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Deere Reports 3% Profit; Forecasts 5% Rise in 2013 Equipment Sales

November 21, 2012
Source: Deere & Co.
Following its announcement this morning that its net sales rose 14% in the fourth quarter, Deere & Co. also reported that its fourth-quarter profit increased 3% to $687.6 million, or $1.75 per share, from $669.6 million, or $1.62 per share, in the year-ago period. Sales rose 14% to $9.79 billion.
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Turkey Prices Have Risen Faster Than General Food Prices

November 21, 2012 | Posted in Data & Forecasts
Prices for turkey, a Thanksgiving staple, have increased more than prices for most other grocery store foods in recent years. From 2005 to 2011, average retail turkey prices increased by 47 percent, while food-at-home prices rose by 13 percent. Higher feed costs and energy prices led producers to reduce turkey inventories, driving up retail turkey prices.
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Food Prices Less Volatile Than Fuel Prices

November 21, 2012 | Posted in Data & Forecasts
Rising fuel prices can raise questions about the implications for food prices. Motor fuel prices for the first eight months of 2012 were 3 percent higher than those from the same time in 2011, which in turn were 28 percent higher than 2010 prices. Food prices usually move in the same direction as fuel prices, often with a slight lag as fuel costs are incorporated into food prices. However, while the direction is often the same, the sizes of the price swings differ.
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Irrigated Acres Are Concentrated in Relatively Few States

November 21, 2012 | Posted in Precision Ag Sales & Service
In 2007, 56.6 million farmland acres were irrigated across the United States. About 16.6 percent of U.S. harvested cropland acres were irrigated, while only 1.2 percent of pastureland acres were irrigated. Nearly three-quarters of U.S. irrigated agriculture occurred in the 17 contiguous Western States, including 73 percent of harvested irrigated cropland and 94 percent of irrigated pastureland.
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Farmland Values Often Deviate from Agricultural Use Value

November 21, 2012 | Posted in Data & Forecasts
In many areas today, farmland values are influenced by factors other than agricultural productivity, such as urban influence and natural or rural amenities. The capitalized value of expected rents (rental rate divided by 10-year Treasury note) is a broad indicator of the amount of farmland value due to agricultural use. When the ratio of farmland values to capitalized rents exceeds 1.0, it suggests a deviation between the market value of farmland and its implied agricultural use value.
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A Slight Increase in Per Capita Turkey Consumption is Expected in 2012

November 21, 2012 | Posted in Data & Forecasts

Per capita consumption of turkey in the United States has declined since 2007-2009, reflecting the impacts of the sluggish domestic economy on demand, and of higher feed and energy costs on domestic production and prices. U.S. turkey production dropped 9 percent between 2008 and 2010, but has recovered gradually during 2011 and 2012. Wholesale turkey prices rose 12.8 percent in 2011, but a more modest 3.7 percent increase is forecast for 2012. With higher production and a more moderate price increase in the forecast for 2012, per capita turkey consumption is expected to rise to 16.3 pounds, up slightly from 16.1 pounds in 2011.


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From the Desk of Dave Kanicki

Positive Data in Deere's Report

November 21, 2012 | Posted in Data & Forecasts
Forecasting is often difficult even in the best of circumstances, but projecting what 2013 could look like is an even bigger headache than usual for most dealers. The best part of it is it still looks like it will be a pretty good year.
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