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US' Deere expects its farm equipment sales to rise 10%-15% in 2021

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US' Deere expects its farm equipment sales to rise 10%-15% in 2021

New Delhi — US' Deere & Company expects its worldwide sales of agriculture and turf equipment to rise 10%-15% in the fiscal year 2021, which started in November 2020, supported by higher commodity prices and improving agricultural fundamentals, the company said Nov. 25.

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"Higher crop prices and improved fundamentals are leading to renewed optimism in the agricultural sector and improving demand for farm equipment," CEO John May said.

The company's sales of agricultural equipment in the US and Canada are forecast to rise 5%-10% in 2021, driven by higher prices, the world's largest agricultural equipment manufacturer said in its Q4 earnings Nov. 25.

Prices of agricultural commodities in the US – particularly soybean, wheat and corn – have seen a substantial rise in the past few months due to unprecedented demand from China, and shrinking production estimates.

Full-year industry sales in EU nations are also forecast to be between flat and up 5%, as are the sales of tractors and combines in South America, the company said.

Asian sales are expected to be slightly lower, it added.

The company's earnings for 2021 are forecast to be at $3.6 billion-$4 billion. For fiscal 2020, net income attributable to the company was $2.751 billion, compared with $3.253 billion in 2019.

For the fourth quarter ended Nov. 1, 2020, Deere & Company reported net income of $757 million, which, according to news reports, is higher than market expectations.