At the end of last year, economists estimated that the agriculture community suffered a loss of more than 5.25 billion dollars from the drought in just one year. But that number has changed, the total loss is now estimated at 7.5 billion. Josh Berry tells why it's changed, what it will effect and just how long it will take to recover.
"It's going to take time to recover from that kind of loss. We're looking at one of the biggest losses we've ever sustained," said Taylor County Extension Agent, Robert Pritz.
Economist are just now getting solid numbers on just how devastating last years drought was to our agricultural economy.
"Unfortunately the issues associated with last years drought keep accumulating. We're not completely recovered," said Pritz.
From the estimated numbers to what we see now, the losses jumped 2.4 billion dollars. Those kind of numbers effects everything from the retail business to the consumer.
Pritz said, "That type of impact obviously effects much further and deeper than just our agricultural community."
It could take us several years to pull out from higher priced beef and crop prices.
Pritz said, "I think what that shows us with the numbers so large, it's not something that we'll be able to recover from in just one growing season."
But what will the tell-tale sign be that we've started to make our way out of this drought? Cattle, a leveling of the cattle numbers.
"You're going to see the numbers of cattle that are being retained for ownership and those that are coming to the sale barns are getting back to normal levels," said Pritz.
There won't be as many cattle herding their way through the auction barn. Until then, proper risk management and practices will help the agricultural community bide it's time.
"It's going to take time to recover from that kind of loss. We're looking at one of the biggest losses we've ever sustained," said Taylor County Extension Agent, Robert Pritz.
Economist are just now getting solid numbers on just how devastating last years drought was to our agricultural economy.
"Unfortunately the issues associated with last years drought keep accumulating. We're not completely recovered," said Pritz.
From the estimated numbers to what we see now, the losses jumped 2.4 billion dollars. Those kind of numbers effects everything from the retail business to the consumer.
Pritz said, "That type of impact obviously effects much further and deeper than just our agricultural community."
It could take us several years to pull out from higher priced beef and crop prices.
Pritz said, "I think what that shows us with the numbers so large, it's not something that we'll be able to recover from in just one growing season."
But what will the tell-tale sign be that we've started to make our way out of this drought? Cattle, a leveling of the cattle numbers.
"You're going to see the numbers of cattle that are being retained for ownership and those that are coming to the sale barns are getting back to normal levels," said Pritz.
There won't be as many cattle herding their way through the auction barn. Until then, proper risk management and practices will help the agricultural community bide it's time.
