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Pete Bonds, president of the Texas and Southwestern Cattle Raisers Association, is cautiously optimistic that drought conditions are improving but is not ready to start "doubling down" and buying a lot of cattle. He stands near a stock tank on his Saginaw ranch that is still very low on Tuesday, March 24, 2015. (AP Photo/The Fort Worth Star-Telegram, Joyce Marshall)

Pete Bonds, president of the Texas and Southwestern Cattle Raisers Association, is cautiously optimistic that drought conditions are improving but is not ready to start "doubling down" and buying a lot of cattle. He stands near a stock tank on his Saginaw ranch that is still very low on Tuesday, March 24, 2015. (AP Photo/The Fort Worth Star-Telegram, Joyce Marshall)

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