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.
Updated with comments from McCaskill conference call.
The entire state of Missouri is now a federal agriculture disaster area.
Seventeen of the state's counties, mostly in the Bootheel, had already received that declaration. Today's announcement from the U.S. Department of Agriculture extends that declaration to the other 97 counties and the city of St. Louis.