Remember during the US election when many accused the economy of separating from results on Wall Street? May I present to you what happened at Deere today on Wall Street. John Deere report its quarterly earnings and the stock hit an all time high.

At a time when corn is struggling in the doldrums of sideways trading, Deere’s stocked jumped 11% on the day to an all time high of 102.17 at the close. No doubt this kind of market move to the positive for Deere frustrates some farmers but it is the marketplace at work.

John Deere stocks up 10% today and at all time-highs (better-than-expected quarterly earnings reported). This is very relevant. pic.twitter.com/hcdLgf0VXi — Matthew Pot (@MatthewPot) November 23, 2016

As reported by Reuters:

Deere reported a much smaller-than-expected decline in quarterly earnings on Wednesday after it cut costs and raised prices to compensate for sluggish demand for its agricultural and construction equipment, and its shares jumped more than 11 percent.

The company forecast revenue for the new fiscal year would fall about 1 percent from $26.6 billion in 2016, with net income declining to about $1.4 billion from $1.52 billion in 2015.

While the markets hoots and hollers about the rebuilding of America, farmers feel the impact of the cost cutting and rising prices of the equipment. In terms of the agriculture outlook from Deere’s perspective Reuters continues to say:

Weak commodity prices and low farm income are both expected to contribute to a 5 percent to 10 percent decline in full-year 2017 U.S. agricultural and turf industry sales of both large and small equipment, the company said.

This is not just a one day jump for Deere, as the stock is up 40% in the last year according to the video below from CNBC Fast Money TV show. Additionally the Fast Money panel discusses how the commitment to infrastructure by President-elect Trump will be a big win for John Deere and CAT which should be a big reminder for producers that John Deere has more than just agriculture in its product portfolio.

