The price of hay at auction markets reflects the various qualities that differentiate each lot of hay sold. This study is aimed at analyzing the determinants of Central Kentucky hay prices. A hedonic price model is estimated using data collected for 2012, 2013, 2014, 2015 and 2016 from a Central Kentucky hay auction with a total of 206 observations. Known hay attributes include, forage species, form (square vs. round), bale weight (pounds), and quality measures (crude protein, TDN and RFV). An important aspect of this analysis is to determine whether the quality measures of the hay are significant factors in determining hay prices in this auction setting. Preliminary results suggest that quality measures have significant influence on auction prices, and provide value beyond forage species. Form is also found to be very significant as square bales were associated with considerable price premiums over round bales.