Deere & Co., the world’s largest maker of farm equipment, said sales of tractors and machinery to farmers in Brazil are rising, buoyed by high commodities prices.
Demand from small farms is climbing even as a strong local currency and high interest rates erode profit from exports of soybeans, corn and other commodities, Chief Executive Officer Samuel R. Allen said today in an interview in Brasilia. Brazil and Russia are the two emerging markets with the biggest opportunities for growth, Allen said.
“They have the potential to be the breadbaskets of the world,” he said, adding that the Moline, Illinois-based company is “very focused on small farms.”
Corn futures in New York have surged 66 percent in the past year, while soybeans are up 44 percent.