New Delhi, Feb. 13 -- It's late morning in Central Texas Hill Country, and a Black Baldy is prodded into a small auditorium of Western hats and dusty ball caps. Her dark coat and stark white face is typical of this cow breed known for easy calving and attentive mothering. "It's going to go as a packer animal," says Tim Niedecken, who works for the Jordan Cattle Auction. He means that the cow will be sold by the pound for slaughter. Perhaps she no longer breeds well. More likely, the high price of beef is too tempting.

"Dollar bill, dollar bill," hollers the auctioneer. A staccato blur of two-cent increments follows as fast as tractor pistons firing under load. Buyers sit motionless but for a few flickering hands, and 21 seconds later, th...