Agricultural giant Deere & Co. just announced third quarter earnings, reporting earnings and revenue that topped expectations. For its fiscal-year 2014, Deere expects revenue to fall 6% over the prior year, a steeper decline than the 4% that Wall Street had been expecting.
Along with its earnings report, Deere also released a 42-slide presentation giving an update on the state of global agriculture. As a major global supplier of tractors and other ag equipment, Deere keeps close tabs on the state of the commodity market.
Over the last few months, corn, wheat, and a number of other commodities have seen prices decline sharply. We've pulled seven slides from Deere's presentation to provide some color on the current state of agriculture and the broader global economy.Deere is cautious on the Eurozone recovery, calling GDP growth in the economic bloc 'vulnerable.'
The outlook for China is also cautious. Deere sees growth in the world's second-largest economy slowing in the second half of the year.
Deere reduced its outlook for commodity prices, both for this year and next.
This chart shows the decline in the price of most commodities over the last year.
Farmers are expected to get a lot more corn out of each acre harvested next year.
Total farm revenue is expected to be down across the board next year.
This is hitting Deere on the both the top and bottom line in its agriculture & turf segment.
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