Plant responses to drought occur across many timescales , with stomatal closure typically considered to be a critical short-term response. Recent theories of optimal stomatal conductance linked to plant hydraulic transport have shown promise, but it is not known if stomata update their hydraulic "shadow price" of water use (marginal increase in carbon cost with a marginal drop in water potential) over days, seasons, or in response to recent drought. Here, I estimate the hydraulic shadow price in five species-two semi-arid gymnosperms, one temperate and two tropical angiosperms-at daily timescales and in wet and dry periods. I tested whether the shadow prices varies predictably as a function of current and/or lagged drought conditions. Diurnal estimates of the hydraulic shadow price estimated from observed stomatal conductance, while variable, did not vary predictably with environmental variables. Seasonal variation in shadow price was observed in the gymnosperm species, but not the angiosperm species, and did not meaningfully influence prediction accuracy of stomatal conductance. The lack of systematic variation in shadow price and high predictive ability of stomatal conductance when using a single set of parameters further emphasizes the potential of hydraulic-based stomatal optimization theories.