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Deere says price hike to accommodate higher steel/aluminum

John Deere, the largest ag equipment maker, says it’s raising prices on farm machinery, in part, because of increasing costs for steel and aluminum caused by U.S. tariffs.

At its second quarter meeting, Deere lowered its forecast for ag equipment sales for fiscal year 2018 to an increase of 14 percent instead of 15 percent. But Deere’s CEO reported sales demand for its tractors and construction machinery is increasing worldwide.