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The nation's largest railroads reached a tentative labor agreement with unions on Thursday, averting a strike that could have halted freight. The deal raises wages 24% by 2024 and includes a $11,000 average immediate payment per worker upon ratification.
Anhydrous ammonia embargoes were lifted, though delayed shipments will take time to clear.
Removing the strike threat restores normal grain and fertilizer rail flows, easing the bearish origin-basis pressure seen earlier in the week. Some lingering backlog could still delay deliveries into harvest.
agri-pulse.comPhilip BrasherSep 15, 2022After 284 past neutral logistics events, CORN moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.4%), and -0.2% over 20.
After 230 past neutral logistics events, SOY moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.0%), and +0.1% over 20.
After 163 past neutral logistics events, WHEAT moved a median +0.1% over 5 sessions (53% higher; middle half -1.3% to +1.1%), and -0.3% 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.
