UPDATE 3-Deere blames escalating trade war for worsening outlook

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. Shares of Deere, known for its trademark green tractors and harvesting combines, fell as much as 6% to $137.18, as slump in demand for big agricultural machines has forced the company to cut production by 20 percent at two of its large factories in North America. "Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases," Chief Executive Officer Samuel Allen said in a statement http://bit.ly/2Hoamqe.

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