11:47 AM EDT, 09/12/2024 (MT Newswires) -- National Bank notes that, based on estimates from StatCan and the latest crop assessment from Agriculture and Agri-Food Canada (AAFC), total production of major grain crops this crop year in Western Canada is anticipated to be 70.7 million metric tonnes.

Although the most recent estimate is lower than estimates from several months ago, it would still be a 2.9% increase from the 2023-24 crop year and slightly above the five-year average of 69.8 million metric tonnes, writes analyst Cameron Doerken. The U.S. grain crop also looks to be strong this year.

"We therefore expect grain to be a slight tailwind for volumes and revenue for both CN and CPKC over the next twelve months."

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