Wow, what a read.  I hate to contradict the OP but I vastly disagree.  I live in south central MT (heart of the Crow Indian Res.) in some great big grass country and dryland wheat adaptability with some river valleys (Yellowstone, Bighorn, Little Bighorn, Clarks fork, etc.) where the row crops (Sugar beets, corn) and small grain (Coors/Anheuser Busch malt barley, spring and winter wheat) and alfalfa hay production are very commonplace.  Aside from the big run the beets had for a few years which is now over there is nothing, I repeat nothing in our area that is going to touch what a mother cow will return if you are already in the business.  Now if you are trying to get on the bus and buy cows/heifers it would be a uphill proposition.  My math and geography differs greatly form others as we live in an area of fairly low land rents.  I am going to lay out some of the explanations so one can figure out my math, here goes:

I have been offered $2.05/ lb for my 600 # steers for fall delivery but have not accepted but am confident one can sell a $1,200 steer calf off the cow at this time, not saying this will last forever.  

I need 12-15 acres/ cow/calf pair for a summer and possibly some supplemental creep feed.   Grass in our area rents between $3.00 - $6.00/acre.  I am fortunate that we are not renting by the AUM but by the acre.

Our area requires around 1 1/2 - 2 ton of hay per winter. 

Expenses: 

                   Summer Grass/pasture=  $ 5/acre (above average) x 15 acre (high end)  = $75 / pair for summer.

                   Supplemental Creep feed=  $300/ton  (7 lbs = 1 lb/gain)  50 lbs gain x 7 = 350/2000=0.175x $300 = $52.50/ calf for summer.

                   Winter feed= 2 ton/cow x $100/ton = $200/ cow for winter.

                   Wear and tear on feed equipment to deliver hay to wow herd= $25/head for winter

                   Branding calves= Calf wrestlers/ ropers/ fly tags/ shots/ age/source buttons/ big homemade beef dinner/ beer/ pop/ etc. = $15/head

                   Pre conditioning calves=  Labor and vaccinations.  =$ 10/head

                   Preg checking cows=  Labor/ Vet (preg test w/ ultrasound machine)  vaccines/ wormer/ corral wear and tear/ meal/etc. = $15/head

                   Mineral/ liquid feed package=  $5/head/month = $60/pair for year.

                   Salt= $ 5/ pair/year

                   Bulls= $ 5,000/bull   breed 20-25 cows/year for 4 years   salvage value 4 years later $1,600   cost= $3,400/4years= $850/year/20cows= $42.50/cow for breeding cost.

                   Total expenses:  $500/ head from January 1st - Jan 1st the next year.  I have not factored in cow replacement or depreciation and those are definitely considerable factors but from a very crude estimate lets use $ 100/ head expense to help compensate for the sake of some boring math.  Purchase cow versus raised cow etc.  This puts us in around $600/ dollars per head expense. 

                  Income:  600 pound steer @ $2.00 = $1,200

                                 575 pound heifer @ $1.90 = $1,092

                                 AVERAGE CALF = 1200 + 1092/ 2 = $1,146/ head. 

                                 Anticipated profit on my operation equals 1,146 - 600 = $546/ head

                  Lets round down to $ 500/ head after death losses and all other non factored in expenses.  I know this is quite crude and seldom do I put this much energy into a post but I do think most row crops will have their hands full netting this kind of profit this year.  It is not that difficult for a small family or a one or two man show to run 300 - 400 cows.  I have 280 head and also have a farming operation and a life aside from my cow deal.   I also know of three or four ranch families that have secured large wealth in land, cattle and own banks but still do not know of a row cropper that owns a bank.   I know Row croppers that have had huge cash flow once in a while and yards full of metal but none with the net worth of some of my "Cattle Rancher" friends.  Understand I am on both sides of the fence and am involved in a substantial farming operation.  My dad always said what a ol' cowboy who built wealth in land and bank stock said.   Them cows will make you money at night when your sleeping and them tractors wont.  Each to their own.  I didn't say I totally agree but it was worth the argument.  Good luck to all this year.  Croppers or Cowboys give it your all and take care.  Sorry so lengthy, fire away.