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Despite tractor boom, Deere CEO wary of recovery

Deere CEO Samuel Allen. (AP/Deere)

Federal Reserve officials are correct to worry more about stimulating the U.S. economy than about inflationary price pressures bubbling in the fuel and food sectors, the chairman and chief executive of Deere & Co. said Tuesday.

In an interview, Samuel R. Allen said he worries about the strength of the U.S. recovery even though the farm equipment giant he leads is reaping the benefits of a global farming boom he expects to continue for years. Get the full story »

Triscuit backs community gardens in Chicago, LA

An urban farm in Detroit. (Heather Stone/Tribune)

Kraft Foods Inc.’s Triscuit crackers brand and a nonprofit organization that works to establish working farms on unused land are bringing their “home farming” concept to some low-income homes in Los Angeles and Chicago.

The plans for five community gardens — three in Chicago and two in L.A. — are to be announced Tuesday at a news event in New York hosted by the cracker brand and Urban Farming, a Detroit-based nonprofit. Get the full story »

Caterpillar said to pay $9M to resolve tractor suit

From Bloomberg News | Peoria-based manufacturing giant Caterpillar Inc. paid more than $9 million to settle a paralyzed worker’s lawsuit over a tractor accident that generated one of last year’s largest produc-liability verdicts, according to people familiar with the accord.

ADM boosts grain storage, adds to U.S. capacity ‎

U.S. grain storage capacity continues to trend higher as farm production grows, with Archer Daniels Midland Co. becoming the latest company to announce expansion plans. Get the full story »

ADM shares slide as analyst trims rating

Archer Daniels Midland Co.’s stock slipped Friday as an analyst downgraded the agribusiness conglomerate, saying the current operating environment may miss near- and intermediate-term expectations. Get the full story »

Grocers see lower vegetable prices on horizon

A nearly 50 percent increase in vegetable prices should ease in coming weeks as farmers deliver more tomatoes, lettuce and other crops to grocers. Get the full story »

Caterpillar may sell part of logistics subsidiary

Heavy-equipment maker Caterpillar Inc. says it is considering selling off part of its logistics subsidiary, so it can focus on its core business. Get the full story »

CME: High agricultural prices attract investment

High prices for agricultural commodities will attract investment into the sector that could boost production and help increase global food supplies, according to David Lehman, managing director for research at exchange operator CME Group Inc. Get the full story »

Deere accused of systematic sex bias in hiring

From BusinessWeek | Moline-based Deere & Co., the world’s largest maker of agricultural equipment, was accused in an amended lawsuit of systematically discriminating against women seeking entry-level positions.

Burcon expects interest from ADM

Burcon Nutrascience Corp. expects that its new partnership with Archer Daniels Midland Co. could eventually result in their marriage.

Burcon earlier this month signed a licensing deal with Archer Daniels for the production, distribution and sale of its Clarisoy soy protein, which can go into juices, soft drinks and sports drinks.

Although the deal does not give ADM a right or option to buy Burcon, Johann Tergesen, Burcon’s chief operating officer, said he assumes ADM would want to take it over down the road. Get the full story »

Sara Lee plans more price increases

Sara Lee Corp. will raise overall prices in the high single-digit percentages this fiscal year, with increases on everything from Jimmy Dean sausage to frozen pies, an executive said at the Reuters Global Food and Agriculture Summit Monday. Get the full story »

Analyst sees fertilizer shares flat into summer

Food prices still are skyrocketing, yet the rally for one key component — fertilizer — might be petering out. Farmers’ fields are saturated, making it difficult for fertilizer producers to hike prices, one analyst wrote Wednesday. Meanwhile, share prices in fertilizer companies have doubled since July.

Citigroup downgraded top producers Potash Corp. and The Mosaic Co. to “hold” from “buy,” Wednesday, and reduced his price targets for their shares. Get the full story »

Deere & Co. to double size of Russian factory

A John Deere combine being worked on in Hampshire, Ill. Moline-based Deere hopes to expand its product line in Russia. (Photo by Scott Olson/Getty Images)

Moline, Ill.-based Deere & Co. will double the manufacturing space at a factory near Moscow and start its own leasing company in Russia, the world’s largest maker of agricultural equipment said Thursday.

The announcement was made as Deere Chairman and CEO Samuel Allen joined other CEOs and Vice President Joe Biden at an investment conference in Russia.

The investment at the Domodedovo factory will help the company expand its product line in Russia, adding new equipment such as log forwarders, which load and haul logs and are widely used in the Russian forestry industry, Deere said in a statement. Get the full story »

Terra doing little to aid CF Industries’ shares

CF Industries Holdings eliminated a key rival when it bought Terra Industries last year, but so far surging corn prices rather than the deal’s benefits have driven the fertilizer producer’s stock. Get the full story »

Exelon, ADM may be in Buffett’s sights

From Bloomberg News | Billionaire Warren Buffett said in his annual letter that wants to use his almost $40 billion pile of cash to pursue bigger acquisitions. That may put companies from Archer Daniels Midland Co. to General Dynamics Corp. and Exelon Corp. in his sights. Get the full story>>