Why the Elders (ASX:ELD) share price is outperforming the ASX today

The Elders Ltd (ASX: ELD) is defying the market gloom today as it’s one of the few handful of stocks to be gaining ground.

The Elders share price jumped 2% to $12.29 in after lunch trade when the S&P/ASX 200 Index (Index:^AXJO) slumped 0.7%.

Nearly every sector is trading lower as US stocks fell overnight. But shares in the agribusiness zoomed ahead after Goldman Sachs reiterated its conviction “buy” recommendation on the ASX share.

Bumper harvests for the Elders share price

“Market conditions have strengthened across Australian Agricultural markets in the last 3 months led by a bumper winter crop harvest and strong cattle prices,” said the broker.

“Increasing grower optimism and strengthened balance sheets should…