A question we commonly get here in the Extension Office is, “What is hay worth?” The answer to this question usually is, it depends. The price of hay depends on multiple factors including cost of production and quality.
Hay quality varies based on management, storage, and type of hay. Different forage types will be higher in protein or energy, and this greater quality is worth more than other forage that is low in protein or energy. Hay high in nitrates would be worth less than hay that is not. These quality factors can only be determined by having a forage analysis done at a lab. Here at the Extension Office, we have a hay probe for you to check out and use and we can give recommendations on how to get the best sample. We will also help you select a lab test and interpret the results when you get the analysis back. Whether you are selling or buying hay, it is best practice to understand the quality before doing so.
If you are selling hay, it is necessary to know your cost of production. This includes your rental and irrigation costs, if any, fertilizer, fuel, and cost of running your swather, rake and baler, etc. If it costs you $25,000 to put up 200 tons of hay, your cost of production is $125/ton. As a producer, you’d need to set your price higher than $125/ton in order to profit.
Whether you are buying or selling hay, it is also best practice to know how much your bales weigh. Hay is typically sold on a per ton basis, and this is the only way to fairly compare costs of different hays, whether you’re looking to buy or looking to set a price to sell. Bale weights can differ dramatically between different balers (bale size and pressure), forage moisture content, and between forage types.
The Richland County Extension Office is always available to assist you in forage testing or determining hay prices. Knowing hay quality, cost of production, and bale weight will help set or determine the value of the hay you are buying or selling. Contact the office for more information, 406-433-1206.
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