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Trade War, Bad Weather Negatively Impacts Deere Dealers

DN081319 DeereIn the wake of a record-wet spring in the Midwest and the ongoing U.S. trade war with China, dealers of Deere agriculture equipment are reporting a significant decline in sales, according to a recent Reuters article. This is a worrying sign for Deere as its Agriculture & Turf segment accounts for the bulk of its sales.

In May, the company slashed its full-year profit and sales outlook, blaming the U.S.-Sino trade standoff for weak demand for its farm machines. To keep inventory in line with the decreased demand, Deere has cut production by 20% at two of its large factories in North America.

Read the full Reuters article here.