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Grain Growers of Canada warned that a strike at Canadian National and Canadian Pacific Kansas City could significantly disrupt the country's grain market. Teamsters rail workers authorised a strike, and the parties entered mandatory mediation with a possible action date of 22 May.
The group said 94% of Canadian grain moves to ports by rail.
A rail stoppage would limit grain movement to export terminals and could push buyers toward US Hard Red Spring wheat, supporting wheat prices and reducing Canadian export share.
argusmedia.comMegan EvansMar 25, 2024After 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.
After 22 past bullish logistics events, Wheat (HRW) moved a median -1.2% over 5 sessions (45% higher; middle half -2.5% to +1.7%), and +3.9% 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.
