Drought triggers crop insurance payouts

October 22, 2012 12:00:00 AM PDT
The worst U.S. drought in half a century may trigger record crop insurance payouts.

A new report from Kansas State University is predicting several states will pick up large checks from banks this year. The report shows the buyouts may reach a record $25-billion dollars.

Ag officials say top corn-producing states like Illinois and Indiana experienced the biggest decline in production this year since the 1950's.