The Texas cattle market is expected to decline by more than $8 million to $10.4 million this week, according to an estimate from the Texas Department of Agriculture.
Texas cattle farmers, ranchers and retailers are being hit hard by the downturn in the market as supplies have been tight for the past few months.
The Texas Department Of Agriculture reported Thursday that cattle prices dropped by more that $8.7 million to an average of $11,929 per acre, the fourth consecutive week of declines.
The price drop is driven by a decline in supplies due to weather, drought, disease and supply disruptions.
The number of cattle sold fell by about $1.6 million, or 13 percent.
Sales in Texas have dropped by $9.4 billion to $22.1 billion, according a Bloomberg report published Tuesday.
Prices have declined by more a third in the last 10 months.
“It’s a tough sell,” said Scott Brown, chief executive officer of the Texas Farm Bureau Federation, a group that represents about 4,700 farmers.
“We’re still a long way from the peak of the cattle boom in 2016, but we’ve been pretty close to the peak for a while.”
The decline in cattle prices has come as Texas is struggling with the impact of drought, a heat wave, and a sharp drop in commodity prices that has put farmers out of business.
The drought in Texas has been the biggest factor in cattle price declines.
Texas farmers are struggling to pay for fuel and irrigation costs, as well as pay their grazing and ranching fees, and are struggling with crop losses.
The state’s economic woes have forced ranchers to raise prices to survive, Brown said.
Texas has seen record-low rainfall this winter, and it will remain that way into the spring.
The dry weather has also caused the state to lose some of its most valuable crops, like cotton and soybeans.
The loss of these crops has forced farmers to slash their prices and cut back on livestock.
Brown said that the drought has caused farmers to cut back supplies to help their customers, including grocery stores and other retailers.
He said that many ranchers in the state have been forced to cut supplies to offset the loss of those crops.
The decrease in cattle is being felt across the state, Brown added.
“Our biggest concern is for Texas cattle,” he said.
“This is one of the worst-hit cattle markets in the country.”
The average price of cattle in Texas was $4,959 per acre on Tuesday.
That was $1,931 lower than the average price for that same day last year.