A Poor Outlook for Harvest

Des Moines Register:

The U.S. corn and soybean harvest will be worse than the government has forecast, the Professional Farmers of America crop inspection tour said Friday.
The ag media outlet gave another indication of the drought’s impact, predicting a U.S. corn production of 10.5 billion bushels at an average yield of 120.3 bushels per acre.
That would come in under the 2011 corn production of 12.4 billion bushels with a yield of 148 bushels per acre.
The U.S. Department of Agriculture forecast on Aug. 9 a harvest of 123 bushels per acre totaling 10.8 billion bushels, the lowest production since 2006.
Farm Futures Magazine projected earlier this month a 2012 corn crop of 9.86 billion bushels on a yield of 117.6 bushels per acre.
For Iowa, Pro Farmer predicts a yield of 139 bushels per acre.
“Corn yields in the western one-third of the state were down 11 percent from last year, but the real problem is in the eastern two-thirds of the state,” Pro Farmer said. “Iowa’s early start to the growing season turned into a mid-season nightmare for corn trying to pollinate and fill kernels.”

It's going to be pretty ugly here.