REUTERS: Deere & Co on Friday missed quarterly profit estimates for the fifth-straight quarter and cut its full-year outlook, as an escalating U.S.-China trade war threatens to further hit farm incomes and demand for the company's equipment.
U.S. agricultural exports are likely to suffer, as the world's two largest economies level escalating tariffs on each other's imports in the midst of negotiations. China, the world's top importer of soybean, bought about US$12 billion worth of U.S. soy in 2017, but mostly shifted purchases to Brazil last year because of the trade fight, leaving U.S. farmers with surplus produce.Deere, which gets nearly 60per cent of its sales from the United States and Canada, said it now expects full year equipment sales to rise by 5 percent, compared with a 7 percent rise, it had previously expected, as large farm machinery sales lag.
"The lower forecast is partly a result of actions we are taking to prudently manage field inventories, which will cause production levels to be below retail sales in the second half of the year," said Allen.
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