NAICS 111140 Quarterly Industry Report
Wheat Farming
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 111140Sector: Agriculture, Forestry, Fishing and Hunting (11)Updated: Q1 2026
About This Report
This Fair Market Value industry profile for Wheat Farming (NAICS 111140) draws on data from the USDA National Agricultural Statistics Service[4], the U.S. Census Bureau[5], the Bureau of Labor Statistics[6], and the SBA Office of Size Standards[7]. All statistics reflect the most recently published government data at the time of writing. This report serves as a starting reference for business appraisers, M&A advisors, and lenders evaluating wheat farming operations under NAICS 111140.
Industry Definition & Overview
Wheat Farming (NAICS 111140) encompasses establishments primarily engaged in growing wheat and producing wheat seeds. The U.S. Census Bureau[3] classifies this industry within crop production, covering all commercial wheat varieties including hard red winter, hard red spring, soft red winter, soft white, and durum. Operations range from dryland farms on the Great Plains that depend entirely on rainfall to irrigated parcels in the Pacific Northwest and parts of the Central Valley [1]. Kansas leads national production, followed by North Dakota, Montana, Washington, and Oklahoma, with regional specialization driven by climate, soil type, and end-market demand [2]. Hard red winter wheat stretches across the Southern and Central Plains from Texas northward through Nebraska, while hard red spring wheat concentrates in the Northern Plains states. Soft white varieties grown in the Pacific Northwest command premiums in Asian export markets, and durum wheat supplies pasta manufacturers in the Northern Plains [3]. Most wheat farms operate as sole proprietorships or family partnerships, with hired labor peaking during planting and harvest windows that vary by variety and geography.
The USDA National Agricultural Statistics Service[4] reported roughly 7,190 wheat farming establishments in its most recent Census of Agriculture, though the total fluctuates as operators rotate acreage among competing grain crops [4]. Revenue depends heavily on commodity futures pricing, federal crop insurance participation, and yields shaped by weather variability, soil management practices, and pest pressure from diseases such as Fusarium head blight and stripe rust [5]. U.S. wheat export value exceeded $5.4 billion in recent trade data compiled by the Census Bureau[5], highlighting the crop's role as a top agricultural export [6]. Precision agriculture adoption, including GPS-guided variable-rate seeding and targeted fertilizer application, continues to reshape production practices and per-acre economics across major wheat-growing regions.
What's Included in This Industry
- Hard red winter wheat production
- Hard red spring wheat farming operations
- Soft red winter wheat cultivation
- Soft white wheat growing for domestic and export markets
- Durum wheat production for pasta and semolina flour
- Wheat seed production and certification
- Dryland wheat farming on the Great Plains
- Irrigated wheat production in the Pacific Northwest
- On-farm wheat storage, drying, and grain handling
- Custom wheat harvest operations on owned acreage
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 | Wheat Farming | 11114 |
| National Industry | Wheat Farming | 111140 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 111150 | Corn Farming | Corn farming shares identical planting equipment and grain storage infrastructure with wheat operations, and many producers rotate between both crops seasonally |
| 111160 | Rice Farming | Rice farming occupies a parallel position in the grain subsector and competes for federal commodity program funding alongside wheat producers |
| 111191 | Oilseed and Grain Combination Farming | Oilseed and grain combination farming includes operations that plant wheat alongside soybeans or sunflowers on a diversified rotation schedule |
| 311211 | Flour Milling | Flour milling establishments represent the primary downstream customer for wheat producers, converting raw grain into baking and industrial flour products |
| 311119 | Other Animal Food Manufacturing | Other animal food manufacturing purchases lower-grade wheat and milling byproducts such as wheat middlings for livestock and poultry feed formulations |
| 424510 | Grain and Field Bean Merchant Wholesalers | Grain and grain product merchant wholesalers serve as intermediaries between wheat farms and end-use mills or export terminals at major port facilities |
SBA Lending Summary
64
Total SBA Loans
$7.2M
Total Loan Volume
$113K
Average Loan Size
11 yrs
Average Loan Term
11.12%
Average Interest Rate
224
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: The SBA[8] assigns NAICS 111140 a revenue-based size standard of $2.25 million in average annual receipts. Most wheat farms fall comfortably below this threshold, as the majority are family-scale operations managing a few hundred to a few thousand acres. Qualifying businesses access Farm Service Agency loans, USDA disaster assistance programs, and SBA 7(a) financing for equipment upgrades, grain storage construction, and operating capital needs [7]. Crop insurance through the Federal Crop Insurance Corporation provides yield and revenue protection that lenders typically require before extending operating lines of credit. Agriculture Risk Coverage and Price Loss Coverage programs administered by the USDA Farm Service Agency offer additional revenue stabilization that supports farmland values and borrowing capacity [8]. Federal small business contracting set-asides also apply to wheat producers bidding on government commodity purchase programs. Additionally, 504/CDC loans[9] 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 | Countybank | 8 | $3.8M | $475K |
| 2 | KeyBank National Association | 8 | $1.0M | $125K |
| 2 | Columbia Bank | 24 | $1.0M | $42K |
| 4 | Northeast Bank | 8 | $616K | $77K |
| 5 | The Huntington National Bank | 8 | $480K | $60K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses fall under NAICS 111140?
NAICS 111140 covers establishments primarily engaged in growing wheat and producing wheat seeds. This includes dryland and irrigated wheat farms, seed wheat producers, and operations that harvest hard red winter, hard red spring, soft red winter, soft white, and durum wheat varieties for commercial sale [1].
What is the SBA size standard for Wheat Farming?
A wheat farming business qualifies as small under SBA guidelines if its average annual receipts do not exceed $2.25 million, measured over the preceding five completed fiscal years. This revenue-based threshold applies to all establishments classified under NAICS 111140 [7].
How many wheat farming establishments operate in the United States?
The USDA National Agricultural Statistics Service reported approximately 7,190 wheat farming establishments in its most recent Census of Agriculture. That figure shifts from year to year as operators reallocate acreage between wheat, corn, soybeans, and other grains based on relative commodity prices and rotation schedules [4].
What are the major cost drivers for wheat farming operations?
Seed, fertilizer, and crop protection chemicals compose the largest variable cost categories, with nitrogen fertilizer prices closely tied to natural gas markets. Land rental rates or mortgage payments represent the primary fixed cost for most operators. Fuel and machinery maintenance costs rise during tillage, planting, and harvest seasons. Federal crop insurance premiums, while subsidized, add another recurring expense that most commercial-scale producers treat as essential risk management according to USDA Risk Management Agency[10] data [5].
Which regions dominate U.S. wheat production?
Kansas leads national wheat production, followed by North Dakota, Montana, Washington, and Oklahoma. Hard red winter wheat stretches across the Southern and Central Plains, while hard red spring wheat concentrates in the Northern Plains states. Pacific Northwest producers in Washington, Oregon, and Idaho specialize in soft white wheat varieties prized by Asian export markets, as documented in USDA NASS[4] crop reports [2].
How does federal policy affect wheat farm valuations?
Federal farm programs administered through the USDA Farm Service Agency[11] include Agriculture Risk Coverage and Price Loss Coverage, which provide revenue and price support that stabilizes cash flow and underpins farmland values. Crop insurance subsidies reduce downside risk and make lenders more willing to extend operating credit. Conservation Reserve Program rental payments offer guaranteed income on enrolled acres, and changes to eligibility or payment caps can materially shift the appraised value of a wheat operation [8].
What role does wheat play in crop rotation systems?
Wheat serves as a foundational rotation crop that breaks pest and disease cycles for subsequent corn, soybean, or sorghum plantings. Winter wheat provides ground cover that reduces soil erosion during months when fields would otherwise lie fallow. Agronomists at land-grant universities recommend two- or three-year rotations to manage soil nitrogen levels and suppress weeds like cheatgrass, which has become increasingly problematic in continuous wheat systems across the Great Plains [5].
What trends are shaping the wheat farming industry?
Precision agriculture technologies, including GPS-guided variable-rate seeding and fertilizer application, are reducing input costs and improving per-acre yields on progressive operations. Export demand fluctuations tied to global trade policies and competition from Black Sea wheat exporters influence domestic pricing and acreage decisions. Consolidation among farms continues as older operators retire without successors, and drought frequency in the Southern Plains is prompting some producers to shift acreage toward more heat-tolerant crops, reshaping regional planting patterns documented by the USDA Economic Research Service[12] [6].
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]Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA Office of Size Standards sba.gov
- [8]SBA sba.gov
- [9]504/CDC loans sba.gov
- [10]USDA Risk Management Agency rma.usda.gov
- [11]USDA Farm Service Agency fsa.usda.gov
- [12]USDA Economic Research Service ers.usda.gov
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