Aug 31 (Reuters) -
* Deere & Co says it plans to contest legal action announced by U.S. Department of justice to block acquisition of Monsanto's precision planting
* Deere says Department of Justice's "allegations about the competitive impacts of the transaction are misguided"
* Deere says the proposed acquisition benefits farmers by accelerating the development and delivery of new precision equipment solutions
* Deere says "when the transaction is finalized Deere will preserve Precision Planting's independence" Source text for Eikon: [ID: nL1N1BC18D] Further company coverage: (Reporting by Meredith Davis in Chicago)