Chris Ciolino predicts that 2026 will mark the trough of the current cycle for the farm economy.

Deere's recent earnings beat was largely driven by an IEPA tariff refund.

Deere received an IEPA tariff refund of approximately $272 million in the quarter, which contributed about $0.75 to its earnings per share.

Deere's construction business continues to perform well, with strong top-line growth, margin performance, and order progression.

Deere's large agriculture business continues to experience weakness due to high input costs and poor farm fundamentals.