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Next year should prove positive for some farmers, John Deere says

Tuesday, August 24, 2010

Farmers may see improvements next year.
Farmers may see improvements next year.

John Deere announced that it expects those who have used tractors to make a living should see some pretty good returns next year.

The Financial Times reported that the farm equipment manufacturer raised crop price expectations, including those for corn, soybeans and wheat. Part of that increase could be connected to a recent grain export ban instituted by Russia, which is facing a drought.

However, Marie Ziegler, head of investor relations for the company, said that increased crop prices could affect livestock owners negatively in the form of higher feed costs.

"Coupled with the uncertain economic recovery, that could act as a drag on growth in the agricultural sector next year," the Times said.

The U.S. Department of Agriculture reported that it is seeing record levels of crop production in the country so far this year, outpacing last year's results. Both corn and soy harvests are slated at 2 percent higher than what was seen in 2009.

Agriculture Secretary Tom Vilsack said recently that production in the U.S. and other countries should be able to meet global demand despite Russia's export ban.

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