NEWS
Deere Takes Hit
Wed Aug 13, 2014 01:56 PM CDT

MOLINE, Ill. (AP) -- Deere's profit slumped 15% in the third quarter and the farming equipment maker, seeing weak sales ahead, trimmed its outlook and will cut production.

Chairman and CEO Samuel Allen said Wednesday that the cuts will bring production "in line with demand for our agricultural products."

With commodity prices falling, the U.S. Department of Agriculture in February predicted that farm income in 2014 would sink to levels not seen in four years.

That is cutting into the spending power of farmers and hitting companies like Deere, the world's biggest farm equipment supplier.

Deere is now forecasting equipment ...

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