Deere Flips From 93% Calls to 82% Puts While AGCO Dark Pools Run 1.2x Normal: Farm Equipment Data for Buyers and Dealers (GTA Terminal, Nov. 13, 2026)

Two days ago, the options money in Deere was almost all calls. By midday Friday, November 13, it had swung hard the other way. GTA Terminal data from Global Traders Academy shows 82% of Deere's options premium in puts during Friday's session, while AGCO, maker of Fendt and Massey Ferguson tractors, drew more off-exchange volume than usual. Here is what changed and what it means for farmers and dealers weighing a machinery purchase.

Deere: from 93% calls to 82% puts

On November 11, GTA reported that 93% of Deere's options money was in calls. The GTA Wire report on Deere's 82% put lean, published at 11:53 AM ET Friday, tells a different story. With Deere shares down 1.0% at $672.00, $1.9 million in premium had traded: $342,000 in calls and $1.6 million in puts. That is 82% in puts, a bearish tilt, with a put/call volume ratio of 2.05, meaning about two put contracts traded for every call.

The chart has not broken. Deere was in an uptrend, above its 50-day and 200-day averages, 7% below its 52-week high, with an RSI of 62. The stock sat 0.5% above its nearest support at $668.36, the 50-day average, with resistance at $698.91. The GTA Proprietary Pattern Model had no live setup on the daily chart. Track it on the Deere quote and options flow page.

So the picture is mixed: the trend is still up, but options traders spent Friday morning buying protection. Puts can be outright bets on a drop, or they can be hedges by investors who already own the stock and want insurance after a good run. The data does not say which.

AGCO: dark pools above normal, options thin

GTA Terminal data showed AGCO trading at $112.30 during Friday's session, above its 20-day average of $108.95 but just under its 50-day average of $113.39, which GTA reads as a mixed chart. The only options premium in the scan was $860, all puts, too small to mean much.

The more useful number is in the dark pools. On November 12, 383,778 AGCO shares traded away from the public exchanges, 1.2 times the stock's 20-session normal and 40.2% of volume. GTA notes that this was not heavy enough to read a direction from, but it was a step up in institutional activity.

Why a put swing matters to farm buyers

Deere sets the tone for the whole farm machinery market. When investors pile into calls, they are usually betting on firm demand and pricing. A quick swing to puts, even with the trend intact, often reflects worries about the next leg: crop prices, farm income, dealer inventories or financing costs. None of those show up directly in options data, but they are what the money is reacting to.

• Buyers. If investors are hedging against softer demand, dealer incentives and financing offers could become more generous in the months ahead. Farmers without an urgent need may benefit from waiting and comparing quotes.

• Dealers. Mixed signals argue for careful stocking. A heavy inventory of new tractors and combines is expensive to carry if demand cools.

• Anyone replacing a worn machine. Downtime during planting or harvest costs more than any price swing. If a machine is failing, the timing of the market should not decide the purchase.

For background on how to interpret a lean like this, the primer on reading call and put premium walks through the basics.

A word of caution

These are midday figures from one session, and a single morning of put buying can reverse by the close. An 82% put share is a signal, not a guarantee, and it says nothing certain about farm equipment demand. It is market data for context, not investment advice.

Keep reading

Compare this with our earlier post on Deere at 93% calls on November 11 and our look at Corteva and CF Industries farm inputs. Farm and equipment-maker flow for each session is tracked by GTA Terminal by Global Traders Academy.

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