Now, that's a good if not great story on its own, but there could be more to it. The simple math of high commodity prices multiplied by greater acreage means good things for farm income.

Generally speaking, when farm incomes are high, farmers tend to replace ag equipment. That has me eyeing the shares of Deere ( DE), Agco ( AGCO), CNH Global ( CNH) and a few others.

Add to this the rebound in construction via the housing market and the prospects for Deere and CNH both look promising. One final note, per commentary from Deere on ag industry March retail sales, the sales and inventory figures paint the picture of an improving landscape for ag equipment sales.

While one month does not make a trend, a number of other supporting data points make these two companies worth looking at.

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