That depends mightily on the size of hay bales you need to carry. Round bales weigh between 500 and 2500 lbs. The 430 loader weight limit is somewhere around 1200 lbs and the 3ph is around 2500 lbs IIRC. A 500 lb. bale on each end shouldn't be a problem, but I wouldn't want to go too heavy on each end at the same time - that would really stress the bell housing area of any machine.
Another thing that should be mentioned is shock load. Each time you hit a bump or rut the weight is magnified. A 500 lb. load could easily have shock loads 2-3 times heavier when bumps are hit hard. As always, when the tractor is loaded slow and easy is the best way to go.
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