Bloomberg reports that agricultural machinery manufacturers are trading at a median 7.2x 2013 EV/Ebitda, a 23% discount to the S&P 500 in October vs. 20% in June. The discount expanded as corn and soybean prices retreated on expectations of record production. Lower commodity prices may curtail 2014 farm equipment demand following four years of growth. Deere, the largest agricultural equipment producer, trades at 5.6x, a slight discount to its peers. An investor betting on a bounce in Deere shares post its earnings announcement on November 20th purchased 4,600 December $87.5 Calls for $1.22, opening (ref 82.05).