NU Online News Service, Aug. 10, 2:25 p.m. EDT

Due to prolonged drought conditions in the Midwest, underwriting losses for 12 major corn and soybean producing states could be more than $2.8 billion, a recent report warns, and the trade group representing the crop-insurance industry says insurers have already paid out $822 million so far this season. 

The report, released by Milliman and authored by Carl Ashenbrenner, covers the states of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. 

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