Although Iowa is now bearing the brunt of storms that ravaged parts of the Midwest, your checkbook will be feeling the effects of storms through the summer.

The storms will one day subside.

But the impact of the severe weather that has battered the Midwest, is expected to be felt for months.

That's because flooding here is contributing to the big drop in the nation's corn crop, forecast to be down about ten percent from last year.

"We are on the very verge of a potential disaster in 2008 corn production," said Rich Feltes, Director of Commodity Research for MF Global.

Nearly 20 percent of the Midwest's crops have already been destroyed.

What survived is stunted.

"I probably had a hundred acres under water in 1993," recalled Wisconsin farmer, Jerry Bradley.

"This is twice as bad. This is the worst I've ever seen it."

A thinner crop is already having a domino effect - higher corn prices are expected to send up the price of corn-based products like soda and chips, milk and beef from corn-fed cattle.

Higher flood waters here, could mean even higher prices at the pump for the limited corn-based ethanol.

The price of corn stands at $7.00 a bushel, a record high.

Experts predict it will continue to rise.

"We are already seeing it," stated Ron Litterer, of the National Corn Growers Association.

"The market is already anticipating this and is already built in to some of the prices."

More bad news from the flooding - parts of the swollen Mississippi are being closed.

This could make transporting goods from corn to coal, more expensive.

The Federal Reserve says the economy has remained weak as consumers and businesses have struggled with the impact of rising food and energy costs.