Deere stock surges on hope that farmers upgrade equipment

Deere & Co. lifted its earnings guidance above analyst estimates, with elevated crop prices and an improving farm economy signaling a record windfall for the biggest maker of agricultural machinery. Shares surged to an all-time high.

After a trade war and pandemic disruptions, Deere is betting that American farmers are finally ready to overhaul aging fleets as grain prices reach multiyear highs and agricultural profits soar amid a flood of government aid. Federal Reserve Bank of Chicago economist David Oppedahl called the agricultural outlook “the rosiest in years” based on a survey of bankers.

The company is in “early days in terms of seeing some of this demand pick

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