That would be a correct interpretation. Depending on how "cowboy" you want to go, there's plenty of slang. Raising hamburgers and steaks. Bacon seeds. Lamb chops. Just idiomatic sayings referring to the ultimate end products. I've heard all sorts of things to be cute.
> raising beef
Is that cows? English isn't my first language, so I thought beef was the word just for the meat, with all Normans eating while Saxons raising thing.