Market and Farm Policy Outlook: Corn Backgrounder

Corn ranks first among U.S. field crops in area planted, production, and cash receipts, and the U.S. is the world’s largest corn producer, consumer, and exporter. Planted acreage has exceeded 90 million acres several times in the past decade, producing roughly 14−15 billion bushels annually, with farm-level cash receipts from corn sales reaching a nominal record high of $87 billion in 2022. Most of the crop is used domestically as livestock feed and to produce ethanol fuel. U.S. farm legislation offers risk management tools through several of its titles (sections). Specifically, Farm Bill Title I includes programs like Price Loss Coverage (PLC) and Agriculture Risk Coverage (ARC), which provide direct government payments in times of low prices or revenue. Marketing Assistance Loans (MALs) support producers with working capital and potential Government payments. Title XI focuses on crop insurance that protects against yield or revenue declines and offers subsidized premiums. The 2025 One Big Beautiful Bill Act (OBBBA; Pub. L. 119-21) included provisions increasing commodity support levels for ARC, PLC, MALs, and crop insurance subsidies and coverage levels, increased base acres up to a certain limit, and reauthorized these Farm Bill programs through 2031. This report outlines U.S. corn market developments, highlights 2018 Farm Bill programs and subsequent updates contained in OBBBA, and reviews past and projected Government payments from these programs to corn producers.