It looks like harvest time in Texas, but for fourth-generation farmer Bert Gohlke it's actually a financial disaster.

"It hurts, it hurts bad, it hurts real bad," Gohlke tells CBS News correspondent Don Teague.

This could have been a great year for Gohlke - corn prices are near record highs. But instead of harvesting his 1,500 acres of corn, Gohlke is chopping it up into a feed called silage - the only salvageable use for a crop destroyed by drought.

"We should be dealing with 7-and-a-half foot corn right now," Gohlke says. But that's not the case.

His potential losses? More than a quarter of a million dollars - but that's just a fraction of the $3 billion the historic drought will cost Texas farmers and ranchers.

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