The first drought issue for most corn producers is protecting farm program and crop insurance benefits.
It is my understanding that regular farm program payments will be received regardless of how the corn is used. Silage has been eligible for LDP in the past while grazing has not been. Of course, not much LDP is available for a 0-bushel grain crop!
Federal disaster eligibility still is a totally different question that you need to check into before you do anything.
Corn can be harvested as hay (much like cane hay, with a thick, slow drying stalk), as silage, or grazed. It has the potential to solve some of the forage/feed shortage caused by drought, although getting corn forage to the animals or bringing animals to the forage remains a logistics challenge.
Challenges for hay include mechanics of harvest, especially cutting. Bale integrity, especially in round bales, often is less desirable than for other forages. Titrate testing is a must. For feed value, cutting at taller stubble heights will help, though grinding may be needed to limit refusal and waste of stems.
Silage is an excellent choice for reducing nitrate problems -- an average of one-third to one-half of nitrates are neutralized during fermentation. Standing corn will remain too wet for a long time due to stalk retention of moisture. Waiting until crop dries to a desired 65% moisture, windrowing and field wilting to reduce moisture, or mixing wet chop with dry feeds like corn grain or chopped hay can overcome the moisture problem. Silage does not transport well, so it is a poor cash crop unless livestock are near.
If you consider grazing as an option for using your drought corn field, be sure to fill that cattle up on hay before turning them out. Most cattle deaths due to nitrates are of cattle that are hungry and allowed access to feed that has nitrates.
Grazing will cause some nitrate concerns, depending on how completely animals are forced to eat the lower stalks. Bigger challenges are fence and water because most fields do not have these resources. But many are winter grazed using temporary fence and hauled water, so this problem can be overcome. Grazing management, such as strip grazing, will be needed if efficient use is desired, otherwise cattle will trample and waste a huge portion of the crop but, again, do not force cattle to graze the lower 8 inches of the stalk where most of the nitrates will accumulate. If animals are given the opportunity to selectively graze, they will select the leaves first followed by the upper portion of the stalk. Those parts of the plant typically do not pose nitrate concerns.
Nutritionally, drought damaged corn easily should be close to adequate for beef cows, dry or with suckling calves, and replacement heifers. Salt should be supplemented and a mineral containing some phosphorus is likely needed through the breeding season.
For more information on this or other topics related to corn production, contact your state extension corn specialist or your local extension educator/agent.
The following is the link to the corn extension specialists: state extension corn specialist


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