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Fly News Breaks for July 10, 2015
AGCO, DE
Jul 10, 2015 | 15:41 EDT
Wells Fargo calculates that today's WASDE report implies 2015/2016 U.S. row crop cash receipts will fall about 4% compared to last year for the basket of corn, soybeans and wheat, which is more moderate than the 7% decline implied in the last report. However, the firm thinks investors expected the lower rate of crop cash decline based on the USDA's prior Acreage and Grain Stocks reports and views today's WASDE as largely neutral for Ag equipment makers. The firm keeps its Market Perform rating on Deere (DE) and Underperform rating on AGCO (AGCO).
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