(Reuters) -Deere & Co raised its annual profit forecast on Friday boosted by higher sales for its tractors, combines and sprayers as gaps in global grain supply triggered by the Russia’s invasion of Ukraine fueled crop prices and spurred demand.

The tight grain supply boosted prices and supported healthy farm income. Farmers were encouraged to increase their equipment. Demand will likely outpace crop supplies until at least 2024, grains giant Archer-Daniels-Midland Co said last month. As investors placed more faith in stronger demand, shares of Archer-Daniels-Middleland Co, the largest manufacturer of farm equipment worldwide, soared to new records in March.

The company expects fiscal 2022 net earnings between $7.0 billion to $7.4 billion. This is up from the $6.7 billion or $7.1 billion estimate. For the quarter ending May 1, 2016, net income at Moline, Illinois was $2.09B or $6.81 per share. This compares to $1.79B or $5.68 per shares a year ago.

From $12.06 billion, total net sales and revenues rose by 11% to $13.37 Billion.