Texas is currently in the midst of a severe drought, one of the largest in recent memory. According to the U.S. Drought Monitor, nearly the entire state is currently experiencing a drought, much of it severe to extreme. Even recent rainfall has done little to alleviate the stress placed on farmers and ranchers in the Lone Star State.
Current estimates predict that the financial losses caused by the drought will top $1.2 billion and could easily climb higher than that. One of the hardest hit agricultural industry is the livestock industry, which itself could experience over $1 billion in losses between November 2010 and May 2011. As the largest beef producing state in the country and with 90% of cattle producing counties experiencing severe to extreme drought, Texas is reeling from the abnormally dry weather. In addition to complications caused by lack of feed, many livestock water tanks are low or nearly empty. A lack of water to give to livestock could have dire consequences on the state’s cattle industry.
The drought could have an impact beyond farming and ranching. The loss of commodities and the inability to plant corn and wheat could lead to a drop in food supply. With farming purchasing more crops to feed livestock, prices could (and in the case of hay, have) go up in recent months, impacting all consumers nationwide.
To learn more about Texas farm loans and agricultural financing opportunities, contact a Farm Plus Financial representative by calling 866-929-5585 or by visiting .
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Written by: Justin Ellison / Farm Plus Staff Writer