Global Markets: CP, CN move record amounts of grain

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Both Canadian Pacific Railway (CP Rail) and Canadian National Railway (CN Rail) reported on Tuesday increases in the amount of grain transported compared to the previous year. CP Rail said it moved more than 30 million tonnes during the 2020-21 crop year, an increase from 29.52 million tonnes the previous year. Meanwhile, CN Rail transported 31 million tonnes as of the end of July, exceeding the record of 29.4 million set the previous year. Both railways expect 2021-22 grain numbers to be lower than the previous two years due to drought-like conditions and potentially lower yields in Western Canada.

– Private payrolls in the United States increased by more than 330,000 in the month of July according to the ADP National Employment Report released on Wednesday. However, economists had predicted a gain of 695,000. While half of the U.S. population has been fully vaccinated against COVID-19, cases are rising due to the Delta variant. According to ADP, there are 9.2 million job openings and 9.5 million Americans are officially unemployed.

– After three rockets were fired by Lebanon with two landing into Israeli territory on Wednesday, Israel’s army responded with artillery fire. Israeli authorities believe the rockets were launched by Palestinian groups based in Lebanon and not the militant group Hezbollah.

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