Despite June's severe flooding in the Midwest, U.S. farmers are on pace to produce the second largest corn crop and fourth largest soybean crop in history, according to the Crop Production report released today by the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS).

The rising cost of fuel and other products helped drive U.S. farm production expenditures to a record $260 billion in 2007, according to the Farm Production Expenditures 2007 summary released today by the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS). Total U.S. farm production expenditures rose 9.3 percent from 2006 and nearly 30 percent from 5 years ago.

Despite the recent flooding in the Midwest, U.S. farmers expect to harvest nearly 79 million acres of corn and more than 72 million acres of soybeans in 2008, according to the Acreage report released today by the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS).