Trade war, heavy rains weigh on Deere & Co.

Deere cut its profit and sales expectations for the year as a trade war between the U.S. and China escalates at the same time that farmers are attempting to recover from a planting season besieged by heavy rains.Prices of soybeans targeted by Chinese tariffs last year fell to a 10-year low this week as the countries traded jabs ."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," Deere Chairman and CEO Samuel Allen said in a prepared statement.Deere now expects to earn about $3.3 billion in 2019, down from its forecast three months ago for profits of about $3.6 billion. The company is less optimistic about revenue as well, lowering its forecast of a 7% increase, to just 5%.Company shares slumped 5 percent to a new low for the year.