We'd probably also be able to raise sheep and cows.

Literal

Sheep [or-や] cows [object-を] raise [thing-こと] [also-も] do-can [probably-だろう].

~ことができる is the formal potential pattern. ~も here adds 'also' — 'also be able to raise.' や joins nouns non-exhaustively — 'sheep or cows (among other things).'