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Reuters reported that the Teamsters Canada Rail Conference said talks with Canadian Pacific had not progressed ahead of a Saturday strike deadline. The Ag Transport Coalition said CP had begun a structured shutdown of its Canadian rail operations.
The International Brotherhood of Electrical Workers also planned to walk off the job.
A strike would block potash, crude and grain shipments on a rail network already congested, pushing up shipping costs and delaying grain sales. Market concern about the stoppage weighed on Canadian crude prices.
agcanada.comAGCanadaApr 20, 2018After 19 past bearish logistics events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -6.6% to +2.3%), and +5.3% over 20.
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.
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.
