An ad in the November edition of Horse Tales puts the value of forage in a rented pasture at $125 per AUM, assuming a horse can survive without supplemental feed.
Why pay the going rate when you can graze the public lands for $1.35 per AUM?
The grazing fee, which does not give the American people a fair price for the use of their public lands, is set by a formula in the Public Rangelands Improvement Act.
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Western Horse Watchers Association 
That say horse pasture for $125 a month not per AUM for horses