Surely Says...Texas Real Estate Update

2011 DROUGHT BREAKING THE BANK

COLLEGE STATION (Texas Agrilife Extension Service) – The 2011 drought hit historic proportions this summer with a record $5.2 billion in agricultural losses making it the most costly drought on record, according to economists at the Texas AgriLife Extension Service.

This year’s losses beat the previous mark of $4.1 billion set in the 2006 drought.

Part of the reason for the record losses is Texas farmers failing to cash in crops during times of high commodity prices.

Here is the $5.2 billion in losses broken down by commodity.

• Livestock: $2.06 billion
• Cotton: $1.8 billion
• Hay production: $750 million
• Corn: $327 million
• Wheat: $243 million
• Sorghum: $63 million