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Shares of John Deere
DE jumped following news of a downward production revision in the output of corn and wheat, with shares of DE moving form 88.40 to 89.10 shortly after the USDA release highlighted below:
-U.S. wheat supplies for 2014/15 are decreased 10 million bushels based on updated production estimates for the states resurveyed following the September 30 Small Grains report.
-Corn production is forecast 68 million bushels lower, but still a record at 14,407 million bushels
Subsequently, shares of DE retreated to close lower on the day, down .14 percent at 88.53.
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