Floods and heavy rains last month washed away about 2 percent of the nation's corn crop, a serious blow to national agriculture but not as bad as some had feared.
The loss, most of it on the plains of Iowa, was reported Monday by the U.S. Department of Agriculture.
Fears that soaring corn demand --for food and biofuels -- would go unmet as a result of the floods pushed corn futures above $8 a bushel -- four times the 30-year average price of corn -- in trading on the Chicago Board of Trade in June.
Those fears cooled Monday -- and prices fell back below $8 -- as the latest reports showed that farmers planted more corn than expected when first surveyed in March.
The heavy rains that sent floodwaters cascading through the Mississippi River Valley compounded an unusually late planting start caused by cold, wet weather. Farmers as recently as early May had planted just half as much corn as is typical for that time of year, but a spell of agreeable weather allowed them to catch up.
"It's really astounding what can be planted in short amounts of time," said Nick Kouchoukos, an analyst with Lanworth, a Chicago grain forecasting service.
He said the 2 percent loss amounts to 1.5 million acres. "It's significant," he said.
"The large majority of that is in Iowa on plains between the river valleys where the fields had an extraordinary amount of water dumped on them."