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By Market News Video Staff, Wednesday, February 16, 1:55 PM ET
Agriculture stocks are rallying on Wednesday. The Market Vectors Agribusiness ETF (AMEX:MOO) is being lead higher by a number of its top holdings, which are experiencing high volume trading and substantial gains.
Today, Deere & Co (NYSE:DE) reported impressive first quarter earnings that more than doubled compared to last year. The news propelled shares of the Illinois-based firm upward, as it rose nearly 2% to $95.44.
Shares of Archer-Daniels-Midland Co (NYSE:ADM) also performed well on Wednesday, after the company was upgraded from a “hold” to a “buy” rating by Jeffries. The firm's stock was up 1.13% and reached a new 52-week high of $37.31 during the trading session.
The fund’s other top holdings that are trading higher on the day are Monsanto Company (NYSE:MON) and Mosaic Co (NYSE:MOS), gaining 1.66% and .47%, respectively.
The gains, from nearly 31% of the fund’s holdings, were enough to advance the Market Vectors Agribusiness ETF 1.13% to $57.11.
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