Extended grazing is a management system in which the usual grazing season is lengthened by utilization of hay fields for pasture. Extended grazing systems are a low-input alternative to conventional systems to the extent that they decrease the reliance on inputs such as machinery and energy to harvest forage. Substituting pasturing for harvested forage can therefore potentially decrease production costs and enhance the profitability of livestock production. However, the farm-level economic impacts of such a substitution are not well known. This analysis quantifies these impacts for beef cow/calf production. Specifying alternative meadow management systems for different grasses and using an economic-engineering approach, we have found that extended grazing can be a more profitable option for cow/calf production. Other findings suggest that, in an extended grazing system, the type of meadow, the hay baling method and the associated hay spoilage level also have important effects on production costs and profitability.