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Agribusiness

US stocks' winning streak ends

The winning streak of US markets looks in danger of coming to an end as the major benchmarks opened lower.

The Dow Jones was off 66 points at 17,919 and the broader-based S&P 500 was down 11 points at 2,086, while the NASDAQ Composite fell 18 points to 4,907.

All eyes remain on the Greek debt negotiations, where a settlement has been close - but just out of reach - for some time.

Farm equipment maker Deere's fiscal first quarter update was a mixed bag. Earnings per share (EPS) of 112 cents comfortably beat analysts' expectations of 83 cents, and turnover of US$5.61bn topped expectations of US5.49bn.

On the other hand, the company said it expects equipment sales to fall 17% during the current financial year.

"The company is another bellwether for US and world growth, much like Caterpillar," notes Jasper Lawler, a market analyst at spread betting firm CMC Markets.

"Grain prices have been falling alongside oil prices; this reduces farming income and farmer’s ability to invest in the machinery produced by Deere," Lawler noted.

Accountancy software firm Intuit's adjusted second quarter loss per share of six cents was not half as bad as analysts had been fearing, giving a boost to the shares.

Sales of US$808mln topped expectations of US$787mln.