2023-08-19 11:11:03
Deere & Co tractors
Experts now expect grain prices to fall as a result of higher harvests in the USA, Brazil and Russia, leaving farmers with less money to buy new machines.
(Photo: Reuters)
Investors are concerned about Deere & Co. Shares in the agricultural machinery manufacturer from the USA fell by more than five percent on Friday.
The world’s leading farm equipment maker increased quarterly profit more than expected and raised its full-year guidance. Farmers had to pay more for their agricultural machinery as a result of the Ukraine war, which also caused grain prices to rise.
Deere’s revenue for the quarter ended July was up about 10 from the same quarter last year. The Illinois firm now expects 2023 net income to be between $9.75 billion and $10 billion, beating its forecast.
However, experts now expect grain prices to fall again as a result of higher harvests in the USA, Brazil and Russia, leaving farmers with less money to buy new machines.
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