.S. Census Bureau — 2022 NAICS Definition: 111940 Hay Farming (definition and exclusions), 2022. https://www.census.gov/naics/
2. U.S. Census Bureau — Economic Census: Understanding NAICS / Industry Coverage (crop-production and government-establishment exclusions), 2022. https://www.census.gov/programs-surveys/economic-census/year/2022/guidance/understanding-naics.html
3. U.S. Small Business Administration — Table of Size Standards, March 2023 (NAICS 111940 = $2.5 million average annual receipts; ingested federal ground truth). https://www.sba.gov/document/support-table-size-standards
4. USDA National Agricultural Statistics Service (NASS) — Crop Production 2024 Summary, January 2025 (hay tons, acres, yields, on-farm stocks). https://www.nass.usda.gov/Publications/Todays_Reports/reports/cropan25.pdf
5. USDA NASS — Crop Values 2024 Summary, February 2025 (hay value of production and field-crop ranking). https://www.nass.usda.gov/Publications/Todays_Reports/reports/cpvl0225.pdf
6. USDA NASS — 2022 Census of Agriculture (total farm count 1,900,487; 95% family-owned farms), 2024. https://data.nass.usda.gov/Newsroom/2024/02-13-2024.php
7. USDA Agricultural Marketing Resource Center (AgMRC) — Hay commodity profile, 2024 (alfalfa share of acreage/tonnage). https://www.agmrc.org/commodities-products/forages/hay
8. Mordor Intelligence — North America Alfalfa Hay Market, 2025 (fragmentation and top-player share, Al Dahra scale, export premiums, transport-driven local pricing). https://www.mordorintelligence.com/industry-reports/north-america-alfalfa-hay-market
9. Hay & Forage Magazine — "Farmers made more hay on less land in 2024" (citing USDA NASS), January 2025 (2024 alfalfa price and production). https://hayandforage.com/article-permalink-5242.html
10. USDA NASS — 2024 State Agriculture Overviews (Texas, California, South Dakota hay tons and price/ton), 2024. https://www.nass.usda.gov/Quick_Stats/Ag_Overview/
11. American Farm Bureau Federation — "Alfalfa in the Red: Rising Costs, Falling Returns" (Market Intel), 2025 (cost of production, input inflation, price collapse). https://www.fb.org/market-intel/alfalfa-in-the-red-rising-costs-falling-returns
12. USDA NASS — Cattle inventory, January 1, 2025 (all cattle and calves; smallest herd since 1951), reported via Drovers, 2025. https://www.drovers.com/news/industry/u-s-beef-herd-continues-downward-86-2-million-head
13. American Horse Council — 2023 National Equine Economic Impact Study (U.S. horse population and industry size). https://horsecouncil.org/project/results-from-the-2023-national-equine-economic-impact-study-released/
14. USDA Foreign Agricultural Service (FAS) — Forage and Hay export data, 2024 ($1.11 billion; 3.18 million metric tons; leading destinations). https://www.fas.usda.gov/data/commodities/forage-and-hay
15. Hay & Forage Magazine — "Hay exports flatlined in 2024" (alfalfa export volumes and China share), 2025. https://hayandforage.com/article-5229-Hay-exports-flatlined-in-2024.html
16. USDA Agricultural Marketing Service (AMS) — Hay Reports (recurring local price reports), accessed 2026. https://www.ams.usda.gov/market-news/hay-reports
17. USDA Economic Research Service (ERS) — Irrigation & Water Use (irrigation = 47% of U.S. freshwater withdrawals 2010–2020; 54.9 million irrigated acres in 2022), accessed 2026. https://ers.usda.gov/topics/farm-practices-management/irrigation-water-use
18. U.S. Food and Drug Administration (FDA) — Food Safety Modernization Act and Animal Food, accessed 2026. https://www.fda.gov/animal-veterinary/animal-foods-feeds/food-safety-modernization-act-and-animal-food
19. U.S. Environmental Protection Agency (EPA) — Agriculture and Land Use, accessed 2026. https://www.epa.gov/agriculture/agriculture-and-land-use
20. USDA Farm Service Agency (FSA) — Emergency Haying and Grazing (Conservation Reserve Program), accessed 2026. https://www.fsa.usda.gov/resources/programs/conservation-reserve-program/emergency-haying-grazing
21. USDA FSA — Noninsured Crop Disaster Assistance Program (NAP), accessed 2026. https://www.fsa.usda.gov/resources/disaster-recovery/noninsured-disaster-assistance-program-nap
22. USDA Risk Management Agency (RMA) — Pasture, Rangeland, Forage — Frequently Asked Questions, accessed 2026. https://www.rma.usda.gov/about-crop-insurance/frequently-asked-questions/pasture-rangeland-forage
23. USDA ERS — Farm Labor (H-2A temporary agricultural worker program), accessed 2026. https://ers.usda.gov/topics/farm-economy/farm-labor
24. Office of Arizona Governor Katie Hobbs — "Governor Hobbs Cancels Fondomonte Lease," 2023. https://azgovernor.gov/
25. Inside Climate News — "In a First, Arizona's Attorney General Sues an Industrial Farm Over Its Water Use," December 12, 2024. https://insideclimatenews.org/news/12122024/arizona-attorney-general-sues-industrial-farm-over-water-use/
26. Deere & Company — Form 10-K, 2025 (hay and forage equipment). https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm
27. AGCO Corporation — Form 10-K, 2025 (balers, windrowers, forage harvesters, hay tools). https://www.sec.gov/Archives/edgar/data/880266/000088026626000010/agco-20251231.htm
28. CNH Industrial N.V. — Form 10-K, 2025 (New Holland / Case IH hay and forage equipment). https://www.sec.gov/Archives/edgar/data/1552493/000110465926020527/tmb-20251231x10k.htm
29. Titan Machinery — Form 10-K, 2025 (New Holland / Case IH dealer network). https://www.sec.gov/Archives/edgar/data/1409171/000140917125000027/titn-20250131.htm
30. Corteva — Form 10-K, 2025 (seed and crop-genetics platform). https://www.sec.gov/Archives/edgar/data/1755672/000175567226000004/ctva-20251231.htm
31. Nasdaq — "S&W Announces Voluntary Delisting from Nasdaq and SEC Deregistration," July 2025. https://www.nasdaq.com/press-release/sw-announces-voluntary-delisting-nasdaq-and-sec-deregistration-2025-07-14
32. The Motley Fool — "Farmland REITs" (Gladstone Land and Farmland Partners portfolios), 2026. https://www.fool.com/investing/stock-market/market-sectors/real-estate-investing/reit/farmland-reits/
33. Standlee Premium Western Forage — company profile (family-owned grower/processor/distributor), accessed 2026. https://www.standleeforage.com/company/
34. Oregon Public Broadcasting (OPB) — "Bale out: How a huge Northwest hay exporter got into trouble" (Anderson Hay & Grain Chapter 11), December 2025. https://www.opb.org/article/2025/12/07/how-a-huge-northwest-hay-exporter-got-into-trouble/
35. Border Valley Trading — company site (Imperial Valley forage-processing operation), accessed 2026. https://www.bordervalley.com/
36. Al Dahra — Sustainability Report 2024 / UN Global Compact company profile (UAE-based forage group; U.S. operations), 2024–2025. https://aldahra.com/
37. Almarai — Annual Report / Capital Markets (Tadawul: 2280; Fondomonte U.S. subsidiaries), 2025. https://annualreport.almarai.com/