At the moment, dairy quality hay is fairly low in price. Could that change? If the rumors are true, Saudi Arabia and UAE have contracted to buy 50,000 acres of California hay for export.
At the same time hayland in the middle of the Central Valley is being converted to higher value cash crops, since farms on the West side are short on water.
This is not to say hay prices will take off in California. Who has the money to buy hay? Hay will simply be another part of the picture in the murky crystal ball of dairy.