I heard that the cows sense that it is about to rain so they lie down to keep the patch of grass under them dry for eating later, as they don't like to eat the grass when it's wet.
I wonder if there is some sense to the saying. Recently I saw cows lying down when rain was forecast, and in fact dark clouds were gathering at the time. It would make sense if they could cover a patch in which to stay dry until the rain passed.