If you just baled your alfalfa I'm assuming it was well into bloom which would make it great feed for cattle.  The protein has dropped more than far enough once the alfalfa goes into late bloom to feed strait to cattle without worry about cows getting too fat.   I feed all of our "junk" alfalfa (got rained on just before completely dry, lost too much leaf etc) to our cows since the costs associated with selling doesn't pencil out on "junk" hay - but the cows still eat it and gain well on it.  However, I never feed moldy hay to pregnant cows and you mentioned a bad smell.  That's a worry.  It usually means that the molds are working on your hay.  If a bad smell is coming from the bales themselves you really need to worry because they are probably heating up and can start a fire.  Bales that smell bad should be removed from any storage building immediately.