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Dow Jones reports:

Deere & Co. (DE) on Wednesday said its board raised the company's dividend by 10%, striking a confident tone despite a slowdown in agricultural sales.

The Moline, Ill., maker of farm and construction machinery said the board raised the quarterly payout to 76 cents from 69 cents, payable Feb. 1, 2019, to shareholders of record Dec. 31.

Deere last month said its world-wide farm-equipment sales would rise just 3% this fiscal year, down from 15% growth in the year that ended in October.

Sales of tractors and combines to farmers hurt by tariffs on U.S. crops and meat are slowing, jeopardizing a nascent recovery for agricultural-machinery makers.

"The dividend increase reflects the sound financial position of the company and confidence in our ability to generate strong cash flows through the cycle going forward," said Samuel Allen, Deere's chairman and chief executive.

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