Technical analysis: Two agriculture stocks made Investor’s Business Daily IBD 50 weekly computer-generated list this weekend: Deere ($DE), ranked #8, and Scotts Miracle-Gro ($SMG), ranked #35. IBD said Deere was “extended” at $349.12 after multiple bounces off the 10-week moving average, and Scotts earned a sell signal at $213.15 after breaking the 10-week moving average trend. Deere closed yesterday at $351.44 (down 2.24%) on down volume, and Scotts closed at $216.54 (down 3.67%) – also on down volume. Subscribe to IBD here.
StockTwits momentum: Among agriculture stocks with more than 300 followers on StockTwits, the 5 largest percentage increase in followers for the week of Feb. 22, 2021 to March 1, 2021 were:
AppHarvest ($APPH): +21.7%
GreenGro Technologies ($GRNH): +11.8%
Raven Industries ($RAVN): +4.5%
AGCO ($AGCO): +4.1%
Evogene ($EVGN): +4.0%
John Deere ($DE): Yesterday (March 2, 2021) Deere rolled out what it is calling its largest product launch ever, including a much-anticipated “See and Spray” technology. Deere says this concept could allow farmers to achieve significant savings on pre-emerge chemical application costs. Ag journalism icon Willie Vogt has a detailed breakdown of the $DE rollout.
Cotton prices “just too high”: One of the nation’s foremost voices on cotton prices, Dr. O.A. Cleveland, waves the red flag on rising cotton prices. Prices near $1.00/lb. would ostensibly decrease demand. Via Cotton Grower Magazine’s “Cotton Companion” podcast (6:30 mark.)
“Strong price environment” for U.S. soybean farmers: U.S. Soybean Export Council VP of Market Intelligence Mac Marshall says he’s seeing a “strong market signal for more soy to go in the ground.” “A lot of market observers” expect a multi-million acre increase in soybeans planted in the U.S.
Ag Stock Investor, LLC is not a registered investment advisor. All content presented in Ag Stock Investor online, e-mail and print publications is intended for informational purposes only, and should not be construed as financial, tax or legal advice. Read the full Ag Stock Investor disclaimer here.