LEXINGTON, Ky. — For corn growers in Kentucky, the rains of Tropical Depression Isaac were just a slap in the face, as the moisture came too late to help the worst corn crop in years. For soybean producers … well that’s another story.

The rains may have saved a crop that is seeing prices over the $17 per-bushel mark, which is good news in a bad growing year. But farmers are still having far from a stellar season.

Chad Lee, grain crops specialist with the University of Kentucky (UK) College of Agriculture, said the moisture should help with seed fill and yields, but it’s probably too late to boost the number of seeds on the plants.

“The fact that the rains came over several days and were relatively gentle means that most soils captured most of the water. The beans furthest from maturity will benefit the most,” he said. “These rains give us a chance of getting decent yields. Soybean yields should be much closer to normal than corn yields.”

Those corn yield projections aren’t even in the ballpark of last year. USDA National Agricultural Statistics Service estimates show an average yield of 65 bushels per acre; that is less than half of 2011 levels.

Bob White, a producer from Union County, reported his corn crop was the worst he had seen since he began farming in 1974, according to information from the Kentucky Corn Growers Assoc. Even irrigated fields are seeing lower-than-average yield potential. That, said Lee, is because of the intense heat in June.

In an interview with the National Corn Growers Assoc., Sam Hancock, a corn grower in Fulton County, said harvest has come early and is going fast, but he is seeing yields better than expected.

“It’s still bad, nothing like what a normal year would be, but we’re still going to have averages somewhere between 90 and 110 (bushels per acre) overall,” he said.

Those numbers could be nothing less than remarkable, considering Fulton County is located in an area of the state still considered to be in exceptional drought, according to the U.S. Drought Monitor’s Sept. 4 report.

The corn harvest is proceeding in other areas even though some producers have cut their crop for silage. Lee said many farmers believe that between their crop insurance and what they can salvage from the field, it’s worth harvesting.

For those growing soybeans, the high prices coupled with what could be decent yields will most likely keep farmers afloat for another year. But corn losses will total up into sizable amounts, especially when considering the country as a whole. Kentucky alone could see a loss in hundreds of millions of dollars as a result of the drought, relative to the number of corn acres planted, current corn prices and the average yields experienced in the past.

Nationally, the corn crop could be off by nearly 24 bushels per acre. With more than 80 million acres planted and with prices in the $7-$8 range, the potential for losses could be well into the billions. In Kentucky, this comes after farm cash receipts topped the $5 billion mark in 2011, and on early expectations of the same this year.

To compound a worrisome situation, farmers are hoping for a farm bill to come out of Washington, but as the presidential election draws closer, there is speculation as to whether the bill will pass before November. Last month, the U.S. House did pass the Agricultural Disaster Assistance Act of 2012, which is supposed to help with problems caused by this year’s drought.

Agriculture Committee Chair Frank Lucas (R-Okla.) said he was pleased with the passage of the bill, given that vast areas of productive pastureland are burning up and agricultural producers are in dire need.

“It provides risk management tools to those ranchers who are currently exposed. This is not a long-term solution, but it takes care of the problem until we can get a five-year farm bill on the books and put those policies in place,” he said after the vote.

“I am committed to giving certainty to our farmers and I plan to work toward that goal when we return in September. In the meantime, I urge the Senate to quickly pass this measure so that we can get assistance to our producers now.”

Lee said this type of growing year proves farmers need the farm bill and its safeguards to protect them when catastrophes happen. “It is evident, if the nation values a stable food supply system, there needs to be some tools in place that help farmers with risk management,” he said. “Some of the proposals in the farm bill would achieve those goals.”