Iowa corn crop plentiful despite floods

DES MOINES, Iowa, Oct. 11 (UPI) -- A better-than-expected Iowa corn crop is taking pressure off livestock producers and ethanol makers already hurt by the financial crisis, analysts say.

Even though spring floods along the Mississippi and Iowa rivers prevented many farmers from planting their cornfields until June or even July, near-perfect growing weather in August and September allowed the crop to catch up and actually come in higher than expected, The Des Moines Register reported Saturday.

The Iowa Agriculture Department estimated state farmers will harvest 12.2 billion bushels of corn, 1 percent above last month's projection, while the U.S. Department of Agriculture raised its average yield estimate nationwide by 1.7 bushels to 154 bushels per acre -- the second highest yield ever.

The crop estimate is helping to lower corn prices, good news for cattle feedlot operators facing tough times caused by falling prices for fattened cattle, the Register said.

"The relief is that we've got a crop out there. This crop did come through this year," said Chad Hart, an Iowa State University economist.