Why Deere thinks satellites are the next big technology to invest in
Publishing timestamp: 2023-01-03 23:54:04
Summary
John Deere's Chief Technology Officer Jahmy Hindman told CNBC that the world's largest agriculture equipment player is in the process of finalizing a satellite partner to create a geospatial map that farmers can use to better track productivity and performance of crops. Currently, farmers can use data collected by its See & Spray device to understand what part of the farm still needs to be fertilized. Rising crop prices have fueled farmer profits and Deere's shares have gained 20 percent in 2022. Supply chain issues have plagued Deere and the broader sector, but Hindman is betting that China's reopening should ease some of the pain in 2023. The ongoing war in Ukraine has sent agriculture prices skyrocketing.
Sentiment: POSITIVE
Keywords: deere & co, space industry, business news, agriculture, industrial select sector spdr fund,
Source: https://www.cnbc.com/2023/01/03/why-john-deere-is-looking-for-a-satellite-partner.html