We are a mixed farm, mostly grain now, in the middle of cattle country. The cows are quite profitable using land that isn't fit for any other purpose, andusing feed that is salvaged from hail/frost/ rained on hay etc.
But there is no way I can justify putting a cow on productive land that can grow grain. Same with hay. At the price of land in this area, cows only make economic sense on very very marginal land.
I'm also in the hay selling business, and am convinced that at these land values, one would be much better off buying hay than attempting to grow it one's self. Unless it is on marginal land that can't grow crops.
But when I drive around the prairies, or look at google earth. There is massive amount of marginal land, serving no purpose at all, within and around grain land. It seems to me that the opportunity is to partner with grain farmers, fence the sloughs, and trees and hills, pasture the stubble, salvage the damaged crops, and the excess straw, in exchange for labour, or manure, or rent. For almost no cost to the grain producer(maybe fencing or a share thereof), they could be making money off the non productive acres, and gaining produtivity if feeding and manure is handled correctly. Cattle guys could get a foot in the door without the upfront cost of a land base.
Lots could go wrong of course, cows out at the wrong time in crops could cost more than the profit.