Deere raises guidance as cashed-up farmers fuel tractor boom
John Deere reported a 75pc increase in profits. Photo: Chris McCullough
John Deere raised its earnings guidance above analyst estimates as sustained high crop prices keep farmers spending, resulting in a record windfall for the top maker of agricultural machinery. Shares rose.
A year after Russia's invasion of Ukraine sent wheat futures to a record, Deere is betting crops will stay pricey, enabling farmers to absorb cost inflation and overhaul aging fleets. China's reopening from the pandemic and a drought in Argentina are set to boost demand, with US farmers remaining optimistic even as income moderates from record levels.
