Mega-Farms Still Buying Pricey Deere Tractors Despite Crop Slump
- Deere may raise full-year profit guidance on Friday: analysts
- Machinery sales gain despite expected drop in farm incomes
This article is for subscribers only.
U.S. farmers’ incomes are set to plunge to a 12-year low, but that’s not enough to stop them from splurging on new tractors and combines worth hundreds of thousands of dollars.
Despite a deep and painful slump for the American agricultural economy, sales of Deere & Co. signature green-and-yellow machines are rebounding. The largest manufacturer of farm equipment will probably raise its full-year profit forecast when it reports quarterly earnings Friday, according to analysts surveyed by Bloomberg.