CNH (NYSE:CNH), Deere (NYSE:DE), Agco (NYSE:AGCO) Skyrocket on Lower Corn Projections

The downward adjustment of corn production by the U.S. Department of Agriculture has driven up stocks in the agriculture sector Friday, including farm equipment makers CNH Global NV, (NYSE:CNH), Deere & Co. (NYSE:DE) and Agco Corp. (NYSE:AGCO)

Major fertilizer movers are CF Industries (NYSE:CF), Mosaic (NYSE:MOS) and Agrium (NYSE:AGU).

For the farm equipment companies, leading the sector is CNH Global NV, which stood at $41.34, gaining $3.65, or 9.68 percent at 1:38 PM EDT. Agco Corp. was right behind them, rising to $42.81, a gain of $3.60, or 9.18 percent. Deere surged to $76.32, gaining $4.42, or 6.15 percent.

Corn, wheat and soybeans were all up on the downwardly revised corn expectations.