There are a lot of responses that "more pasture" will increase herd size. However I think the main reason there is a need for pasture is that pasture is just not as profitable as other uses for land.

Higher calf prices will make that pasture appear in many areas.

I also think we could increase our carrying capacity on existing pastures through rotational grazing in many areas.

However in the north pasture is just part of the equation. Hay ground is another problem. I heard a statistic that Wisconsin has lost 1/3 of its hay ground in the past 2 years.  Last spring's $200/big bale grass hay has a lot of grass being baled this summer but good, planted alfalfa will still be scarce. It is still not as profitable a use for land as growing corn. Most good alfalfa hay ground in the north can be used to grow corn.

What alfalfa hay is being grown is largely for dairies that can afford higher prices than beef cow/calf.

I sold a few steers yesterday at a feeder sale and I sat through an incredible number of skinny Holstein steers being sold before they got to the beef steers. 

Maybe Holstein steer or cull dairy cow on a bun is the beef of the future for most people?

Jim