Putting a value on silage or hay
One of the biggest questions is how to put a value on the silage or hay. The price of corn silage is typically based on corn or hay prices. The K-State Farm Management Guide crop budgets value silage in the field at 8 times the price of corn, meaning that if corn is $6/bushel, the price of corn silage would be $48/ton ($6 x 8). However, drought-stressed corn typically will have a value of 75-95 percent of “normal” corn silage, so a more appropriate rule of thumb for drought-stressed corn silage standing in the field would be 6 times the price of corn.
Current projected costs for silage chopping, hauling, and silo filling range from $8.00 to $8.50/ton. Harvesting corn for grain is expected to cost $0.50 -$0.55 per bushel. Before any action is taken in regard to harvesting corn for grain, silage, or hay, producers should contact their crop insurance agent.