Deere & Co. forecast smaller-than-expected profit next year, with slowing equipment demand from farmers starting to weigh on the world’s largest tractor maker.

Net income for the fiscal year will be between $7.75 billion and $8.25 billion, Deere said Wednesday after reporting fourth-quarter earnings that beat analyst estimates. Deere’s full-year outlook came in well below the Bloomberg forecast of $9.32 billion and its shares dropped in pre-market trading.

Sliding crop prices have hit machinery makers in recent months, with farmers less willing to buy new equipment for planting and harvesting. While demand for new tractors remains elevated, there’s concerns that production of farm equipment could start outstripping demand.

Rival farm machinery maker CNH Industrial NV recently said it was reducing salaried workers with equipment sales slumping. Seed maker Corteva Inc. has also warned of a slowdown in demand from farmers, particularly in Brazil.

“While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value,” Deere Chief Executive Officer John May said in a statement.

Deere shares fell about 7% before the start of normal trading in New York.

Click here for a snapshot of the company’s earnings and outlook.

(Updates with CEO comment and shares)