Texas Drought Causes $5.2 Billion in Losses

The ongoing drought that has seared the entire state of Texas has led to a record $5.2 billion in agricultural losses, according to the Texas AgriLife Extension Service. The previous record set in 2006 saw a $4.1 billion loss. Texas farmers were unable to cash in on the high commodity prices this year while cattle ranchers culled herds at historic rates and paid high prices for supplemental feed. Livestock losses include the increased cost of feeding due to lack of pastures and ranges and market losses,” Anderson said. “Market losses include the impact of fewer pounds sold per calf and the impact of lower market prices due to the large number of cattle sold in a very short time period. ”Read more (AgriLife Today).