NEW YORK - Wall Street gave the agricultural sector a boost after the Trump administration said it's preparing a plan that would send billions in aid to U.S. farmers hurt by tariffs.
CF Industries Holding and Mosaic both traded up more than 3 percent earlier in the day but ended Tuesday with more modest gains. CF Industries finished up less than 1 percent, while Mosaic added 2.3 percent.
Deere ended with a 3.2 percent gain. Shares in Archer-Daniels-Midland and FMC also rose.
The administration's plan would attempt to give relief to farmers who have faced retaliation from U.S. trade partners with duties on products like soybeans and pork.
President Donald Trump was in Kansas City Tuesday, the heart of the nation's farm country.
On a call explaining the assistance, the administration said the $12 billion value of the package was in line with the estimated $11 billion hit to farmers from recent trade tensions. Officials said Congressional approval isn't required -- only Congressional notification. As for how farmers can apply for assistance, those details are still being worked out.
Sen. Ben Sasse, R-Nebraska, was highly critical of the plan in an interview with CBS News. "At no point have I heard a farmer or rancher say we want more bailouts. We want more welfare," said Sasse. "What they want is less trade war. There's no ambiguity about this from the producers in my state."
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