FTC and USDA Open Inquiry Into Farm Equipment Markets; Caterpillar Drops 5.9%

The Federal Trade Commission and Agriculture Department are seeking public comment on possible anticompetitive practices in agricultural equipment manufacturing and distribution. Caterpillar slid 5.9% to $812.73, Deere lost 3.3% to $660.17, and AGCO and CNH each fell more than 6%. Baird analyst Mig Dobre called the inquiry an information-gathering exercise, not a new enforcement action, but noted it may create a near-term overhang.