The U.S. reported record wheat exports this year. Figures showed a 10 percent increase from last year, and prices for the grain are the highest they have been in three years, reports Bloomberg. As a result, this product is bringing in notable profits and farmers are, in turn, investing in new equipment, finds the Financial Times.
According to Bloomberg, flooding in Canada and Australia, and a heatwave in Russia and Ukraine - which resulted in bans on wheat exports by the latter two countries - devastated crops and left a void in shipments for the U.S. to fill.
Howard Haas, an Iowa corn and soyabean farmer, told the Financial Times that “times are good for the grain farmer.” The news source notes that agricultural producers like Haas are buying farming equipment from John Deere dealers like Don Athens, who runs a store in western Iowa.
The John Deere website lists multiple grain-harvesting products. It states that one such machine, the STS series combine, sports a high-capacity clean grain handling system - among other features - to ensure even high-volume crop yields are managed effectively.
Rise in wheat prices prompts some farmers to invest in John Deere agricultural equipment
Record wheat exports from the U.S. has prompted farmers to purchase more farm equipment.