If you can profitably grow hay on $350 ground I would certainly think you could profitably graze cattle on it if managed properly, ie intensive rotational grazing.  

It’s a whole lot less work and risk to grow corn/beans though.  The tax payer shall get what the tax payer pays for.  

Get rid of the corn/bean subsidies and start subsidizing cow/calf guys $100 per pair grazing grass and you’d see a lot of ground go back to grass.