CHAMPAIGN, Ill. (AP) -- Floodwaters receding into the Mississippi River and its tributaries will suck billions of dollars out of the Midwest's economy, though probably not as much as the 1993 flooding that devastated the region.The impact on U.S. economic growth is expected to be small, but it is difficult to make accurate estimates because water still stands over farm fields, roads and in many homes. Forecasts call for more rain across the region through at least Saturday.
Federal and state agriculture officials say the real damage won't be known until after the fall harvest. A report due Monday from the Department of Agriculture should give the country its first glimpse of the damage to the corn and soybean crops.
The Farm Bureau has pegged Iowa's agricultural losses alone at roughly $3 billion, while Indiana agricultural officials estimate the state's losses at $800 million. Experts say it's too soon to even estimate the losses in Illinois and Missouri, which are also big corn- and soybean-growing states.
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