Historic drought $2.4 billion worse than expected

Texas' worst drought in history just got worse, with new estimates putting the agricultural toll at $7.6 billion for 2011 — $2.4 billion above the original $5.2 billion loss estimate, which already was a record. Wednesday's updated estimate from Texas AgriLife Extension Service economists was $3.5 billion more than the losses for the previous record drought in 2006. “When you are one of the biggest agricultural producing states in the nation, a monumental drought causes enormous losses,” said Texas Agriculture Commissioner Todd Staples. The new record had been anticipated by agricultural officials, who saw harvest and yield estimates for crops weaken and ranchers keep sinking more money into feed since the first total estimate was issued in August. But how high the new total would rise was not known until Wednesday...more