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A strike at Canadian National Railway entered its seventh day, with at least 35 vessels waiting at Canada's West Coast to load grain. Many grain handling facilities at major West Coast ports are served only by CN.
The strike is described as Canada's largest rail stoppage in a decade.
Vessels queuing for grain loadings raise ocean freight costs and delay Canadian export supplies to buyers. The backlog supports prices for Canadian wheat and canola in export markets.
reuters.comKelsey JohnsonNov 26, 2019After 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.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
