Jul. 29 at 1:13 PM
Deere
$DE is up 9.0% over five days while FMC
$FMC sits at minus 3.8%, a 12.8-point split inside the same ag-input complex. The read is that the market is sorting equipment demand, which DE represents, from crop-protection chemicals, where FMC lives, rather than treating them as one trade. Corn up 4.1% over the same window supports the demand side; the risk is any reversal in grain prices collapses the distinction and pulls DE back toward the ag-input average.
