Deere Cutting Output as Farm Slump Continues

Deere & Co. plans to cut additional production of its trademark green tractors and harvesting combines this fall in response to the continued downturn in the global farm economy.The world’s largest maker of farm equipment by sales said the cuts will affect plants in Illinois and Iowa, blaming weak demand in North America and markets in Europe and South America for the moves.Falling crop prices have hit farmer incomes and made them more reluctant to buy new machinery, while Deere and its rivals face a glut of used equipment from a near decadelong sales boom that ended three years ago.