Prairie fire next to road with firetrucksTexas A&M AgriLife Extension Service economists predict the Texas Panhandle wildfires resulted in $123 million in losses. The fire broke out on February 26, burning over 1.2 million acres. Losses included over 12,000 head of cattle, grazing ground and fences.

The loss estimates were compiled as part of a report submitted to the legislative Panhandle Wildfires Investigative Committee. These estimates are expected to grow. Meanwhile, wildfire risks remain elevated.

Despite the cow herd remaining at the lowest level since 1961, AgriLife Extension Livestock Marketing Economist David Anderson says little impact is expected on cattle prices or retail beef prices.

Read more on the impact of the Texas wildfires here.