Market Chatter: Deere Falls on Concern Growth May Be Limited on Grains
"Deere & Co. ( DE ), the world's largest agricultural-equipment maker, fell the most in 12 weeks on speculation that growth may be limited as corn and soybean prices decline from records," Bloomberg reported.
Deere is currently down more than 3% in New York. According to Bloomberg it has logged its biggest intraday decline since Nov. 21.
Bloomberg noted: "U.S. farm cash receipts for crops, one indicator for equipment sales, will fall 1.7% as corn and soybean prices decline, the Illinois-based company said today in a presentation on its website. Industrywide farm equipment sales in the U.S. and Canada will be unchanged to 5%higher in fiscal 2013, which ends Oct. 31, Deere said. The company got 64% of sales from that region in fiscal 2012."