Ranchers Beef Up Cattle Herds
Cattle prices and the possibility of a break in the drought has a Texas Panhandle family changing gears reports the Wall Street Journal. Rex McCloy and his two sons used to focus on growing cotton, corn, wheat, and soybeans. Now the family is betting the recent break in drought conditions will continue, and they’re investing in cattle. McCloy says three years ago there wasn't enough grass to feed a goat, let alone a cow. Now the family is building up the herd to capitalize on high cattle prices and lower feed costs.
MORSE, Texas-For the first time in nearly a decade, ranchers in the heart of cattle country are expanding their herds, betting that a recent break in a multiyear drought will persist. The ranchers' move is pushing down cattle prices that soared to record highs last year.