Author ORCID Identifier

https://orcid.org/0000-0001-9407-2491

Date Available

6-19-2023

Year of Publication

2022

Degree Name

Master of Science (MS)

Document Type

Master's Thesis

College

Agriculture, Food and Environment

Department/School/Program

Agricultural Economics

First Advisor

Dr. Tyler Mark

Abstract

This thesis comprises of two articles covering spent hemp's prospects as an animal feed and the price interaction across the hemp commodity value-added supply chain. The first article uses a comparative analysis tool to analyze the potential of spent hemp as an animal feed or feed ingredient based on its yield, nutritional composition and market price. This comparative advantage analysis revealed that spent hemp is competitive based on its rich essential nutritional content, comparatively high yield per acre, and low market price. Furthermore, with the increasing drought conditions, production cost and market price of alfalfa hay, spent hemp may fill in as a supplement or alternative that could bridge the forage hay gap in the US animal feed industry. The second article employs an autoregressive distributed lag, investigates the price relationship across three stages of the hemp value chain, and applies the error correction model to determine the response of different stages in the value chain in the event of market turbulence. The result of this model suggests that hemp biomass and crude cannabidiol (CBD) oil prices adjusted symmetrically with each other while the refined cannabidiol hemp oil adjusted asymmetrically with the incidence of negative shocks in other phases of the value chain. This implies that the refined cannabidiol (CBD) hemp oil market price is more stable in the incidence of unpleasant shock along the hemp value-added supply chain.

Digital Object Identifier (DOI)

https://doi.org/10.13023/etd.2022.431

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