Re: Hay and pasture acreage?
If I were to plant alfalfa today, I'd have one less cutting compared to an established stand like what most people tear up. Last cutting is often done in September, here.
Personally, we almost ran out of hay, in the spring of highest priced hay in my lifetime, and are making sure that it won't happen again. I partner with my brother, and we have 2 little corners of alfalfa added in the last couple years.
As for pasture, we didn't tear any up, because while corn/beans was as high as it had been, so were cattle, and the first year after breaking up sod doesn't seem to yield the best.