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Deere & Company forecasts lower profits

Deere & Company expects a 10 percent sales decline in 2016.

The company attributes its declining profits to a continued downturn in the global farm economy. Shares in the first quarter of the year dropped more than 30 cents from 2015.  Worldwide net sales and revenues declined 13 percent for the quarter.

Agriculture and turf equipment sales declined 12 percent in the first quarter. Construction and forestry sales dropped 23 percent.

Deere is forecasting 2016 income at $1.3 billion.