Corn plants dry in a drought-stricken farm field on July 17 near Fritchton, Ind. The corn and soybean belt in the middle of the nation is experiencing one of the worst droughts in more than five decades.
Stop by most any unirrigated farm across the lower Midwest and you'll see crops in distress. Midwestern corn and soybean farmers are taking a beating during the recent drought, but it's not likely to drive many out of business.
Most of those farmers carry terrific insurance, and the worse the drought becomes, the more individual farmers will be paid for their lost crops. The federal government picks up most of the cost of the crop insurance program, and this year that bill is going to be a whopper.
Missouri officials say the May 22 tornado in Joplin contributed to the net loss of 13,000 jobs in the state. Joplin alone lost 9,400 jobs in June. The State Department of Economic Development says Missouri’s jobless rate fell from 8.9 percent in May to 8.8 percent in June. In recovery efforts, Gov. Jay Nixon will make a speech Tuesday in Joplin to announce what he calls a “major initiative to address both the near-term and long-term housing needs.”