The Illinois-based firm forecast fiscal 2022 net income, including special items, of $7.0 billion to $7.4 billion, from a previous estimate of $6.7 billion to $7.1 billion.
Shares in the world's largest farm equipment maker had surged to record highs in March as investors bet on stronger demand. Deere's performance has largely outpaced the general market as a tight supply of grains has lifted prices, supporting farm incomes and encouraging farmers to upgrade their fleet.
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