I've read that east of the Mississippi corn has been doing well, while to the west not so well.  Here is a good drought page.

http://www.drought.unl.edu/dm/monitor.html

Georgia's 2006 corn crop, while meager by midwestern standards, was decimated by prolonged drought.
"Co-owner Irwin Bagwell said the farm would probably lose 700 to 800 acres of its 1,000-acre corn crop. The last year the family's farm was devastated to this extent was during the drought of 1993, he added.
Jack Montgomery, another Cave Spring-area farmer, said he is experiencing similar problems."
"It's taking a toll on farmers," he said. "I've never seen it this dry. I've never seen crops hurt this bad."
http://news.mywebpal.com/partners/680/public/news734891.html
"Last week, Eddie Green made his way through a patch of cornstalks that barely reached his knees.
Not quite the Field of Dreams he had hoped for when he planted earlier this year.
"These probably won't even be harvested," he said as he looked at a droopy, lifeless brown stalk of corn."
http://www.macon.com/mld/macon/15054295.htm

The situation is much the same throughtout the deep south (Louisina, Mississippi, Alabama, Georgia, South Carolina).
http://www.drought.unl.edu/dm/monitor.html
"We're looking at either extremely low yields or abandonment on most of the corn crop in central and south Alabama. We're finally getting some rain, but it has come to late for some of our corn, with some producers looking at about a 50-percent crop," said Delaney in late June.
http://southeastfarmpress.com/news/072106-southeast-drought/
"The U.S. Department of Agriculture designated 48 of Alabama's 67 counties as natural disaster areas on July 5, making farmers in those counties eligible for emergency loans from the federal Farm Service Agency. Some west Georgia farmers also are eligible because their counties border some of Alabama's disaster counties."
http://www.ledger-enquirer.com/mld/ledgerenquirer/news/local/15159390.htm

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