Deere’s Rising Costs Put Pressure on Equipment Profits

Deere & Co. raised its profit forecast for the year, while rising costs for materials and parts continued to pressure the farm equipment maker’s margins.

The Moline, Ill.-based company, the largest supplier of farm machinery in the U.S., said continued high prices for crops are keeping farmers interested in buying tractors, harvesters and other equipment, despite higher costs for seed, fertilizer and other supplies.