NAICS 111110 Quarterly Industry Report
Soybean Farming
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 111110Sector: Agriculture, Forestry, Fishing and Hunting (11)Updated: Q1 2026
About This Report
Fair Market Value provides this NAICS 111110 industry profile using data from the USDA National Agricultural Statistics Service[4], U.S. Census Bureau's Census of Agriculture[6], and SBA size standard tables[5]. Our research team cross-references USDA crop production reports and commodity market data to verify industry conditions. Additional data is drawn from Bureau of Labor Statistics[7].. This report receives quarterly updates reflecting planting decisions, harvest results, trade flow changes, and policy developments affecting soybean farmers.
Industry Definition & Overview
Soybean Farming (NAICS 111110) encompasses establishments primarily engaged in growing soybeans and producing soybean seeds. This classification covers farms where soybeans represent the dominant crop by value of production. Operations range from small family farms growing soybeans in rotation with corn or wheat to large-scale commercial operations spanning thousands of acres in the Midwest and Delta regions. The U.S. Census Bureau[3] classifies this industry within crop production, noting that farms growing soybeans in combination with grains where neither dominates fall under NAICS 111191.
Soybean production follows a seasonal cycle of spring planting, summer crop management, and fall harvest. Farmers select varieties bred for specific maturity groups matched to regional growing conditions and day length patterns. No-till and conservation tillage practices have gained widespread adoption across soybean acreage. Precision agriculture technologies including GPS-guided planting, variable-rate seeding, and drone-based crop scouting now influence field-level management decisions on commercial operations. Post-harvest, soybeans move through grain elevators and commodity channels to crushers, exporters, and feed manufacturers. Data from the USDA National Agricultural Statistics Service[4] tracks planted acreage, yields, and production values by state.
Under SBA size standards[5], NAICS 111110 uses a revenue-based threshold of $2.25 million in average annual receipts. Most soybean farms qualify as small businesses under this standard. Commodity price volatility tied to global trade flows, weather events, and biofuel mandate policies directly influences farm revenue and planting decisions. The United States ranks among the world's largest soybean producers, with export demand from China and other importers shaping domestic market dynamics year over year.
What's Included in This Industry
- Commercial soybean grain production
- Soybean seed production and certification
- Dryland soybean farming operations
- Irrigated soybean production
- Double-crop soybean planting after winter wheat harvest
- Organic soybean cultivation
- Food-grade soybean production (tofu, edamame varieties)
- Identity-preserved soybean programs for specialty markets
- Soybean field preparation, planting, and harvesting operations
- On-farm soybean drying and storage
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Agriculture, Forestry, Fishing and Hunting | 11 |
| Subsector | Crop Production | 111 |
| Industry Group | Oilseed and Grain Farming | 1111 |
| NAICS Industry | Soybean Farming | 11111 |
| National Industry | Soybean Farming | 111110 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 111120 | Oilseed (except Soybean) Farming | Oilseed farming excluding soybeans covers sunflower, canola, and flax production that shares similar crushing and processing end markets |
| 111130 | Dry Pea and Bean Farming | Dry pea and bean farming shares legume crop production methods and similar soil nitrogen fixation benefits in crop rotation programs |
| 111191 | Oilseed and Grain Combination Farming | Oilseed and grain combination farming covers operations where soybeans and grains are grown together without either crop dominating production value |
| 111150 | Corn Farming | Corn farming represents the primary crop rotation partner for soybeans across Midwest agricultural operations and competes for planted acreage |
| 311224 | Soybean and Other Oilseed Processing | Soybean and other oilseed processing operations crush soybeans into meal and oil, serving as the primary domestic buyer of raw soybean production |
| 424510 | Grain and Field Bean Merchant Wholesalers | Grain and field bean merchant wholesalers operate the elevator and merchandising infrastructure that moves soybeans from farm to processor and exporter |
SBA Lending Summary
32
Total SBA Loans
$3.6M
Total Loan Volume
$114K
Average Loan Size
8 yrs
Average Loan Term
11.24%
Average Interest Rate
88
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: The SBA[5] assigns NAICS 111110 a revenue-based size standard of $2.25 million in average annual receipts. Most soybean farms fall well below this ceiling. Qualifying operations access Farm Service Agency loans, USDA disaster assistance, and SBA 7(a) loans for equipment, land improvements, and operating capital. Crop insurance through the Federal Crop Insurance Corporation provides additional risk management for soybean producers facing weather and price volatility. Additionally, 504/CDC loans[8] provide long-term, fixed-rate financing for major fixed assets such as real estate and equipment.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | RiverBank | 8 | $1.8M | $225K |
| 2 | Heritage Bank Inc | 8 | $904K | $113K |
| 3 | The Huntington National Bank | 8 | $600K | $75K |
| 4 | Readycap Lending, LLC | 8 | $344K | $43K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 111110?
NAICS 111110 covers farming operations primarily engaged in growing soybeans and producing soybean seeds. This includes commercial grain production, seed certification, organic cultivation, food-grade soybean production, and identity-preserved specialty programs. The U.S. Census Bureau[3] classifies these within crop production.
How is soybean farming structured?
Operations range from small family farms growing soybeans in rotation with corn to large commercial enterprises spanning thousands of acres. Most farms own or lease land and equipment while selling through local grain elevators or directly to processors. Precision agriculture technologies have become standard on larger operations. Commodity marketing involves forward contracts, basis trading, and crop insurance programs.
What is the SBA size standard for NAICS 111110?
The SBA uses a revenue-based standard of $2.25 million in average annual receipts for soybean farming. Most farms qualify as small businesses under this threshold. The SBA size standard table[5] applies this revenue measure for small business certification and federal program eligibility.
What NAICS codes are related to soybean farming?
Related crop codes include 111120 (other oilseed farming), 111130 (dry pea and bean farming), 111150 (corn farming), and 111191 (oilseed and grain combination farming). Processing code 311224 covers soybean crushing. Distribution code 424510 covers grain wholesalers. The Census Bureau[3] groups this within oilseed and grain farming.
What industries are closely related to soybean farming?
Corn farming (111150) shares equipment and crop rotation practices. Soybean processors (311224) serve as the primary domestic buyer. Grain wholesalers (424510) handle marketing and logistics. Other oilseed farmers (111120) share production methods. Crop support services (115111) provide custom planting and harvesting for farms without owned equipment fleets.
What activities are included in NAICS 111110?
Covered activities include commercial soybean production, seed growing, dryland and irrigated cultivation, double-cropping, organic production, food-grade and specialty soybean programs, field preparation, planting, harvesting, and on-farm drying and storage. The USDA[4] tracks acreage and production data for these farming operations.
Can soybean farms qualify for SBA loans?
Yes, farms with average annual receipts at or below $2.25 million qualify as small businesses under SBA guidelines[5]. Farm operators also access USDA Farm Service Agency loans for land and equipment. Federal crop insurance programs managed through USDA provide risk management support beyond traditional lending programs.
Where is soybean farming concentrated in the United States?
Illinois, Iowa, Minnesota, Indiana, and Ohio lead in soybean planted acreage and production. The Midwest Corn Belt dominates national output, though significant production extends into the Mississippi Delta states and northern Great Plains. Industry USDA National Agricultural Statistics Service[4] publishes state-level acreage and yield data annually.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [3]U.S. Census Bureau census.gov
- [4]USDA National Agricultural Statistics Service nass.usda.gov
- [5]SBA size standards sba.gov
- [6]U.S. Census Bureau's Census of Agriculture nass.usda.gov
- [7]Bureau of Labor Statistics bls.gov
- [8]504/CDC loans sba.gov
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