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MAJOR LOSSES: Crop Insurance Claims In The Billions

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New reports show the major price tag from the on-going drought.
The U.S. Department of Agriculture reports 2012 crop losses in Iowa exceeded $1 billion.
The corn crop took the biggest hit resulting in $933 million is claims, while soybean losses tallied almost $160 million.

The losses are covered by federally subsidized crop insurance.

On a national scale corn farmer claims topped $6.1 billion and soybean loss claims hit $1.3 billion.