CP Rail unions reject latest offer

May 25, 2018

The Teamsters Canada Rail Conference opposed the contract by a 98 per cent vote

By Diego Flammini
Staff Writer
Farms.com

The unions representing employees at Canadian Pacific Railway have voted against the company’s latest contract offer.

About 3,000 members of the Teamsters Canada Rail Conference (TCRC) rejected CP’s offer by a 98.1 per cent margin. And the International Brotherhood of Electrical Workers, which represents nearly 370 signal and communications employees, voted 97 per cent against the offer.

The railway’s three-year contract proposal included 2 per cent year-over-year wage increases, $1,000 per union member to drop grievances, and benefit improvements.

The two sides are expected to resume negotiations later today, but the employees will strike if they feel it is necessary.

“This is a reality check,” Doug Finnson, president of the TCRC, said in a statement today. “Should talks fail or CP not wish to bargain, workers will have no choice but to exercise their legal right to strike.”

CP, however, felt its latest offer is fair and addresses the issues at hand.

“CP is disappointed with the outcome of the vote given that both final offers provided for significant improvements to wages, benefits and working conditions that are consistent with agreements recently reached with other CP unions in both the United States and Canada,” the railway said in a statement today.

Patty Hajdu, Canada’s minister of employment, workforce and labour, remains optimistic that a deal can be reached.

“Our government believes in the collective bargaining process and I remain hopeful that the parties will be able to negotiate new collective agreements,” she said in a statement today.

Hajdu mandated last month that CP present its offer to union members in a vote carried out by the Canadian Industrial Relations Board.

The unions must give the railway 72 hours notice before launching a strike. CP has not received notice at this point, it said.

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.