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Industry Primers

Bottom-up NAICS industry primers written for both public-market and private investors. Leaf industries are researched from the ground up; every group, subsector, and sector above them reads as a contrast across the industries beneath it.

2122 industries · 24 sectors · NAICS 2022

Researched with AI assistance from official U.S. statistics and independent sources, with citations on every page. Figures are not individually verified against pinned evidence — primers marked Evidence-verified are. Industry research, not investment advice. Methodology.

IndustryNAICS 11112Agriculture, Forestry, Fishing and Hunting

Oilseed (except Soybean) Farming — U.S. Industry Primer (NAICS 11112)

A Histometrics rollup primer for public- and private-market investors.

The North American Industry Classification System (NAICS) code 11112 is the five-digit "industry" level for U.S. farms whose main business is growing oilseed crops other than soybeans — chiefly canola, sunflower, flaxseed, safflower, mustard seed, rapeseed, and sesame [1]. In the NAICS hierarchy this five-digit code contains exactly one six-digit child — 111120, Oilseed (except Soybean) Farming — so the two levels describe the same thing.

This is a short "pass-through" page. Because NAICS 11112 has a single child (111120), everything at this level is 111120. This page gives the level's definition, its own figures, and where value sits — then points you to the full 111120 primer for the detailed treatment of economics, demand drivers, regulation, consolidation, risks, and how to invest.

1. Overview

NAICS 11112 is a commodity-crop farming category — a small, weather- and price-driven business concentrated in the Northern Plains and Pacific Northwest, where North Dakota alone harvests roughly four-fifths of U.S. canola and leads the nation in sunflower [4]. The crops are grown mostly by diversified family farms that rotate oilseeds against wheat, corn, and soybeans depending on which crop pencils out best each spring.

Because this five-digit code has only one six-digit child, 11112 and 111120 are effectively identical: the same crops, the same growers, the same economics. The one thing worth flagging even in a short page is the single biggest force reshaping the industry today — renewable diesel. Canola's high oil content has turned a niche rotation crop into a prized biofuel feedstock, driving record acreage and a wave of new crushing plants in the Northern Plains [13]. For full treatment, read the 111120 primer.

2. What's inside — the child industries

NAICS structures crop farming from broad to narrow: the subsector (111, Crop Production) → the industry group (1111, Oilseed and Grain Farming) → this industry (11112, Oilseed except Soybean Farming) → the national industry (111120). At the bottom, 11112 splits into just one child:

Child (6-digit) Name What it covers
111120 Oilseed (except Soybean) Farming Farms primarily growing canola/rapeseed, sunflower, safflower, flax (linseed), mustard seed, and sesame — for oil, industrial use, feed, or planting [1]

Why the level equals its one child. NAICS creates a separate six-digit code only when a five-digit industry needs to be subdivided for the U.S. (or split differently across the U.S., Canada, and Mexico). Oilseed-except-soybean farming was not subdivided, so the five-digit and six-digit codes cover an identical activity. There is no residual "all other" sibling and no second child to aggregate — the rollup is a straight pass-through. (Soybeans, the largest U.S. oilseed, sit in the separate sibling industry 11111 / 111110; mixed oilseed-and-grain farms fall under 111191; oilseed crushing is manufacturing under 311224 — none of these roll up into 11112 [1][5].)

3. Size (this level's rollup figures)

We have no ingested federal business statistics for NAICS 11112. Our ground-truth stats file for this five-digit node contains no stat metrics; because 11112 has a single child, its figures are the 111120 figures carried up unchanged, drawn from the labeled sources in the child primer.

Business counts badly understate this industry — read this caveat. Two federal programs that normally count businesses — the Census Bureau's Statistics of U.S. Businesses (SUSB) and its Nonemployer Statistics — both exclude crop and animal production, so no clean employer or establishment tally exists for farming [child primer §3]. Commercial registries list only ~200 "establishments" under 111120 [1], a figure distorted by classification quirks and by the fact that most growers are sole proprietors with no employees or are classified under wheat, soybean, or "oilseed & grain combination" (111191) farming. Treat this as a material undercount of the farms actually growing these crops. The only business statistic in our federal file is the U.S. Small Business Administration (SBA) 2023 size standard of $2.25 million in average annual receipts [18] — a program-eligibility threshold, not a size estimate.

The meaningful gauge is USDA crop value. The U.S. Department of Agriculture (USDA), through its National Agricultural Statistics Service (NASS), reports crop acreage, production, and value. For the 2025 crop year the crops in this industry were worth roughly $1.6 billion in total — the same figure that defines 111120 [2][3]:

Crop 2025 crop value
Canola ~$941.5 million
Sunflower ~$516.6 million
Flaxseed ~$67.1 million
Safflower ~$29.1 million
Rapeseed ~$9.4 million
Mustard (2024) ~$46 million
Group total (2025) ≈ $1.6 billion

These are USDA crop-series figures in mixed units, not a single audited NAICS total; 2025 values are preliminary, and no suppressed state-level values are used [2][3]. The number is cyclical: the same crop group was worth roughly $2.1 billion in 2022 and about $1.3 billion in 2024 before recovering in 2025 — sunflower alone swung from $763 million (2022) to $227 million (2024) and back to $516.6 million (2025) [2].

4. Investable universe (where value concentrates)

Because 11112 has one child, the investable map is the 111120 map. The key fact: there is no pure-play public U.S. oilseed farmer — the acreage is owned by thousands of private family operations. Value for investors concentrates downstream and adjacent to the farm gate, not in the farming itself:

  • Processors & merchants — Archer-Daniels-Midland (NYSE: ADM) and Bunge Global (NYSE: BG) originate, store, crush, and market canola/sunflower/rapeseed; privately held Cargill, Louis Dreyfus, Richardson, and Viterra round out the "ABCD" trading group [19][20][22][24][28]. This is where the oil-and-meal processing spread is captured.

  • Inputs & land — seed and crop protection via Corteva (NYSE: CTVA); fertilizer via Nutrien (NYSE: NTR); machinery via Deere (NYSE: DE), AGCO, CNH; and farmland real-estate investment trusts (REITs) Gladstone Land (Nasdaq: LAND) and Farmland Partners (NYSE: FPI) [21][26][27].

  • Cooperative route — CHS Inc. preferred shares (e.g., Nasdaq: CHSCP), a farmer-owned crush-and-market co-op [23].

  • Private owners — family farms (the actual producers), privately held traders/crushers, and institutional farmland funds (Nuveen/Westchester, Manulife/John Hancock).

All of the public names are diversified — oilseed-except-soybean is a small slice of each — so treat them as broad agriculture exposure, not a targeted bet. See the 111120 primer §4 for the full table.

5. How the money works

The economics are the child's economics. The value chain runs seed & inputs → farm production → elevator/terminal → crusher & refiner → oil + protein meal → food, biofuel, and feed customers. A farm sells raw seed at the farm gate and is a price-taker; its profit is a per-acre margin — yield × farm-gate price − input costs (seed, fertilizer, chemicals, fuel, machinery, land rent). The crusher, not the farmer, earns the oil-and-meal spread [child primer §5][19].

Three levers decide profitability: (1) the spring acreage-competition decision (oilseeds win or lose acres fast against wheat, corn, and soybeans); (2) the crush spread and local basis — the gap between the local cash price and futures; and (3) government support plus land appreciation, since thin margins are cushioned by federal crop insurance and commodity payments, and much of the long-run return is the rise in farmland value. Use farm-appropriate metrics — yield reliability, break-even price, basis, crop mix, crop-insurance coverage — not regulated-utility rate base, REIT funds-from-operations, or mining all-in-sustaining-cost language. Full detail in 111120 primer §5.

6. Demand drivers

Identical to the child. Demand for these seeds splits three ways: food oil (canola and high-oleic sunflower are staple cooking and snack-frying oils); renewable diesel / biofuel — the swing factor, as canola's high oil yield makes it a prized feedstock and new Northern Plains crush plants are built to serve renewable-diesel refiners [13]; and protein meal, the de-oiled residue sold as high-protein livestock feed. USDA's mid-2026 outlook projects record 2026/27 canola production near 5.4 billion pounds and crush near 5.3 billion pounds [6]. Specialty tiers (confection sunflower, birdseed, industrial flax/linseed oil, safflower and mustard niches) and export/trade flows (Canada dominates world canola; China–Canada tariff disputes ripple into U.S. prices) round out demand [14][28]. See 111120 primer §6.

7. Regulation

Farming is lightly regulated as a business but heavily shaped by federal farm and energy policy — and, again, this is entirely the 111120 picture:

  • Farm Bill commodity programs (USDA Farm Service Agency). Sunflower, canola, rapeseed, safflower, flaxseed, mustard, crambe, and sesame are covered commodities for Agriculture Risk Coverage (ARC) / Price Loss Coverage (PLC) payments; the 2025 One Big Beautiful Bill Act (OBBBA) added base acres and extended support [8][9].

  • Crop insurance (USDA Risk Management Agency). Subsidized revenue and yield insurance underpins the business model.

  • Biofuel policy — the demand-side regulator. The EPA Renewable Fuel Standard (RFS) sets biomass-based-diesel volumes and recognizes canola-oil pathways; the 45Z Clean Fuel Production Credit rewards low-carbon fuels but treats canola's carbon-intensity score unfavorably — a live policy risk [10][11][12].

  • Pesticides, biotech, and organic — FIFRA registration (EPA), APHIS biotech oversight, and USDA organic certification apply [15][16][17].

Full treatment in 111120 primer §7.

8. Consolidation

Two very different tiers, unchanged from the child. At the farm level the industry is fragmented and slowly consolidating — thousands of price-taking family farms, with the count of grain/oilseed farms down ~6% from 2017 to 2022 as acreage moved to fewer, larger operations [4]. Downstream, where the market power sits, it is highly concentrated — the ABCD traders plus CHS, Richardson, and Viterra buy, crush, and market almost all the crop, and Bunge's ~$8 billion acquisition of Viterra merges two of the largest handlers [22][24][28]. The renewable-diesel boom is spurring new crush-plant construction (ADM at Velva/Enderlin, ND; Cargill at West Fargo, ND; CHS at Hallock, MN), which improves local basis for growers [13][23][27]. Exact NAICS-level concentration figures are not in the federal statistics. See 111120 primer §8.

9. Risks

The same risk set that defines 111120: commodity-price cyclicality (sunflower's crop value fell from $763M in 2022 to $227M in 2024 before recovering [2]); acreage flight and substitution; weather and biology in the drought-prone Northern Plains; policy dependence on biofuel rules (RFS volumes, 45Z carbon-intensity treatment of canola) and Farm Bill support [10][12]; trade, tariff, and logistics shocks [14]; price and basis risk; input-cost inflation; concentrated buyers setting local basis; and leverage / land-value risk. Full list in 111120 primer §9.

10. How to invest & outlook

Because 11112 is a straight pass-through to 111120, the how-to-invest guidance is the child's:

  • Public-market routes (indirect, diversified): processing/merchandising via ADM (NYSE: ADM) and Bunge (NYSE: BG); inputs and land via Corteva (NYSE: CTVA), Nutrien (NYSE: NTR), Deere (NYSE: DE) / AGCO / CNH, and farmland REITs Gladstone Land (Nasdaq: LAND) and Farmland Partners (NYSE: FPI); a cooperative route via CHS preferred (e.g., Nasdaq: CHSCP) [19][20][26][27][23].

  • Private-market routes: buy or lease Northern Plains / Pacific Northwest cropland; invest in institutional farmland funds; join a cooperative as a member-owner; or operate/finance a farm, elevator, or crush plant directly.

Outlook. The structural tailwind is renewable diesel — rising biomass-based-diesel demand, record projected 2026/27 canola production and crush, new Northern Plains crush plants, and OBBBA's North-American-feedstock preference point to durable, expanding demand for domestic oilseeds [6][13]. The near-term swing factors are EPA RFS volumes and the 45Z carbon-intensity rules, trade policy (canola disputes with China and Canada), and the annual acreage battle. For canola-linked processing, seed, logistics, and biofuel infrastructure the outlook is cautiously positive; for undifferentiated commodity acreage it is more balanced. For the full analysis — detailed economics, the complete investable table, and per-metric underwriting guidance — read the 111120 primer.

Sources

This rollup synthesizes the child primer (NAICS 111120) plus our ground-truth federal stats file for NAICS 11112. The stats file for 11112 contains no ingested stat metrics; the figures above are the 111120 values carried up unchanged, from the sources below (drawn from the child primer).

  1. U.S. Census Bureau, 2022 NAICS Definition — 111120 Oilseed (except Soybean) Farming (2022); NAICS structure and establishment/exclusion description. https://www.census.gov/naics/?input=111120&year=2022; https://www.naics.com/naics-code-description/?code=111120

  2. USDA National Agricultural Statistics Service (NASS), Crop Values 2024 Summary (Feb. 2025) and Crop Values 2025 Summary (2026) — canola, sunflower, flaxseed, safflower, mustard, rapeseed value of production. https://www.nass.usda.gov/Publications/Todays_Reports/reports/cpvl0225.pdf; https://www.nass.usda.gov/Publications/Todays_Reports/reports/cpvl0226.pdf

  3. USDA NASS, Crop Production 2025 Summary (2026) — harvested acres and production by crop. https://www.nass.usda.gov/Publications/Todays_Reports/reports/cropan26.pdf

  4. USDA NASS, 2022 Census of Agriculture — Grain & Oilseed and Family Farms Highlights (2024–2025): farm counts, family-farm share, government payments, canola/sunflower acreage, North Dakota share. https://www.nass.usda.gov/Publications/Highlights/2024/census22-grain-oilseed.pdf

  5. USDA Economic Research Service (ERS), Soybeans and Oil Crops: Oil Crops Sector at a Glance (2025). https://www.ers.usda.gov/topics/crops/soybeans-and-oil-crops/oil-crops-sector-at-a-glance

  6. USDA ERS, Soybeans and Oil Crops: Market Outlook (2026) — 2026/27 canola production, planted area, crush, and season-average price. https://www.ers.usda.gov/topics/crops/soybeans-and-oil-crops/market-outlook

  7. USDA Farm Service Agency (FSA), Agriculture Risk Coverage (ARC) & Price Loss Coverage (PLC) — covered commodities and 2025 OBBBA base-acre changes. https://www.fsa.usda.gov/resources/income-support/arc-plc

  8. USDA FSA, 2025 Marketing Assistance Loan Rates for Wheat, Feed Grains, Oilseeds and Rice (2025). https://www.fsa.usda.gov/news-events/news/03-13-2025/usda-announces-2025-marketing-assistance-loan-rates-wheat-feed-grains-oilseeds

  9. U.S. Environmental Protection Agency (EPA), Final Renewable Fuel Standards for 2026 and 2027 (2026). https://www.epa.gov/renewable-fuel-standard/final-renewable-fuel-standards-2026-and-2027

  10. EPA, Canola Oil Pathways Final Rulemaking (2022). https://www.epa.gov/renewable-fuel-standard/canola-oil-pathways-final-rulemaking

  11. American Farm Bureau Federation, 45Z Clean Fuel Production Credit (2025–2026). https://www.fb.org/market-intel/45z-clean-fuel-production-credit

  12. Agri-Pulse, Canola acreage expands amid renewable diesel industry growth (2026); Red River Farm Network, Record canola acres reflect growing biofuel demand (2026). https://www.agri-pulse.com/articles/22341-canola-acreage-expands-amid-renewable-diesel-industry-growth

  13. Agweek, North Dakota canola production decreases on lower acres as geopolitical issues shift trade (2025). https://www.agweek.com/crops/other-crops/north-dakota-canola-production-decreases-on-lower-acres-as-geopolitical-issues-shift-trade

  14. EPA, About Pesticide Registration (FIFRA) (2025). https://www.epa.gov/pesticide-registration/about-pesticide-registration

  15. USDA Animal and Plant Health Inspection Service (APHIS), Revised Biotechnology Regulations (SECURE rule) (2025). https://www.aphis.usda.gov/biotechnology/regulations/secure-rule

  16. USDA Agricultural Marketing Service (AMS), Organic Certification and Accreditation (2026). https://www.ams.usda.gov/services/organic-certification

  17. U.S. Small Business Administration (SBA), Table of Size Standards — NAICS 111120 (2023); size standard $2.25 million average annual receipts (Histometrics ground-truth statistics file). https://www.sba.gov/document/support-table-size-standards

  18. Archer-Daniels-Midland Company, 2025 Annual Report (Form 10-K) (2026). https://www.sec.gov/Archives/edgar/data/7084/000000708426000011/adm-20251231.htm

  19. Bunge Global SA, 2025 Annual Report (Form 10-K) (2026). https://www.sec.gov/Archives/edgar/data/1996862/000162828026009842/bg-20251231.htm

  20. Corteva, Inc., Annual Report 2025 (2026). https://investors.corteva.com

  21. Cargill, Agriculture / Canola (2026). https://www.cargill.com/agriculture

  22. CHS Inc., A golden opportunity for canola — Hallock, MN canola processing (2026); CHS Ag Services, Canola. https://www.chsinc.com/news-and-stories/2026/06/09/a-golden-opportunity-for-canola; https://chsag.com/canola/

  23. Louis Dreyfus Company, Grains & Oilseeds — United States (2026). https://www.ldc.com/us/en/who-we-are/business-lines/grains-oilseeds/

  24. Farmland Partners Inc., 2025 Annual Report (Form 10-K) (2026). https://www.sec.gov/Archives/edgar/data/1591670/000110465926017533/fpi-20251231x10k.htm

  25. Gladstone Land Corporation, 2025 Annual Report (Form 10-K) (2026). https://www.gladstonefarms.com

  26. Western Producer / Powder & Bulk Solids, Bunge–Viterra merger and canola crush expansion (2024). https://www.powderbulksolids.com/food-beverage/viterra-to-erect-world-s-largest-integrated-canola-crush-plant

  27. World-Grain / NOPA (National Oilseed Processors Association), U.S. canola crush plant locations (ADM Velva & Enderlin, ND; Cargill West Fargo, ND). https://www.nopa.org/about-us/nopa-plant-locations/

  28. Farm Progress / Agricultural Marketing Resource Center, sunflower-oil uses — high-oleic/NuSun, Frito-Lay switch, confection and bird-seed markets (2025–2026). https://www.agmrc.org/commodities-products/grains-oilseeds/sunflower-profile