The USDA Agricultural Marketing Service's Specialty Crops Marketing News has released the first weekly National Hemp Report, a publication that can be expected on Wednesdays each week in 2023.
National and regionally advertised hemp prices are included in the report, in addition to volume, cost, insurance and freight (CIF) values of imports. It is the first publication dedicated to the commodity and the first time USDA has released regular information specifically noting movement volumes or CIF values for the industry.
“USDA has recognized the hemp industry’s need for timely market information,” Jenny Lester Moffitt, USDA's undersecretary for marketing and regulatory programs, said in a statement. “The National Hemp Report will equip stakeholders with weekly price and volume information to help guide smart business decisions.”
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The announcement came the same day the FDA said it needs a “new regulatory pathway” to approve cannabidiol, or CBD, for use in dietary supplements and food additives. Products containing CBD continue to appear in the consumer space, a development made clear by a retail advertisement increase of 79% over the previous week and a 493% rise over the same time last year, according to the Jan. 25 report.Weekly reports can be accessed on theAMS Specialty Crops Market News web page. Pending industry engagement, there are plans to expand the report in the future to include additional marketing information.
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