On June 5th, Gelong Hui Deere said it will cut production and salaried employees to save costs in response to declining demand for agricultural equipment. In a document, Deere disclosed that the layoffs would reduce "roles and responsibilities overlap and redundancy." A few weeks ago, the company lowered its annual profit expectations for the second time and expected larger declines in sales of large agricultural equipment. Falling crop prices have caused tractor and combine harvester inventories at agricultural equipment sellers to exceed demand, leading some businesses to offer discounts and suspend new orders. The US Department of Agriculture also predicts that agricultural income will decline 25.5% to $116.1 billion this year compared to 2023.