For corn that has already pollinate, the effects of the drought and high temperatures make it too late for that corn no matter how much rain comes in the near future.
The problem is rains won't affect the corn once it's pollinated, meaning the existing kernels could gain weight, but there will be no more kernels forming on the ears.
As of last Sunday (July 15) the USDA said 71 percent of U.S. corn was pollinating. That means when that's complete the corn yields are basically locked in no matter what the weather brings. Pollinated corn cannot be reversed once the process has happened.
Corn which is rated very poor in Iowa, which amounts to approximately 1.1 million acres, is now considered to be a probable total loss. Much of that is in fields sandy soils and hilly areas that don't hold water like lower and flatter regions.
Having said that, some areas of Iowa, which is the top corn-producing state in the nation, would be helped if rains do come. That means pollination has yet to set there.
Other states that could still have a lot of the corn salvaged if rains come are South Dakota and Minnesota. At this time Minnesota has the best corn crop in the nation.
The two worst corn producing states among the leading corn states are Indiana and Missouri. An unbelievably low 7 to 8 percent of the corn in those states is rated as in good to excellent condition.
Recently the entire state of Missouri was designated as a disaster area because of the effects of the drought.
At this time all of this is assuming rains will come. But it appears that may not even be the case, and the states that are still holding out hope could have them dashed as the drought seems to be pushing into those areas now.
Even the best case scenario at this time is rather bleak, but those corn farmers able to salvage corn will enjoy some major profits going forward.