Farm Equipment Shares Rise Ahead of USDA Planting Report
NEW YORK (AP) -- Shares of farm equipment companies rose Friday ahead of the U.S. Department of Agriculture's release of a report detailing planting predictions for the upcoming growing season.
The report, which is scheduled to be released Monday, will provide an initial look at how farmers plan to use their land in 2008.
The size of the crop, along with prices of specific crops such as corn, is generally seen as an indicator of how farm equipment companies could expect to do this year.
In afternoon trading, Deere & Co. rose $1.45 to $80.60. They earlier traded as high as $81.43.
Agco Corp. shares rose 50 cents to $61.17 in afternoon trading, but earlier changed hands as high as $62.35. CNH Global NV was up 87 cents to $51.75, after earlier trading at $53.
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