Determining a “fair” market value for standing alfalfa during the 2022 growing season may be a challenge considering the highly favorable market conditions for corn and soybeans. Opportunity cost can be defined as the loss of a (potential) gain from other possible alternatives (rotating to a grain crop) when another alternative is chosen (keeping the existing alfalfa stand). As of May 2022, new crop corn is near $7.00 per bushel for fall delivery while new crop soybeans are more than $14 per bushel.