NAICS 111150 Quarterly Industry Report
Corn Farming
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 111150Sector: Agriculture, Forestry, Fishing and Hunting (11)Updated: Q1 2026
About This Report
This Fair Market Value industry profile for Corn Farming (NAICS 111150) 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, lenders, and M&A professionals evaluating corn farming operations classified under NAICS 111150.
Industry Definition & Overview
Corn Farming (NAICS 111150) encompasses establishments primarily engaged in growing corn (except sweet corn) and producing corn seeds. The U.S. Census Bureau[3] classifies this industry within oilseed and grain farming, noting that sweet corn production falls under a separate vegetable farming code. Operations range from diversified family farms planting a few hundred acres to corporate enterprises managing tens of thousands of acres across the Corn Belt stretching from Ohio through Iowa and into Nebraska and Minnesota [1]. Farm sizes and business structures vary widely, but the industry collectively produces the nation's largest crop by volume, supplying feedlots, ethanol refineries, food processors, and export markets that absorb billions of bushels each marketing year [2]. Revenue depends on Chicago Board of Trade futures pricing, basis levels at local elevators, federal crop insurance indemnities, and per-bushel yields that swing with hybrid selection, planting date, and growing-season weather patterns [3].
The USDA National Agricultural Statistics Service[4] reports approximately 27,471 corn farming establishments across the country, and total U.S. corn production routinely exceeds 13 billion bushels, making the country the world's largest producer and exporter of the grain [4]. Iowa consistently ranks as the top corn-producing state, followed by Illinois, Nebraska, Minnesota, and Indiana, with these five states accounting for more than half of total national output in most years [5]. Ethanol production consumes roughly 35 to 40 percent of the domestic corn crop annually, making it the single largest demand category alongside livestock feed, and any shifts in the Renewable Fuel Standard can ripple through planting decisions and land values across the Corn Belt.
What's Included in This Industry
- Field corn production for grain
- Corn silage production for livestock feed
- Seed corn production under contract
- Dryland corn farming operations
- Irrigated corn production using center-pivot systems
- Organic corn cultivation
- Corn grain drying and on-farm storage
- High-moisture corn harvesting for feedlot delivery
- Corn stover baling for livestock bedding and bioenergy
- Popcorn production classified under field corn operations
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 | Corn Farming | 11115 |
| National Industry | Corn Farming | 111150 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 111140 | Wheat Farming | Wheat farming shares grain storage, drying, and handling infrastructure with corn operations and competes for the same planted acreage in rotation systems |
| 111110 | Soybean Farming | Soybean farming is the most common rotation partner with corn, and the two crops share planting equipment, herbicide programs, and marketing channels |
| 111191 | Oilseed and Grain Combination Farming | Oilseed and grain combination farming encompasses operations that grow corn alongside soybeans, wheat, or sorghum without a single dominant crop |
| 311221 | Wet Corn Milling and Starch Manufacturing | Wet corn milling facilities process corn into starch, sweeteners, and ethanol, representing one of the largest domestic demand segments for corn producers |
| 311119 | Other Animal Food Manufacturing | Other animal food manufacturing purchases corn grain and corn processing coproducts like distillers grains for livestock and poultry feed rations |
| 424510 | Grain and Field Bean Merchant Wholesalers | Grain and grain product merchant wholesalers operate country elevators and terminal facilities where corn producers deliver and market their harvested crop |
SBA Lending Summary
32
Total SBA Loans
$28.4M
Total Loan Volume
$888K
Average Loan Size
11 yrs
Average Loan Term
8.19%
Average Interest Rate
72
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: The SBA[8] assigns NAICS 111150 a revenue-based size standard of $2.25 million in average annual receipts. Most corn farms operate well below this ceiling, though large-scale Corn Belt operations approaching the threshold are not uncommon. Qualifying businesses access Farm Service Agency direct and guaranteed loans, USDA disaster assistance, and SBA 7(a) financing for equipment purchases, grain storage expansion, and irrigation infrastructure [6]. Federal crop insurance through the Risk Management Agency provides revenue protection policies that lenders require before extending seasonal operating credit. Agriculture Risk Coverage and Price Loss Coverage programs offer additional revenue stabilization, and Emergency Conservation Program funds help producers recover from flood or drought damage to cropland [7]. 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 | Red River State Bank | 16 | $24.0M | $1.5M |
| 2 | ProGrowth Bank | 8 | $3.8M | $475K |
| 3 | Five Star Bank | 8 | $600K | $75K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses fall under NAICS 111150?
NAICS 111150 covers establishments primarily engaged in growing corn for grain, silage, or seed production, excluding sweet corn operations. This includes family farms, corporate farming entities, and seed corn producers that contract with major seed companies to grow parent and hybrid seed lines for commercial distribution [1].
What is the SBA size standard for Corn Farming?
A corn farming business qualifies as small under SBA guidelines if its average annual receipts do not exceed $2.25 million, calculated as a five-year average of total revenue. This revenue-based threshold covers all establishments classified under NAICS 111150 regardless of acreage farmed or number of employees [6].
How many corn farming establishments operate in the United States?
USDA data identifies approximately 27,471 corn farming establishments across the country, making corn one of the most widely planted field crops. That count shifts annually as producers adjust planted acreage between corn, soybeans, and other grains based on relative commodity prices and rotation requirements [4].
What are the major cost drivers for corn farming?
Seed costs for genetically modified hybrids represent a significant per-acre expense, often exceeding $100 per acre at recommended seeding rates. Nitrogen fertilizer is the single largest variable input cost and fluctuates with natural gas prices. Crop protection chemicals including pre-emergent and post-emergent herbicides, fungicides, and insecticides add further expense. Land rent payments, which surpassed $200 per acre in premium Corn Belt counties, constitute the largest fixed cost for tenant operators according to USDA Economic Research Service[10] farm income data [3].
How does the ethanol industry affect corn farming?
Ethanol production consumes roughly 35 to 40 percent of the total U.S. corn crop annually, making it the single largest domestic demand category. The Renewable Fuel Standard mandates blending targets that sustain baseline ethanol demand, and any legislative changes to those mandates can shift corn prices and planting decisions. Ethanol plants return distillers dried grains as a coproduct to the livestock feed market, partially offsetting grain diverted from feed channels, as tracked by the USDA ERS[10] feed grains database [2].
What risks do corn farming operations face?
Weather volatility poses the most immediate production risk, with late-spring frost, mid-summer drought, and early fall freezes capable of slashing yields by 30 percent or more in affected regions. Commodity price swings driven by global supply and demand balances, currency fluctuations, and trade policy decisions create revenue uncertainty. Pest pressures from corn rootworm resistance to Bt traits and the northward spread of southern rust disease add biological risk. Federal crop insurance and hedging strategies help producers manage these exposures according to USDA Risk Management Agency[11] program data [7].
Which states lead U.S. corn production?
Iowa consistently ranks as the top corn-producing state, followed by Illinois, Nebraska, Minnesota, and Indiana. These five states account for more than half of total national corn output in most years. Nebraska's extensive irrigation infrastructure from the Ogallala Aquifer supports high yields even in dry seasons, while Iowa and Illinois benefit from deep, naturally fertile prairie soils classified as Mollisols by the USDA Natural Resources Conservation Service [5].
What trends are shaping the corn farming industry?
Precision agriculture adoption continues to accelerate, with GPS-guided planters achieving sub-inch accuracy and variable-rate nitrogen applicators reducing fertilizer waste. Carbon credit programs offer a potential new revenue stream for producers adopting cover crops and no-till practices. Rising input costs for fertilizer and seed are compressing margins and accelerating farm consolidation trends. International demand from livestock-intensive economies provides long-term export growth potential documented in USDA baseline projections published annually by the Economic Research Service[10] [4].
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]U.S. 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 Economic Research Service ers.usda.gov
- [11]USDA Risk Management Agency rma.usda.gov
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