plbcattle,
Last year was my second year to have ever cut/baled hay. So you can take my experience into consideration with what i have to say.
The price of your haying equipment is probably going to go hand in hand with the amount of hay/size of bales the type of tie you want(net wrap/plastic tie etc....,)
As far as the amount of hay you can expect. Wewild has a very good point that it will vary from year to year. Unless you are sit up to irrigate and you know that will run your hay cost up alot if you have to do that.
Something else you might want to take into consideration. If you plan on putting up alot of hay. Your probably going to need to hire at least one other person to help you. I mean i only put up about 150 4 x 5 bales last summer and it kept me busy tring to do it all myself.( cutting,rakeing,baleing) I was pushing it and if it had of been a wet summer i probably would not have been able to keep up cutting what little hay i had to cut.
And to it was a job just for me to keep up on the spraying and fertlizing my hay feilds and i hired the fertlizing done.
In my opinion i think it is a big plus being able to put up your own hay wether you do it yourself every year or not. For the main reason of not being able to always count on buying enough hay to get you through the winter. I dont have but 13 head of cattle & 9 horses/mules to feed. I can not imagine someone with alot of cattle not being able to cut and bale their own hay. They sure are putting alot of trust in the people they are buying hay off of.
We use to buy our hay off of some good people who always done us right on the price. But there were alot of summers that they just could not fill our order. And if you was to ask them at the beginning of the summer if they could sale you x amount of hay. The answer was always sure. But when it come down to it. Most of the time they did not come through. So that is why i cut and bale my hay today.
Good luck.