The 冖 cover on top is the indexing Kangxi radical for the simplified 农. Originally 農 depicted a hand holding a shell-hoe over a field at dawn; the reform reduced the upper components to this cap, which survives as the lookup anchor.
ideograph
农nóng
farmer; agriculture
The lower portion is a fused cursive remnant of the traditional 農's bottom (辰 'time of dawn-work') compressed into four strokes. It is not analyzable into independent components and serves as the body that gives 农 its 'agriculture, farming' meaning.
