CN (TSX:CNR) posts another month of record grain movement

• Canadian railway operator CN (CNR) has reported a seventh consecutive month of record grain movement for September
• The Montreal-based company moved 2.81 million tonnes of grain for the month, compared to a previous record of 2.6 million tonnes in 2016
• This comes off the back of a record period of grain movement for the 2019 to 2020 crop year, in which CN moved a total of 30 million tonnes
• The company said the sustained grain demand has driven a return to employment for many of its employees
• CN (CNR) is currently up 0.85 per cent and is trading at C$143.13 per share

Canadian railway operator CN (CNR) has reported a seventh consecutive month of record grain movement for September.

During September, the Montreal-based company moved 2.81 million tonnes of grain, compared to a previous record of 2.6 million tonnes that was set back in 2016.

This follows an August record of 2.43 million tonnes, which represents a 0.12-tonne increase over an earlier best-ever result in 2014 of 2.31 million tonnes.

So far this year, new records have been set each month since March, culminating in a total movement of 7.76 million tonnes for the third quarter of 2020.

Allen Foster, Vice President of Bulk at CN, noted that harvest conditions have been very good so far.

“Demand for Canadian grain is currently strong across global markets. CN will continue to enable our customers’ supply chains to get our natural resources to world markets,” he said.

The strong September performance comes off the back of a record-breaking 2019 to 2020 crop season, in which CN moved in excess of 30 million tonnes of grain.

JJ Reust, President and CEO of CN, said the sustained grain demand has been driving a return to work for many employees who were laid off during the peak of the COVID-19 pandemic.

“The collaboration at all levels, from Prairie grain farmers, to British Columbia coastal terminal operators has been exemplary.

“Grain demand is enabling the return to active employment of many of our people and with the addition of 1,500 new locally-built, high capacity grain cars, the CN ONE TEAM looks forward to breaking more records,” he added.

CN (CNR) is currently up 0.85 per cent and is trading at C$143.13 per share at 12:09pm EDT.