Why Deere, CNH and AGCO stocks fell: the FTC and USDA opened a public inquiry into farm equipment sales and repair
The agencies asked farmers, mechanics and dealer staff for evidence on contracts, fees and repair restrictions, with comments due December 7. Deere, CNH and AGCO fell between 5% and 6% on October 7, 2026.
- The FTC and USDA opened a joint public inquiry into farm equipment manufacturing, sales and repair on October 7, 2026, with comments due December 7.
- Investing.com reported Deere down 5.0%, CNH Industrial down 5.7% and AGCO down 5.9% during the session.
- Deere fell 1.78% within a minute of a second report of the inquiry at 10:45:36 ET.
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % |
|---|---|---|---|---|---|---|
| DE Volume 18.0× normal in 15 min |
661.69 | 661.69 | 649.94 | 654.25 | -1.78% | -1.12% |
Shares of Deere, CNH Industrial and AGCO fell on Wednesday, October 7, 2026 after the Federal Trade Commission and the US Department of Agriculture opened a joint public inquiry into how farm equipment is made, sold, serviced and repaired. The agencies' request for information reached the MoveSurge news feed at 08:31:40 ET, before the open, and Investing.com reported Deere down 5.0%, CNH down 5.7% and AGCO down 5.9% during the session. Deere's steepest stretch came two hours later: a second report of the inquiry crossed at 10:45:36 ET with the stock at $661.69, it was $649.94 a minute later, down 1.78%, touched $644.56 at 10:48 and stood at $655.24 fifteen minutes after the headline, 0.97% lower. Our reaction reading ten minutes after the headline had Deere at $654.25, down 1.12%.
What the FTC and USDA are asking
The agencies said the inquiry follows a growing number of complaints from farmers who face obstacles to buying equipment and getting it serviced. They want information on business models, contracts, restrictions, penalties and other practices that could affect competition, equipment prices, market entry, innovation and farmers' ability to obtain equipment and repairs. Coverage of the request highlighted three areas: restrictive dealer contracts, hidden fees, and retaliation against farmers who go around dealers. Comments are open until December 7, and the agencies are asking farmers, independent mechanics and current or former dealership employees to describe what they have seen.
A request for information is a fact-finding step that carries no charges, rule or penalty, but it widens a fight Deere had already settled. Under the settlement of the FTC's repair case, Deere must give farmers and independent repair shops the same repair tools and software as its authorized dealers for ten years, GuruFocus reported. The new inquiry reaches past repair software to the dealer networks themselves and to every manufacturer, which helps explain why CNH and AGCO fell as far as Deere did.
How the farm equipment makers traded
| Company | Reported move on October 7, 2026 | Named cause |
|---|---|---|
| Deere | down 5.0% | FTC and USDA inquiry |
| CNH Industrial | down 5.7% | FTC and USDA inquiry |
| AGCO | down 5.9% | FTC and USDA inquiry |
| Caterpillar | down about 6%, to $811.70 | Long-term Treasury yields at their highest since 2002 |
The figures are intraday readings from Investing.com for the three farm equipment makers and from 24/7 Wall St. for Caterpillar, taken at different times of the session.
Why Caterpillar fell for a different reason
Caterpillar was the Dow's weakest stock on Wednesday, and some coverage grouped it with the farm equipment makers. Investing.com noted that the agencies' announcement names Deere and does not name Caterpillar, which sells construction and mining machinery rather than tractors and combines. 24/7 Wall St. tied the drop to the bond market: the 30-year Treasury yield reached its highest level since 2002 that day, which raises the cost of financing machinery that customers buy on credit, and Deere and other industrial names fell alongside it. The farm equipment inquiry and the yield move hit Deere together, which is part of why its decline was larger in the session than in the fifteen minutes our chart measures.
Why was Deere stock down on Oct 7, 2026?
On October 7, 2026, the FTC and the USDA opened a joint public inquiry into farm equipment manufacturing, sales and repair. Investing.com reported Deere down 5.0% during the session, and a second report of the inquiry at 10:45:36 ET was followed by a 1.78% drop within a minute.
What is the FTC and USDA farm equipment inquiry?
It is a joint request for information on business models, dealer contracts, restrictions, fees and penalties that could affect competition, prices and farmers' access to equipment and repairs. It follows what the agencies called a growing number of complaints from farmers.
When are comments due on the farm equipment inquiry?
Public comments are open until December 7, 2026. The agencies are asking farmers, independent mechanics and current or former dealership employees to respond.
Did the inquiry cause Caterpillar's drop?
The announcement names Deere and does not name Caterpillar, Investing.com noted. 24/7 Wall St. linked Caterpillar's fall of about 6% to long-term Treasury yields reaching their highest level since 2002.
Sources
-
FTC and USDA Seek Public Comment on Agricultural Equipment Manufacturing and Distribution Market Practices
— Federal Trade Commission
The FTC and USDA issued a joint request for information on agricultural equipment manufacturing and distribution practices after a growing number of farmer complaints; comments are open until December 7.
-
Deere shares fall as feds probe farm equipment industry
— Crain's Chicago Business
Deere shares fell after the FTC and USDA opened an inquiry into the farm equipment industry; the agencies are looking at restrictive dealer contracts, hidden fees and retaliation against farmers who bypass dealers.
-
Deere, peer stocks slide as FTC and USDA launch agricultural equipment inquiry
— Investing.com
Deere fell 5.0%, CNH Industrial 5.7% and AGCO 5.9% after the FTC and USDA announced the inquiry.
-
Farm equipment stocks after the FTC and USDA joint inquiry: AGCO, Deere and CNH compared
— Investing.com
The announcement names Deere but not Caterpillar; comments are open through December 7.
-
Deere, AGCO, CNH shares slide as U.S. regulators probe farm equipment market
— Seeking Alpha
Deere, AGCO and CNH shares fell as US regulators opened a probe of the farm equipment market.
-
FTC and USDA Probe Agricultural Equipment Sector, Settling with Deere & Co (DE) on Repair Policies
— GuruFocus
Under the FTC's settlement with Deere over repair policies, Deere must give farmers and independent repair shops the same repair tools and software as its authorized dealers for ten years.
-
Caterpillar Drops 6% as Industrials Sell Off With Long Yields at a Two-Decade High; Deere Falls 4%, PACCAR Eases
— 24/7 Wall St.
Caterpillar fell 6% to $811.70 as long-term Treasury yields reached a two-decade high, with Deere and other industrials lower.
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