John Deere announced in January that it will expand its factory located in Montenegro, Rio Grande do Sul, in Brazil. The facility, which opened in 2008, employs nearly 1,000 people and makes 43 tractor models.
Brazil’s macroeconomic policies — currency devaluation, in particular — have played an important role in its position as one of the top exporters of agricultural products, including soybeans, corn, cotton, sugar, coffee, orange juice and meat.
Massey Ferguson’s Momentum planter was awarded the 2020-21 Machine of the Year in the seeder category, the company announced. The event is organized by a media group in Brazil and took place on Sept. 22 and occurs every 2 years.
In early June, Brazil launched its package of farm subsidies funding bill, which is known mostly for its loans to machinery purchases and known locally as the Crop Plan. For the 2020-21 crop season, starting in July of this year, the Brazilian government increased the total budget for the program by 6.1%, which accounts for R$236.3 billion (nearly $44.2 billion).
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The latest episode of On the Record is now available! In this week's episode we take a look at AEM's recent survey of manufacturers on their outlook for business in 2021. In the Technology Corner, Jack Zemlicka discusses precision farming dealers' revenue outlook for the year ahead. Also in this episode, a closer look at AgJunction and Raven's latest earnings reports and an update on ag credit conditions.