🟢 [E2021] Deere is effectively a $56B shadow bank (JDCC captive finance). Revenue booked on dealer shipment but dealers choking on full lots. 2025 Early Order Program trade-ins hit 12-month curtailment cliff this month (March 2026). With $4.50 corn, elevated rates, 32-48% EVI spreads, $1.2B tariff drag, dealers will cancel and return metal. Titan Machinery (TITN) proxy showing 3-7% margins, used inventory +22% YOY, revenue guidance down 15-20%. Recommends DE $530/$430 bear put spread and TITN $15/$10 put spread.