Flooded farmers in nervous waiting game

CHICAGO (Reuters) - U.S. Midwest farmers were waiting for flooded fields to dry out enough for them to try to replant or salvage crops from their soaked acres, extension agents and farmers said on Monday.

Thousands of corn and soybean acres were under water in Iowa, the top U.S. production state, though fairer weather over the last 48 hours was helping to dry out less flooded fields.

But many growers were unsure how much their crops had been damaged by the flooding, said David Miller, director of research and commodity services for the Iowa Farm Bureau Federation.

Miller, who also farms 400 acres in southern Iowa, said 70 of his corn acres were under water for a few days due to the floods. It could be as many as 10 days before fields dry out enough for farmers to even attempt replanting, Miller said.

"By the time it dries out, I will know whether or not if there is anything that is salvageable there," said Miller.

The high waters from two weeks of torrential rains have claimed about 20 percent of Iowa's grain acres, affecting about 1.3 million corn acres and up to 2 million soybean acres, he said, citing Iowa Farm Bureau Federation estimates.

In some unplanted areas such as southern Illinois, good weather over the weekend improved field conditions and allowed farmers to work as fast as possible to plant in less-than-ideal conditions.

"It is a little bit wet but at this point on the calendar everyone is making the compromise," said Dennis Epplin, extension specialist at the University of Illinois.

Farmers that plant in soggy soils face problems ranging from poor crop development to getting tractors stuck in mud.

But most significantly, prospects for corn and soybean yields were getting worse by the day.

Many growers already were facing the possibility of a 50-percent cut in their corn yields due to the late planting.

Ideally, most Midwest growers aim to finish their corn planting by May 15 to establish the healthy roots, strong stalks and proper leaf development needed to withstand the wilting conditions of July and August, when the plants normally mature and determine yields.

Farmers who choose not to replant can recoup some losses from crop insurance programs. But those who choose that option will miss record cash prices for their crops this fall which would help cover the cost of expensive seed, fuel and fertilizer that, in most cases, has already been purchased.

Most farmers have until the first week of July to seed soybeans before they can expect yields to be cut in half, agronomists said.

"It will either be a matter of maybe leaving it bare for the rest of the summer or taking their chance on a very late replant," said Robert Nielsen, extension agronomist at Purdue University in Indiana.

(Reporting by Mark Weinraub; editing by Jim Marshall)