At least drought is good for somebody, especially irrigation equipment manufacturer and installer Lindsay Corporation (NYSE: LNN). Lindsay's 3Q total revenues increased 54% to $143.6 million. And this is before the extensive flooding in the Midwest damaged so many irrigation systems that will require repair or replacement as soon as the waters recede. Net earnings also just about doubled to $14.1 million or $1.15 per diluted share. Lindsay boosted irrigation equipment domestic revenues 46% and international revenues a staggering 95%. Infrastructure revenues increased 30%. Operating income increased 50% and backlog of unshipped orders increased 53%. This is a company that literally cannot ship product out the door quickly enough to satisfy customer demand.

The story is the same for the first nine months of fiscal 2008. Total revenues increased 57% to $328 million. Irrigation revenues both domestic and international were up a total of 58% and infrastructure revenues rose 55%. CEO Rick Parod predicts that demand for comprehensive irrigation systems, including pump station controls and designs, will continue strong for the foreseeable future. Lindsay systems help farmers stabilize crop yield while also conserving water.

Given the good numbers right now and for the future, it is difficult to explain the recent plunge in share price. Currently the stock is trading at just under $100, down 18% in 2 days. The 52-week low is $34.84. The 52-week high is $131.14. Pickings for strong growth stocks are slim right now. This one would well repay some investor due diligence.

Spurred by demand for ethanol, U.S. farmers have planted more corn than ever before: 92.9 million acres. The bumper corn crop was front and center at this year's Farm Progress Show in Decatur, Illinois, which shows off the latest in farming trends and technologies to an increasingly global audience.

Despite recent protests in France over its genetically modified crops, St. Louis based Monsanto Company (NYSE: MON) not only featured new drought- and pest-resistant corn and soy products to international dealers, but also hoped to shop for the best characteristics of foreign crops from those dealers.

Deere & Company (NYSE: DE) took the opportunity to showcase its biggest roll-out of new products -- from tractors to cotton pickers -- in years. They also featured their recent expansion into international markets, including western Europe, South America, and China. Incidentally, Deere has just announced a stock split and increased dividend.

U.S. Agriculture Secretary Mike Johanns attended the show and took the opportunity to urge Congress to restore the 2007 Farm Bill to more closely resemble the White House version. He also urged Congress to ratify pending free trade agreements with Panama, Peru, and South Korea.

Decatur-based Archer Daniels Midland Company (NYSE: ADM), which recently announced an organizational restructuring, and Peoria-based Caterpillar Inc. (NYSE: CAT), which has its own expansion plans in China, were also represented at the show.

While investors and pundits debate the impact of ethanol on our long-term energy problems, one thing is clear according to Ivan Martchev -- the popularity of ethanol is having a "huge impact" on agribusinesses.

The editor of Vital Resource Investor explains, "Whether ethanol makes economic sense is less irrelevant. It is having an effect on farming." Indeed, he believes one of the best ways for investors to play the popularity of ethanol is to focus on farming equipment.

Within this market, he notes that the obvious choice for investors is industry leader Deere & Co. (NYSE: DE). However, he cautions that the stock already reflects investor optimism.

In addition, he notes, "The stock recently traded at $114, and many individual investors dislike buying triple-digit stocks." Therefore, he notes, he looked for a "worthy adversary to Deere" and found Case New Holland, whose name was recently shortened to CNH Global NV (NYSE: CNH).

The advisor calls CNH a restructuring story. He notes that the company is majority owned by Fiat, which is itself recovering from a "dire situation" two years ago.