The U.S. drought of 2012: Sort of like the Dust Bowl drought of 1934 Nebraska, except that this year, the corn yield will be higher by a factor of twenty

WASDE: Grain Found Under the Rainbow | AGWEB.com

[9/12/12] ...the USDA defies reality and has found a magic bin of 160 million bushels of 2011/12 corn, resulting in an increase of new crop ending stocks by 83 million.
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The average corn yield in the U.S. declined by 0.6 bushels per acre to 122.8 bushels per acre, a slowdown from the 22.6 bushel reduction last month. The USDA’s yield estimate was well above the market expectation of 120.5 bushels per acre.

What Drought Did to Crop Yields in the 1930s

In 1934, Nebraska saw the driest year on record with only 14.5 inches of rainfall. The state's corn crop dropped even more to only 6.2 bushels per acre.