Financial Times FT.com

Deere lowers profit outlook amid credit crisis

By Hal Weitzman in Chicago

Published: November 26 2008 14:31 | Last updated: November 26 2008 20:28

Demand for agricultural equipment could drop 20 per cent next year in emerging economies as farmers find it increasingly difficult to access credit markets, the world’s biggest maker of tractors and other farm machinery warned on Wednesday.

John Deere’s warning comes as profits are expected to collapse in North American agriculture. Analysts expect that US farmers’ net incomes will drop by up to 42 per cent next year.

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