Crops matured much faster than normal this year due to the hot, dry weather in August. For Iowa farmers, the weather means a loss in production yields.

According to economists, the value of corn and soybeans is down $750 million. That number is based off an estimate given by the United States Department of Agriculture for yields and has the potential to change, said Lance Gibson, assistant professor of agronomy.

“It affects all farm families,” said Luther Roit, junior in agronomy. “One year, you may have a good crop and the next you may not — you just go with it.”

Gibson said with approximately 100,000 farmers in the state, the net loss is approximately $7,500 per farm.

“Crop insurance will help reimburse farmers for lost crops due to drought conditions,” said Bruce Babcock, professor of economics.

With the market value up for soybeans, government subsidies will go down, Babcock said.

According to the USDA, the market value for soybeans is up about 50 cents this year. Farmers have different opinions of government funding.

“You have to pay for insurance, and sometimes you don’t need it,” Roit said.

Tom Hiler, senior in agronomy, said farmers make just enough money to “keep going.”

“You don’t make money off government programs,” Hiler said.

In Iowa, forecast yields are down 5 percent for corn and 18 percent for soybeans from last year’s yields, according to Thursday’s USDA monthly crop production report. National yields are up 10 percent for corn but down 3 percent for soybeans from last year, according to report findings.

Babcock said these numbers are not a disaster. There is potential for this being a tremendous year because the price of beans is up, he said.

Corn yields are not far below last year, with a loss of 11 bushels per acre, according to the USDA.

“Corn had a good year,” Gibson said. “Conditions were good until the very end, so yields are still pretty good.”

The quality of Iowa soil helped the corn crop, said Mike Lee, professor of agronomy.

“Iowa soils can store tremendous amounts of water,” Lee said. “This helped the corn crop during its crucial stages of development.”

According to the USDA, soybeans are down about 9 bushels per acre.

“For soybeans, the drought occurred at a time when they are most sensitive,” Babcock said.

Market prices will have an effect on the entire economy, Gibson said.

“With market prices down, parents will have less money for tuition, farmers will make less money and in turn will spend less,” he said. “This will also affect the small business owner who may rely on farmers for business.”