"You won't know how damaged the crops are till you actually harvest it," said Funk, director of Farm Bureau's agriculture analytics and research.
All together, the massive storm swept across 14 million farm acres in Iowa, according to the U.S. Department of Agriculture.
Kevin McNew, the Farmers Business Network's chief economist, estimates that about 2.3 million of Iowa's corn acres were knocked down, based on a poll of members in the state. The network, with 12,000 members nationwide, shares crop data to help make better business decisions.
The USDA estimates that the storm damaged 3.57 million acres of corn and 2.5 million acres of soybeans. Iowa farmers received $8 billion for their corn crop and nearly $4.8 billion for their soybeans in 2018, the most recent USDA data available.
McNew's estimate, then, comes to about 17% of the 13.6 million corn acres Iowa farmers were expected to harvest this fall.
"That's not inconsequential," he said.
'It’s a real curveball for a lot of people'
David Swenson, an ISU economist, said government officials tend to set early damage estimates high, even though it takes time for data to become available. Insurance and government programs such as low-interest loans should help reduce Iowans' losses.
"It's an aspirational number that may or may not be grounded in actual damages," Swenson said. "The bulk of the damage is agricultural, and if that's the case, it's a little silly.
"Most of the damage will be covered by crop insurance."
About 90% of Iowa farmers carry crop insurance, typically protecting between 80% and 85% of either yield or revenue.
Iowa Agriculture Secretary Mike Naig talked last week with Vice President Mike Pence, who was in Des Moines, about increasing the insurance payment that farmers would receive, essentially expanding the amount of crop that would be covered.
Insurance adjusters are expected to check out fields this week, giving crops a little time to rebound.
Corn that's bent or snapped is unlikely to continue developing and would be considered a loss. Stalks that are leaning could still be harvested for grain or silage to feed livestock.
Farmers and agronomists are optimistic that the state's soybean crop could recover. Iowa farmers planned to harvest 9.3 million soybean acres this year.
The USDA said Monday it would collect Iowa data on crop damage to "better assess the full impact." It will be part of a monthly report, slated for release Sept. 11.
The agency also said Iowa farmers across the state are worried about continued dry conditions and drought, despite the storm.
Hart said more details are coming in about Iowa meat and food processing facilities that have struggled to restart. In Tama, for example, Iowa Premium Beef closed for a week after the derecho hit, knocking out the plant's power. The operation restarted Monday, said a spokesman for National Beef, which owns the Tama plant.
McNew said Iowa's crop damage is unlikely to have a significant impact on national corn prices. Before the derecho, U.S. farmers were expected to harvest a record 15.2 billion bushels of corn.
Despite the hit to Iowa, the nation's largest corn grower, U.S. farmers still could harvest "a very large crop."
McNew is concerned, though, about the loss of grain storage, which could depress local prices. Many farmers store grain either on farm or in elevators after harvest, waiting for prices to improve.
Bob Finch, who runs a cow-calf herd near Ames, said he lost a building in the storm that he uses to protect cows and newborns in the winter. He's unsure when he will be able to find someone to rebuild it.
He also has crop damage. "There's a lot of corn that's down, but it's not 100% flat like a few miles south. There's nothing standing," Finch said.
"It’s a real curveball for a lot of people," he said. "There's millions of millions of millions of dollars in damage, just in this local area. It is what it is. You just have to deal with it."
Source - https://www.desmoinesregister.com
