(https://www.cnbc.com/2026/08/31/deere-has-been-on-fire-in-2026-baird-sees-even-more-returns-ahead.html) to outperform on momentum continuation. Smart timing — except the cyclical setup is deteriorating. Deere rallies when farmers expect rising commodity prices; it craters when input costs spike faster than crop values can absorb. Tariffs on Canadian ag imports and machinery parts just flipped that equation.

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