John Deere is lowering its forecast for earnings this year.
This comes as farmers have slowed down equipment purchases amid a slump in commodity prices. The Association of Equipment Manufacturers’ monthly flash report revealed the sale of all tractors last month was down 21 percent, and combines were down 5 percent from the same point last year.
Deere expects net sales for its production and precision ag division to drop 20 percent landing around $7.5 billion, which is down from last fiscal year of more than $10 billion.
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