Posted by on November 24, 2021 9:02 pm
Categories: Breaking News Epoch Times News

Deere Expects Bumper Year as Farmers Splurge on Equipment

Deere & Co. on Wednesday shrugged off the hit from a month-long worker strike to forecast record earnings for next year, banking on demand from farmers flush with cash after a run-up in grain prices. The world’s largest farm equipment maker also capped a year riddled with supply chain problems with its highest-ever profit of $5.96 billion, sending its shares up the most in nine months. Higher corn and soybean prices this year have brightened the financial outlook for farmers, with the U.S. Department of Agriculture projecting net farm income to rise to an eight-year high in 2021. That boom has driven up sales of farm equipment despite price hikes by manufacturers. Deere said its North American order books were full or nearly full for most of its large farm equipment heading into fiscal 2022. “We expect demand to exceed the industry’s ability to produce for a second consecutive year …

Originally appeared on The Epoch Times

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