Deere sales sluggish as farm economy slumps

02/15/24 12:20 PM By Philip Brasher and Steve Davies

Deere and Co. is lowering its forecast for earnings as farmers slow down their equipment purchases amid a slump in commodity prices this year.

Philip Brasher
Editor in Chief

Steve Davies
Deputy Managing Editor
(Email)

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Agri-Pulse Open Mic: Kip Eideberg, Association of Equipment Manufacturers

This week’s Open Mic guest is Kip Eideberg, Senior Vice-President Government and Industry Relations for the Association of Equipment Manufacturers. Like the industries they serve, equipment manufacturers are familiar with the cyclical turns in farming, forestry, construction and mining. Eideberg says higher interest rates, a lack of trade agreements and sluggish economies around the globe and in the U.S. are proving challenging for the customers to make capital purchases. Eideberg is hopeful Congress will bring a new farm bill in the Lame Duck session or at least early next year. He says tax policy will also be critical next year as both industry and customers need amended policy on deductions for research as well as depreciation.

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Then, Jim Snee, CEO of Hormel, and his wife Tammy discuss Hormel’s Hometown Food Security Project, and Manuel Otero, IICA director general, spoke on farmers’ challenges to adopt new technology.

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