Deere & Co. (NYSE: DE - option chain) shares are rising today after the company reported a second-quarter profit of $472.3 million, or $1.11 per share, beating analysts' estimates of $1.07 per share. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on DE.

DE opened this morning at $44.52. So far today the stock has hit a low of $44.00 and a high of $47.50. As of 11:45, DE is trading at $46.20 up 2.38 (5.4%). The chart for DE looks bullish and S&P gives DE a positive 4 STARS (out of 5) buy ranking.

Agricultural equipment icon Deere & Co. (NYSE: DE) is scheduled to step into the earnings spotlight next Wednesday, August 13. Ahead of the firm's third-quarter report, analysts surveyed by Thomson Financial are expecting a profit of $1.37 per share. During the previous four quarters, DE has managed to meet or exceed Wall Street's expectations three times; during its second-quarter report, released in May, the company fell short by one penny per share. At the time, Deere warned that rising material costs could put a dent in third-quarter and full-year earnings.

However, it seems that some speculative investors have a short memory where Deere & Co. is concerned. Option activity on the stock is leaning distinctly bullish ahead of earnings, which could set the stage for a sharp downside move in the event of another profit miss.

The International Securities Exchange (ISE) reports that DE boasts a 10-day call/put ratio of 5.80. This data, which measures buy-to-open activity among retail-level investors, reveals that traders have purchased nearly 6 times more calls to open than puts on DE during the past couple of weeks. According to the ISE, option activity on the stock has not been more bullishly skewed at any other time during the past year. That's a rather bold optimistic bias, considering the stock has shed 28% year-to-date.

TheStreet.com's Jim Cramer says not even the collapse of ethanol can touch the planting renaissance we're seeing.

The agriculture bull market had been linked to ethanol. Turns out that ethanol is only one piece of the puzzle. What we are seeing for everything from fertilizer to farm equipment to seeds is that there are so many uses and calls on crops that we are having a planting renaissance that hasn't been seen in years.

We have an amazing moment in ag: we are supply-constrained for everything. Fertilizer demand is far exceeding supply, so you get an Agrium (NYSE: AGU) (Cramer's Take) buying a UAP (NASDAQ: UAPH) (Cramer's Take) -- and Agrium goes up.

Fewer players, tighter supply, no new plants coming on to speak of -- this is an amazing moment.