All our wrapped hay is priced based on 15% moisture dry hay and then adjusted lower according to moisture.  But When compared on a dry basis our wrapped hay is usually cheaper for a few reasons.  We feel we have a 5% increase in dry matter as we are not losing it from multiple raking and tedding operations.  Also, the quality is better.  Its much easier to make 150+RFV everytime with the wrapped hay as we can mow when we need to not wait till we have 3 or 4 days to make dry hay.  Also, there are less trips across the field.  We mow, rake and bale with most wrapped hay.  With dry hay we mow, ted, sometimes ted again, rake, sometimes turn, and then bale with preservative.  All those trips add up in cost.