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MarketScreener Homepage  >  Equities  >  Nyse  >  Deere & Company    DE

DEERE & COMPANY

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Corn Futures Prices Rise on Midwest Planting Delay Due to Rainy Weather

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05/17/2019 | 01:36pm EDT

By Kirk Maltais

--Corn contracts for July delivery rose 1.1% at $3.83 1/4 a bushel on the Chicago Board of Trade on Friday, as traders continue to expect a large delay in corn planting with rainy weather likely over the weekend.

--Wheat contracts for July delivery fell 0.4% at $4.65 a bushel.

--Soybean contracts for July delivery fell 2.1% at $8.21 3/4 a bushel.

HIGHLIGHTS

Corn Run-Up: Corn futures continue to rise for a fifth day Friday. Since the open of trading Monday, July corn futures have risen over 9%, off of indications that planting of corn in the Midwest would continue to be significantly delayed until the weather dries up for an extended period of time. AgResource projects that corn plantings may total 48-52% next Monday, which is far from the seasonal average of 90%.

Deere Profit Warning: Deere & Co. (DE) shares slumped 7.3% to $135.26 in Friday afternoon trading after CEO Samuel Allen said the delayed planting season and the U.S.-China trade dispute made farmers more cautious about purchasing its tractors and harvesting combines. Deere cut its full-year profit guidance to $3.3 billion from a prior forecast of $3.6 billion.

Soybeans Depressed: Managed money funds maintained a short position on soybeans Friday, despite concerns that wet weather in the Midwest will continue to delay planting of 2019/20 crops. The funds reportedly were unimpressed with soybeans unable to beat a resistance level of $8.44 per bushel.

INSIGHT

Metal Tariffs Lifted: The lifting of Section 232 metal tariffs on Canada and Mexico didn't push agriculture prices any higher Friday, despite the positive effect for grains consumption a USMCA trade deal could incur. "The market should acknowledge the drop in the metal tariffs are a step in the right direction to get a deal between the three countries done," said Terry Reilly of Future International. "But the news had little impact on the market as traders remained glued to U.S. weather models."

Monday's Crop Report: Traders are anxiously awaiting the results of Monday's crop progress report - which may serve to push grains futures up further, particularly corn. According to Allendale Inc., the prospect of more rain in already-saturated regions "are threatening to further slow corn plantings, which could prompt farmers to switch to soybeans that are planted later in the season."

AHEAD

-The USDA releases its weekly grain export inspections data at 11:00 a.m. EDT on Monday.

-The USDA provides its weekly update on U.S. crop progress at 4:00 p.m. EDT on Monday.

-The EIA releases its weekly update on ethanol production and inventories at 10:30 a.m. EDT on Wednesday.

Write to Kirk Maltais at kirk.maltais@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CBOT ETHANOL FUTURE (EH) - CBR (FLOOR)/C1 -0.55% 1.437 End-of-day quote.12.50%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.95% 391 End-of-day quote.5.27%
DEERE & COMPANY 1.03% 173.92 Delayed Quote.16.59%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.61% 293 End-of-day quote.-4.31%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -0.24% 29.1 End-of-day quote.5.63%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.28% 532.25 End-of-day quote.4.42%
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Financials (USD)
Sales 2019 34 663 M
EBIT 2019 4 496 M
Net income 2019 3 218 M
Debt 2019 42 572 M
Yield 2019 1,72%
P/E ratio 2019 17,4x
P/E ratio 2020 15,6x
EV / Sales2019 2,81x
EV / Sales2020 2,69x
Capitalization 54 763 M
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Number of Analysts 23
Average target price 171,05  $
Last Close Price 173,92  $
Spread / Highest target 12,7%
Spread / Average Target -1,65%
Spread / Lowest Target -19,5%
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Managers
NameTitle
Samuel R. Allen Chairman & Chief Executive Officer
John C. May President, Chief Operating Officer & Director
Ryan D. Campbell Chief Financial Officer & Senior Vice President
Rajesh Kalathur Chief Information Officer
Vance D. Coffman Independent Director
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