The hay is probably the biggest part of what is going to make the feed go up, possibly more so than the other ingredients. The biggest hay producing parts of the country are in a severe drought. Usually in SD we get third and fourth cuttings, good cuttings, of alfalfa. So far we've gotten two and there has been zero rain. I don't think there is going to be a third, let alone a fourth. Hay per bale (small bales) has gone from $5.00 a bale to $10 and up. It's just going to be a nightmare for anyone with animals, from pet to livestock.
If you check CL around my area, the brokers are going insane trying to snatch up every bit of hay they can get their hands on. Farmers who have stuff from 2, 3, or more years ago are selling it at premium prices, as thought it was fresh from the barn. I know older hay can still be good, but I'm not going to pay new hay price for it. Once the brokers buy everybody out, they charge double to triple for the same hay in other parts of the country, and the local people can't even buy hay because it's all gone.