Is it cheaper to raise or buy hay?

I have read that it is cheaper to buy hay than raise it on several threads over the years and read it again today. This got me thinking. We have been selling hay since 1989 and have done well with it. I am also assuming that others on here are profitable too. So my thought would be that if. I am making profit, then I can't buy it cheaper. But if somebody is willing to sell at a loss or doesn't know their costs and sells cheap, then maybe I can buy it cheaper than raising it. I don't know, just thought it would make an interesting haytalk conversation.

Is it cheaper to raise or buy hay?