Corn, beans face damage from drought

Midwestern corn has suffered irreversible harm from persistent drought, but soybeans still have a chance at solid yields, the Agriculture Department said Friday.

Corn, soybean and rice production will fall short of last year’s record-setting crops, the department said in its monthly crop report.

Stretching from southeast Texas to the Great Lakes, the drought has been worst in Illinois and Missouri, the department said.

This year’s soybean production is estimated at 2.79 billion bushels, down 11 percent from last year’s record high, the department said. Yields should average 38.7 bushels per acre, down 3.8 from last year; the department lowered the yield forecast by 1.2 bushels from last month because of the drought.

Soybean prices should be $5.50 to $6.50 per bushel, compared to $5.80 on average last year, the department said.