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Farm Progress America, November 28, 2023

Mike Pearson tells listeners how John Deere had a good quarterly income report but sounded the alarm on the farm economy and rising interest rates.

November 28, 2023

Mike Pearson takes a look at the future of Deere and Company after they released their latest company report.

Deer and Company reported their quarterly income rates at the meeting. The company reported income 11 percent higher than 2022.

The global sales totaled 15.14 billion—a decline of 1 percent.

It was the first decline since the fourth quarter of 2020.

The report also noted each share of the company was worth $370 per share. And $20 Billion to market gap from farm and construction equipment production.

Deere executives also issued a statement saying leadership is looking forward and the ag economy trends don’t look good.

They reported industry demand has weakened much faster in second half than what was predicted.

The company is planning on cutting farm equipment production. And the executives expect a net income decline in 2024.

The company reported 10.5 billion in income in 2023—however, they expect a decline of $3 billion in 2024 due to inflation and interest rates.

The company also reported increasing challenges in South America due to inflation and eroding grain prices.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.

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