Understanding Commodity Payments: Corn, Soybeans, Wheat, and Cotton
July 1, 2026
Corn, soybeans, wheat, and cotton account for the vast majority of planted US cropland and the majority of all ARC and PLC payments in most years. Each crop has distinct economics, production regions, and exposure to price and weather risk.
Corn
Corn is the largest US crop by acres and the anchor commodity for the Midwest farm economy. The PLC reference price of $3.70/bushel has been below market prices in most recent years, meaning PLC corn payments have been minimal. ARC payments kick in when county revenue falls — which happens in drought years or when prices and yields fall together. The Corn Belt states (Iowa, Illinois, Indiana, Nebraska, Minnesota) dominate corn commodity payment totals.
Soybeans
Soybeans trail only corn in total US acres and are the primary protein crop in global food and feed supply chains. The PLC reference price of $8.40/bushel has been below market prices during much of the 2021–2023 commodity price run-up, suppressing direct payments. In earlier years (2015–2016, 2018–2020), ARC and later Market Facilitation Program payments for soybeans were substantial, particularly in the trade-war years.
Wheat
Wheat is the most geographically widespread commodity crop, grown in over 40 states. Its reference price ($5.50/bushel) has been close to or above market prices in many recent years, generating more consistent PLC payments than corn or soybeans. Kansas, Montana, North Dakota, and South Dakota are the leading wheat payment states.
Cotton
Cotton has a complex subsidy history. After being removed from direct commodity programs in 2014, it was reinstated via the Seed Cotton program in 2018. Cotton payments are concentrated in Texas, Georgia, Mississippi, and the Carolinas. The crop is particularly price-sensitive and cotton-focused PLC payments have been significant when global prices are weak.
Browse program pages to see commodity program totals by crop, or explore state pages to see how commodity payment composition differs across production regions.