In an update on Deere’s quarterly earnings, Reuters reported farm equipment and combines are virtually sold out for 2023. StoneX Chief Commodity Economist Arlan Suderman says the high commodity prices in recent years have driven up demand. “Unfortunately, the same issues keeping us from getting new cars is also happening in the equipment industry.” The computer chip shortage is the missing link. “So much of our equipment is reliant on chips and there is still a shortage. The ability to manufacture and get products distributed has led to some long waiting lists for equipment.”
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