By Alice McFarlane

Agriculture Roundup for Thursday November 4, 2021

Nov 4, 2021 | 9:34 AM

MELFORT, Sask. – CNH Industrial has entered into an exclusive, multi-year licensing agreement with Monarch Tractor for electrification technologies.

Monarch is a US-based AgTech company specializing in fully electric autonomous tractors.

The license agreement would see the launch of a scalable, modular electrification platform focusing on low horsepower tractors. These will be developed across multiple product lines in the coming years.

CNH Industrial Chief Executive Officer Scott Wine said the company is confident Monarch will strengthen its competitive position in sustainable precision farming.

“We look forward to working with Monarch to accelerate innovation in EV technology and expeditiously bring customer-valued, autonomous, fully electric solutions to the world’s farmers,” Wine said in a news release.

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Deere & Co. said its latest offer to striking workers is its best and final offer.

The United Auto Workers (UAW) union rejected the U.S. tractor maker’s latest contract, according to Reuters.

The three-week-old strike continues with the second contract offer denied which included an increase in wages and bonuses.

Deere and the UAW union will continue to have talks.

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Ocean freight rates have been dropping over the past month because of declining demand from China.

The Baltic Dry Index, which is a major indicator of shipping rates, is at its lowest level in three months.

Increasing iron ore stockpiles in China have reportedly slowed demand for large capesize vessels which are also used to move grain.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW