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Western Canadian Grain Elevator Association executive director Wade Sobkowich called the double railway stoppage devastating for the grain industry. CN and CPKC locked out about 9,300 engineers, conductors and yard workers on Thursday, while CPKC's 3,500 workers began a strike.
The grain industry moves roughly $50 million a day, and the disruption is mounting daily.
With harvest at peak elevator intake, stranded grain at elevators and backlogged rail shipments reduce available export supply and widen Canadian basis discounts. This supports higher prices for competing origins.
cbc.caDarren Bernhardt, Arturo ChangAug 23, 2024Not enough comparable past events yet for a historical read.
After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
