Deere soars as tractor buying spree drives prices

Deere & Co. is forecasting record profit for the next year as soaring farm income stokes tractor demand, allowing the biggest maker of agricultural machinery to boost prices. Moline, Ill.-based Deere said full-year net income will be as much as $8.5 billion — above analysts’ estimates — while reporting fiscal fourth-quarter earnings that also beat expectations. Farmers have more spending power to upgrade an aging fleet after drought in the U.S. and China and disruptions from Russia’s war in Ukraine pushed up crop prices. That’s allowing Deere to increase prices for its tractors and other agriculture equipment by 11% next year.