Despite lower crop forecasts, Vilsack insists U.S. will remain leader in food aid and food exports

UPDATE: In his weekly address, President Obama says his administration’s has an "all-hands-on-deck" approach to the drought, and lists steps it has taken, including opening more federal land for haying and grazing; giving farmers, ranchers, and small businesses access to low-interest emergency loans; and providing assistance to get more water to livestock and restore land affected by the drought. The audio and video of the address will be available at www.whitehouse.gov at 6 a.m. ET, Saturday, August 11.

The government slashed its expectations for U.S. corn and soybean production for the second consecutive month Friday, predicting what could be the lowest average corn yield in more than 15 years as the worst drought in decades grips major farm states. The Associated Press reports that Agriculture Secretary Tom Vilsack insisted that U.S. farmers and ranchers will remain resilient and the country will continue to meet demand as the global leader in farm exports and food aid. For a more thorough reading of the USDA Drought Monitor, go here.