Deere & Co. delivered a more cautious outlook than expected for the year ahead as simmering U.S.-China trade tensions and difficult growing conditions keep North American farmers from replacing large equipment.

Deere & Co. is promoting John May to lead the tractor-making giant through a tough agricultural environment, with outgoing CEO Samuel Allen, 66, to stay on as chairman.

So far, the unprecedented trade and weather disruptions that are roiling American farmers aren’t stopping their suppliers from raking in profits.

Deere & Co. plans to raise prices as the world’s biggest farm-machinery manufacturer is buffeted by rising costs for freight and raw materials.