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.
Drought has set in early and hard across the Midwest, parching the Arkansas River basin. The river trickling out of the mountains is dry before it reaches some of the major agricultural uses downstream.