"CROCKETT, Texas - With almost all of Texas in drought, ranchers are sending ever more cattle off to slaughter, a trend likely to increase beef prices over the long term due to dwindling supply from the largest cattle region in the United States.
Since mid-July, more than 93% of Texas has been in drought, according to the United States Drought Monitor. As of mid-August, more than 26% of Texas was at the highest level, characterized by widespread loss of pastures and crops as well as water shortages.
While conditions are especially acute in Texas, about 54% of all U.S. cattle were in some form of drought as of Aug. 16, up from 36% a year earlier. Cattle slaughter is high nationwide, temporarily increasing supply but portending tighter supplies in future years. read more
Paul Craycraft, co-owner of the East Texas Livestock Auction in Crockett, said dry pastures are depriving cattle of an important food source, while making it more expensive for ranchers to supplement their herds' diet with hay and feed."
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