Three checks.
- The barn keeps $1,081 per stall versus pine. The barn’s compost credit is already inside that number.
- The mill sells hurd and bast. Hurd is the bedding. Bast is the long outer fiber, the second product off the same machine.
- The mill opens without owning the trucks. The loop can be added when the pile is real.
Those are the barn’s check and the mill’s check. Compost the mill does not run is not mill profit.
1) Barn check — bedding conversion
Who pays: trainer, backside, private barn.
What changes: pine / sawdust out, hemp hurd in.
Published case: $1,081 net per 12×12 stall per year versus pine, Dakota multi-pallet bag.
What is inside $1,081: lower material volume, 25% labor cut, 40% less waste hauled, and half the compost at $25/cy.
NYRA Saratoga Race Course: 1,820. The 1,820 is the published stall count at New York Racing Association (NYRA) Saratoga Race Course. This site uses that published count as the example. 1,820 published stalls × $1,081 = $1,967,420 barn-side if converted. That is the barn’s savings. It is not mill profit. The Iovino letter is Saratoga Casino Hotel, a separate harness track.
2) Mill check — hurd + bast
Three prices, three jobs. Do not add them.
- $16 / 30 lb ($0.533/lb) — Dakota multi-pallet bag. What a converted barn pays. Saratoga 1,820 = $293,536.
- $0.60/lb — Dakota listed 1/4-inch cut. Plant cards also show a second price — the mill’s listed cut of hurd, sixty cents a pound. That is not the sixteen-dollar bag the barn pays. Do not add the two prices.
- $176 / stall — 11 bags × $16. The hemp material line in the pine-versus-hemp table.
Who pays: the barn for bagged hurd; industrial buyers for bulk hurd and bast.
Stalk split used in siting: ~70% hurd, ~25–30% bast.
Hurd price: Dakota multi-pallet $16 / 30 lb, which is $0.533 a pound. NASS, USDA’s published hemp report, puts retted stalk at $0.20 a pound. That is the farm price, not this bag.
Bast price band, labeled:
- Floor: $0.20/lb — NASS 2025 utilized retted fiber stalk, not separated textile fiber.
- Ceiling used here: $0.40/lb — Hemp Traders 2026 F-B1 green decorticated fiber, full truckload.
- A later textile market has quoted $1.00–$1.50 a pound. That price is not this mill’s first bast check.
Illustration if those published stalls converted.
Buy only the stalk those stalls would need IF converted.
Saratoga 1,820 + Churchill 1,400 = 3,220 stalls.
Bagged hurd 972,440 lb × $0.533/lb = $518,635.
Bast on that same stalk (416,760 lb, from 1,389,200 lb of stalk): $166,704 at the $0.40/lb ceiling, and $83,352 at the $0.20/lb floor.
The compost already inside the $1,081 stays on the barn’s line. It is not added into mill profit.
Stalk cost: only the pounds purchased for those stalls, 1,389,200 lb at the NASS utilized price of $0.20/lb = $277,840. That is a published farm price, not a grower contract. The bag still has to clear Dakota’s $16 / 30 lb floor.
This case buys only the stalk those stalls need. There is no unsold bulk hurd in it. Extra hours would leave bulk hurd unsold until a buyer is named. That extra is the warning case, not this case.
Loaded-line case. Capacity, not a promise.
One conservative shift: 2,000 lb/hr × 8 hr × 200 days = 3,200,000 lb stalk.
Hurd 70% = 2,240,000 lb × $0.60 Dakota $0.60 class = $1,344,000 hurd-only.
Bast 30% = 960,000 lb × $0.40 = $384,000 ceiling, or × $0.20 = $192,000 floor.
Capacity if the line is fed and the bags are sold. Not a purchase order.
Warning case. The mill bought more stalk than it had barns for.
Charging 8,000,000 lb of stalk and recognizing only 972,440 lb of bagged hurd means the line bought a two-shift year and sold bags to 3,220 stalls. It is not the first mill number.