Wednesday, May 9, 2012
Cattle prices have hit record highs in recent months after a severe drought forced ranchers to sell off and slaughter their livestock.
Now, as the rain returns, many ranchers in Texas want to restock, further upping the price of the scarce cattle.
A recent auction on the Neches River Ranch was closely watched by ranchers, dealers and others in the cattle industry.
Prices were even higher than some expected and almost double across the board from what they were a year ago, with a cow that fetched $1,800 now commanding almost $3,000.