Deere CEO: I'd rather the Fed hike in December

Deere CEO Samuel Allen said Friday he welcomes a December interest rate hike by the Federal Reserve but is curious about the central bank's longer-term plans.

"I would rather see a rate Increase followed by commentary that gives indication of the more medium- to longer-term direction that the Fed plans to take," he told CNBC's "Squawk on the Street."

The agriculture and construction equipment maker has been facing challenges due to lower crop prices in recent years.

"We're having to adjust moving production schedules down, and lowering our capacity in order to make sure that we're still efficient at what's probably going to be a challenging period of time for us," Allen said.

He expects the agricultural downturn to reverse course in the near future — Deere hasn't had more than three consecutive years of down business in its history, Allen said.

"This will be the third year of downturn that we will have experienced, ... so, you know, if history plays out ,it will not last much longer."