From what I have seen, in Alabama you can run a max of 3 cows per 1 acre of fertilized pasture and woods (big majority in pasture) in the summer months. I would think a safe bet would be 2 per acre. We count on a cow/calf pair eating in the neighborhood of 3300 to 3500 lbs of hay during the winter months. I don't see how someone in Alabama could run a profitable size herd over winter without feeding hay or some form of supplemental feeding. I am sure you could cut those numbers way down and winter some without feeding, but you would be losing in the long run. I can't think of a good comparison. I guess it would be like having $100,000 on hand to invest into a likely gain, but locking $85,000 in a safe and making an investment with the remaining $15,000. On a side note, I have talked to cattle farmers in South Dakota and as predicted, the numbers are not close to ours. They run 1 cow per every 3 to 5 acres in the summer months.