Trade credit extended by feed manufacturers may be playing an important financing role for farms during the current dairy sector downturn, but little is known about the volume and characteristics of trade credit in the agricultural sector. Through novel firm-level data collected from Northeastern US feed manufacturers, that jointly represent about 70 percent of the total market, we estimate the volume of trade credit demanded as a financing tool for dairy feed over the period 2014 - 2018. We further use an unbalanced panel of dairy farms from the Cornell University Dairy Farm Business Summary to estimate changes in trade credit demand over high and low periods of the milk price, controlling for the various characteristics of dairy farms, starting in 1993. We use the well cited model of trade credit from (Burkart and Ellingsen 2004) to explain the role of trade credit as a secondary market for credit, increasing the overall supply of credit to the Northeast dairy industry, a situational analysis applicable to the broader agricultural sector. This study also allows us to contribute observational evidence to the debate on whether standard theoretical models for supplier/borrower relationship strength, supplier competition, and adverse selection affects the supply of trade credit within a specific industry.