I have literally been exactly where you are--unexpected cattle on my property, unable to grab my dogs, etc. So no criticism from me.
My GSD especially was unbelievably bad about chasing stock when I got him. I think you need a multi-pronged approach. And FWIW, I did all this without anything but a flat collar, lead, and rewards, but I have known some dogs who do need an e-collar. Just be sure you know how to use it appropriately.
So, first step is to get his recall 100% (or as close as possible...I'd say at least 99%). I can call my GSD off a bolting herd of deer (or cattle) now, but I could barely call him off a trotting horse before I seriously went about proofing his recall. If your dog is ever
off-lead in an unfenced area, then you need to get his recall as perfect as possible. And that may not be great with some dogs. I grew up with a Basset Hound that we tried for years to train a recall in, and she only ever got to about 70%. So she was only off-leash in controlled situations, and on a 30-foot lead in others where we'd let a more reliable dog totally free.
Second, if your dog has a strong prey drive, you need to be sure he has an outlet for that. If you're doing that, great. If not, let us know and you will be inundated with solutions.
If you're not, even something as simple as fetch can do it. He also needs plenty of exercise--for a dog with strong drives and a lot of energy, you're going to be fighting an uphill battle to try to train him not to chase if he's not having his needs met.
On to chasing...as long as the dog is getting plenty of opportunity to chase appropriate things (like a ball), and plenty of exercise...I have had great results with positive reinforcement. Basically, all I do is reward the dog for ignoring the livestock, and get his attention back to me if he does look at them. Most dogs will learn that ignoring stock and paying attention to people is the best option for them. You'll have to do it gradually (ask your neighbors, many will be willing to help IME if you've framed it as you did above...you keep your dog under control but want to train for those rare occasions you might be caught by surprise), start with a quiet herd you're standing some distance away from, gradually increase proximity and movement of the herd as appropriate for the dog. But I think for many dogs, it is possible (if a bit more time-consuming) to do with positive reinforcement--again, as long as they're getting their prey drive and exercise requirements met.
I've done this with success with my GSD (who has a very high prey drive) and tons of ACDs (who are different, but I think even stronger herding/chasing instincts) over the years, since I had a farm until like 4 months ago when I decided to move to the city for a break.