On July 17, 2014, the NOAA Climate Prediction Center released their outlook for August and beyond.
Currently, we have significant heat through the High Plains and the Midwest. But it will be short-lived. The NWS forecast show cooler conditions returning soon to the region. The outlook for August (first map, click to enlarge) includes an increased chance of below-average temperatures across the upper Midwest, while the Southeast has as increased chance of above-average temperatures. Much of Illinois, Indiana, and Ohio have equal chances (EC) of above, below, and near-average temperature.
Much of the Corn Belt has equal chances (EC) of above, below, and near-average precipitation (second map) in August. In other words, there are no clear indications of an increased risk for too much or too little rain.