Deere sees modest GDP growth for 2014 with short term economic stress diminished The company says risks still remain and grain prices and farm income are lower, but will remain near long-term average. In China, the subsidies are expected to be supportive of agriculure. In India, the Agriculture sector growth is expected due to a favorable 2013 monsoon season. Demand in the UK and Spain are expected to be lower but France and Germany may see upside. The gross value of agricultural production in Brazil is expected to increase 3% in 2014. Sees FY14 cost of sales as a percent of net sales at 75%; Sees FY14 R&D expense flat vs. FY13; Sees FY14 SG&A expense down 5% vs. FY13; Sees FY14 effective tax rate 34%-36%. Comments taken from slides for Q1 earnings conference call.