Oilseed Farming Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 1/23/2023
SIC Codes: 0116, 0119
NAICS Codes: 11111, 11112
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Oilseed Farming Industry Profile

Companies in this industry grow and harvest soybeans and other oilseed-producing plants, such as sunflower, safflower, flax, sesame, and canola (also known as rapeseed). No major companies dominate the industry.

Worldwide, the 2021/22 oilseed production totals more than 200 million metric tons, according to Statista. Palm are by far the largest oilseed crop, accounting for about 60% of global production. Top soybean exporters include the US, Brazil, Paraguay, and Canada, according to Tridge.

The US oilseed farming industry includes about 300,000 farms, with combined annual revenue of about $36 billion.

COMPETITIVE LANDSCAPE

Demand is driven by trends in food consumption. The profitability of individual companies depends on efficient operations. Large companies have advantages in purchasing land and equipment. Small operations can compete effectively by specializing in organic and heirloom oilseeds.

PRODUCTS, OPERATIONS & TECHNOLOGY

The industry's primary product is soybeans, which account for about 90% of US oilseed farming production. Other products include sunflower seed, canola (also known as rapeseed), flaxseed, and safflower.

Soybeans are bushy, green legumes related to clover, peas, and alfalfa. Farmers plant seedlings in late spring after the danger of frost has passed. Most oilseed is grown on dry land in a crop rotation with corn. Planting the two crops in succession improves weed control, lowers pest and disease risk, and requires less fertilizer.

In summer, soybeans flower and produce 60 to 80 pods, each holding three pea-sized beans. Beans are harvested in late September ...

 
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