We report the measurement of Lambda and (Lambda) over bar yields and inverse slope parameters in d+Au collisions at root s(NN)=200 GeV at forward and backward rapidities (y=+/- 2.75), using data from the STAR forward time projection chambers. The contributions of different processes to baryon transport and particle production are probed exploiting the inherent asymmetry of the d+Au system. Comparisons to model calculations show that baryon transport on the deuteron side is consistent with multiple collisions of the deuteron nucleons with gold participants. On the gold side, HIJING-based models without a hadronic rescattering phase do not describe the measured particle yields, while models that include target remnants or hadronic rescattering do. The multichain model can provide a good description of the net baryon density in d+Au collisions at energies currently available at the BNL Relativistic Heavy Ion Collider, and the derived parameters of the model agree with those from nuclear collisions at lower energies.