Search Site   
News Stories at a Glance
Deere 4440 cab tractor racked up $18,000 at farm retirement auction
Indiana legislature passes bills for ag land purchases, broadband grants
Make spring planting safety plans early to avoid injuries
Michigan soybean grower visits Dubai to showcase U.S. products
Scientists are interested in eclipse effects on crops and livestock
U.S. retail meat demand for pork and beef both decreased in 2023
Iowa one of the few states to see farms increase in 2022 Ag Census
Trade, E15, GREET, tax credits the talk at Commodity Classic
Ohioan travels to Malta as part of US Grains Council trade mission
FFA members learn about Australian culture, agriculture during trip
Timing of Dicamba ruling may cause issues for 2024 planting
   
Archive
Search Archive  
   
Business Briefs - May 26, 2010

Deere profit rises in second quarter

MOLINE, Ill. — Farmers in the Western Hemisphere bought more Deere & Co. equipment in its second quarter, helping the company boost net income by 16 percent as the global economy slowly improved.

Company officials said demand for combines and large tractors was stronger than expected – particularly in Brazil, Argentina, the United States and Canada – so the company is cautiously optimistic about the year.

The Moline-based company said it generated $547.5 million in net income, or $1.28 per share, in the quarter ended April 30. That’s up from net income of $472.3 million, or $1.11 per share, a year earlier. Excluding a charge related to health care legislation, profit was $1.58 per share.

Deere’s revenue grew 6 percent to $7.13 billion, from $6.75 billion, in the same period last year. Part of that increase came from price increases and favorable currency exchange rates, but sales of large tractors and combines have improved and construction equipment sales are starting to rebound from historic lows as the economy recovers.

The company now expects its sales to grow 11-13 percent and net income to reach $1.6 billion. Last fall, Deere officials predicted net income of $900 million for fiscal 2010. In February it raised the forecast to $1.3 billion.

Deere estimates U.S. farmers will collectively generate net income of $81.5 billion in 2010, up from last year’s $70.9 billion estimate. So that could help equipment purchases.

Deere predicts agricultural equipment sales this year will soar 25 percent in South America because of strong demand in Brazil and Argentina. Sales in the U.S. and Canada are expected to grow 5-10 percent. The company said the increases will offset weakness in western Europe, where sales are expected to fall 10-15 percent in 2010.

Syngenta aids flooded UT ag center

JACKSON, Tenn. — A global leader in agribusiness is helping ease flood devastation in Tennessee. Syngenta, an agricultural crop protection and seed company whose mission is to “bring plant potential to life,” is donating $8,000 to the University of Tennessee West Tennessee AgResearch and Education Center. This donation will help offset the costs to repair damages caused by flooding.

The West Tennessee AgResearch and Education Center acts as an outdoor laboratory where UT faculty can test agricultural production theories in real-world conditions. The center also serves as a valuable outreach tool for farmers who can see the results of these experiments firsthand.

WTREC specializes in research on agronomic crops such as cotton, corn, soybeans and wheat, as well as ornamentals. Severe flooding destroyed 10 experiments at WTREC, damaged fields and fences and will force UT scientists and specialists to replant nearly 40 acres of crops. Syngenta leaders hope the donation will help an institution that is significant to local farmers and the Madison County economy, and also convince others to lend a hand.

Indiana tree farms, nurseries to seek aid
INDIANAPOLIS, Ind. (AP) — Newly implemented provisions of the 2008 farm bill are opening the door to possible federal aid for Indiana Christmas tree growers and tree nurseries hit by losses caused by severe weather.

Indiana’s Farm Service Agency offices began taking disaster aid applications on May 10 under the expanded federal Tree Assistance Program. That program had previously helped the state’s apple, peach and cherry growers and vineyards replace, prune or remove trees damaged by storms, flooding and other natural disasters.
Now, it’s open to Christmas tree farms and nurseries that raise trees, bushes and grape vines for commercial purposes. Under the current farm bill, eligible farms can receive up to $100,000 a year for up to 500 acres damaged after Jan. 1, 2008, and before Oct. 1, 2011.

DuPont has record year despite recession
WILMINGTON, Del. — DuPont Senior Vice President and Chief Science & Technology Officer Uma Chowdhry announced the company’s innovation results set a new record in 2009 despite the global economic recession.

DuPont sales from new products launched in the previous five years reached $10 billion in 2009, or 39 percent of revenue. Chowdhry announced that in 2010 the definition of “new product” will change to products commercialized within a four year window.

DuPont commercialized more than 1,400 new products and applications in 2009, more new products than in any prior year and a 60 percent increase from 2008. DuPont scientists and engineers filed 2,086 patent applications in the United States, the highest number in the company’s history and up 8 percent from 2008. The U.S. Patent and Trademark Office granted DuPont 592 patents, a 20 percent increase over 2008.

2009 corn yield guide available online
ST. LOUIS, Mo. — The National Corn Growers Assoc. (NCGA) 2009 Corn Yield Guide is now available online. A printed copy of the report, which highlights the results of the NCGA National Corn Yield Contest, appeared as a supplement in the mid-February Farm Journal.
This year, in addition to the details on all 525 contest winners, it includes detailed stories on the role of supervisors in the contest and the results of NCGA’s 2009 farmer image survey. The guide is available for download at www.ncga.com/files/pdf/NCYCGUIDE2009.pdf

CoBank donates to kids’ safety program
URBANDALE, Iowa — Farm Safety 4 Just Kids (FS4JK) has received $2,500 from CoBank on behalf of Daniel T. Kelley, first vice chairman of the cooperative bank’s board and owner of Kelley Farms, a diversified corn and soybean operation in Normal, Ill. The donation will be used to support the organization’s $10 million Children Safety Campaign endowment.

5/26/2010