It's auction day at the West Cattle Barn in Central Texas, reports CBS News correspondent Don Teague.

For 74-year-old rancher Cotton Dietrich, this will be his last.

Deitrich is selling off his herd -- all of his cattle -- because the once-fertile grasslands that feed them are gone.

Three-quarters of Texas is in extreme or exceptional drought. Lubbock has had less 1 in. of rain this year. Houston has had just over 1½ in. in three months -- about the same as the Sahara Desert.

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