Deere Plunges as Struggling Farmers Delay Machinery Rebound

Shares of Deere & Co. tumbled the most in over three years as the world’s biggest farm machinery maker pared its annual earnings outlook with lower grain prices curbing growers’ spending.

The farm-machinery sector has been expected to bottom out this year, but a bigger-than-expected American corn harvest and lagging demand for crops like soybeans amid President Donald Trump’s trade wars may be shifting that timeline. Sentiment among grain and livestock producers eased earlier this month as crop prices declined.