NEW YORK (AP) — Wall Street is flooding into the agricultural sector on reports that the Trump administration is preparing a plan that would send billions in aid to U.S. farmers hurt by tariffs.
CF Industries Holding and Mosaic Company both traded up more than 3 percent, while Deere & Co. shot up more than 4 percent after news of the aid package was leaked to The Associated Press by two people briefed on the plan. Shares in Archer-Daniels-Midland and FMC Corp. also rose.
The Agriculture Department is expected to announce details later Tuesday. The plan would attempt to give relief to farmers who have faced retaliation from U.S. trade partners with duties on products like soybeans and pork.
President Donald Trump is in Kansas City Tuesday, the heart of the nation’s farm country.