Cash Strategist 8-28-2024
Published
8/26/2024
Why the Canadian rail strike hurts U.S. ag?
On Thursday, Aug. 22, Canada’s two biggest rail companies shut down operations simultaneously for the first time ever due to ongoing labor disputes between the companies and the Teamsters union.
The dispute is over labor agreements that the union says would reduce the amount of rest workers receive, which would in-turn lead to an increased number of accidents and safety risks. Meanwhile, the rails say the changes they are seeking wouldn't increase safety risks and that they actually provide greater safety protections than those required by recently strengthened Canadian regulations.
So why is this a big deal in the U.S., and specifically for U.S. ag? To start, according to the USDA, $28.2 billion worth of U.S. ag goods were transported to Canada in 2023, making them our third largest export market...
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