Grains & Oilseeds Production Industry Overview

Companies that grow, harvest, process, and package fibrous grains, oilseed plants, and/or oilseed seeds.

Full Grains & Oilseeds Production Industry Description

Farm Income Rises

Farm Income Rises

Net farm income in grain and oilseed farming continues to rise, due largely to federal support for corn for ethanol. Many farms are growing grain corn instead of soybeans, vegetables, and other field crops, leading to price hikes as supply declines. The grain corn industry has doubled in value over the past five years as the price of corn has increased from under $2 a bushel to $4. The soybean industry has increased 50 percent in value despite a slight decline in acreage.

According to the USDA's Economic Research Service, net grain farm income is expected to increase 50 percent in 2008 from its historic 10-year average, due primarily to increased demand for corn for ethanol and sustained high corn prices. A continued rise in farm income for grain producers could encourage a growing number of soybean and vegetable farmers to abandon crops in favor of federally subsidized corn.

Full Grains & Oilseeds Production Industry Trends

• Barth-Haas Group
• Birdsong Corporation
• China Grains and Oils Group Corporation

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Grains & Oilseeds Production maps to a number of NAICS codes including:

Full Grains & Oilseeds Production Industry Codes

• American Soybean Association
  
• Corn Refiners Association
  
• Food and Agriculture Organization of the United Nations (FAO)
  

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