I feed mine round bales our hay fields are mostly timothy with red clover,alfalfa brome and a small amount of fescue not much of the fescue the timothy has it about wiped out but when the temps drop I will set out 2 round bale's a week that's for 5 horses and 3 cows so they can free choice eat it helps keep them warm but right now I have a round bale sitting up and I peel hay off and feed it out.
I feed both round bales and square bales. I keep a round bale in the pasture and allow the horses to eat free choice. If a reason occurs and I can't get another round bale out then I switch to the bales.
I bought my three horses 20 round bales and 75 squares and hope to be good until the next hay season.
If the hay is not high quality the horses won't eat all of it. So, buying low quality hay is really more expensive than buying good hay that the horses eat.