October 4, 2011
Texas' cattle prices down
Prices of cattle in Texas are declining as a record-long drought has hit the state this year and weakened the animals, according to the media.
The drought has also affected Oklahoma, New Mexico, Kansas, Georgia and Louisiana, but Texas was the worst hit with over US$5.2 billion in agricultural losses.
Ranchers are flooding the market with cows as the drought has left them with insufficient grass, hay and water to feed their stock.
The price of cows has dropped to US$0.50 a pound (0.454kg) from US$0.80 two weeks ago, which makes a big loss on a 2,000-pound cow.
Jesse Carver, executive director of the Livestock Marketing Association of Texas, warns that many ranchers will fail to recover from such losses.