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Drought forces Midwest ranchers to sell off livestock

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Chris Werland sorts cattle prior to auction at the Fairview Sale Barn on August 2, 2012 in Fairview, Illinois.

Scott Olson / Getty Images

Jonathan Daniel Clark brings animals to be auctioned at the Fairview Sale Barn on August 2, 2012 in Fairview, Illinois.

Scott Olson / Getty Images

Cows are auctioned at the Fairview Sale Barn on August 2, 2012 in Fairview, Illinois.

Drought has forced many farmers in the Midwest to sell some or all of their sheep and cattle as they are faced with shortages of feed, water and healthy pasture land. Cattle at this auction were selling for about 25 percent less than they did in the spring when farmers were optimistic about this year's harvest.  Continue reading the full story.

The most severe drought in the state's history has taken a devastating toll on the state's cattle ranchers, and beef prices are expected to rise by as much as 10 percent over the next year. NBC's Janet Shamlian reports.