CP reports new record January for Canadian grain transport

Canadian Pacific (TSX: CP) (NYSE: CP) moved 2.29 million metric tonnes (MMT) of Canadian grain and grain products in January 2023, setting a new record for the month. CP has moved more than 15 MMT of Canadian grain and grain products thus far in the 2022-2023 crop year, exceeding the amount shipped by this time in the 2021-2022 crop year by more than 45 percent.

"CP's grain performance through January demonstrates the strength of our customers' supply chains, and the strong resiliency of our railway operations and effective winter planning, allowing CP to deliver for our customers," said Joan Hardy, CP Vice-President Sales and Marketing, Grain and Fertilizers. "CP, our customers and other supply chain participants were able to ship nearly double the volume of grain and grain products compared to January 2022, despite slowed grain vessel loading because of rain in Vancouver, holiday closures and periods of extreme winter operating conditions."

"CP is dedicated to grain; we have invested more than $500 million in new high-capacity hopper cars, and we are working with our customers to boost supply chain capacity," added Hardy. "We are pleased to see a strong crop for Canadian farmers and the Canadian economy."