Farm Bureau Reports $8 Billion-Plus in Crop Damage

BOTTOM LINE WEATHER POINTS
– Farm Bureau reports that more than half of nation's crop damage is in Iowa.
– Iowa corn yields could fall by 16% with expected losses of $4 billion dollars.
– National corn yield likely to decline 8 to 10 bushels per acre from 2008 trend line.

The American Farm Bureau reports that the massive flooding across the Midwest has already caused more than $8-billion dollars in crop damage this year. The AFBF says crop losses across the state of Iowa accounted for more than half of that damage due to the worst floods to hit the Midwest in 15 years.

These historic floods and persistent rains have plagued crops throughout the Midwest including corn, soybeans and wheat, according to Reuters.

"Wet weather and flooding create issues, as farmers are unable to plant their crops," said AFBF senior economist Terry Francl. "The crops they do plant do not sprout and grow, resulting in few acres harvested."

Francl said he expected Iowa corn yields could fall by 16 percent this year and that 1.5 million to 2 million acres of corn and soybeans in the state that farmers intended to plant this spring will likely remain fallow.

AFBF said this would result in an estimated loss of $4 billion to Iowa's crops while other states taking a hit from excessive wet weather and flooding include Illinois with $1.3 billion, Missouri $900 million, Indiana $500 million and Nebraska $500 million.

It said an additional $1 billion in losses were expected in other states where conditions remained wet.

The group said some states were experiencing dry weather, with drought taking a toll in several Western and Southeastern states. It said northern California battled the driest spring in its history, and as a whole the state suffered $500 million in estimated damage.

AFBF said on a national basis, the corn yield is likely to decline some eight to 10 bushels per acre from the 2008 trend line, mostly due to inclement weather.
The national soybean average yield is also likely to be down one to two bushels per acre from the current U.S. Agriculture Department projection of 42 bushels per acre.