Drought a $1 billion disaster in Texas

Agriculture officials said Friday that ranchers in the nation's largest cattle-producing state have already lost nearly $1 billion because of Texas' ongoing drought. Officials said cattle raisers have lost $829 million since last summer, $569 million of that since November. Recent rains across much of the state, though welcome, came too late. Ranchers have spent substantial money on hay and supplemental feed, the cost of trucking in additional hay. The drought losses also include failed wheat crops usually used for grazing. All of Texas is in some stage of drought for the second straight week, according to the U.S. Drought Monitor map released Thursday. Texas just had its driest December-February stretch on record. More than 60% of the state's beef cows are in counties with severe to exceptional drought — the three worst stages. Losses will likely grow past $1 billion in the next two months as livestock producers continue to make supplemental feed purchases or sell cattle and calves in a declining market, said David Anderson, an agriculture marketing economist with Texas AgriLife Extension Service...USA Today