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    Record Western Grain Volumes And New Grain Plan Might Change The Case For Investing In Canadian National Railway (TSX:CNR)

    Simply Wall St·08/12/2026 07:35:32
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    • Canadian National Railway recently closed the 2025–26 crop year with a record movement of more than 33.8 million metric tonnes of grain from Western Canada and released its 2026–27 Grain Plan to support the upcoming harvest.
    • This record grain volume underscores the importance of CN’s Western Canada corridor and highlights how close coordination across the grain supply chain can unlock additional network capacity.
    • Next, we’ll explore how this record Western grain movement and new Grain Plan may influence Canadian National Railway’s broader investment narrative.

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    Canadian National Railway Investment Narrative Recap

    To own Canadian National Railway, you generally need to believe in the resilience of its North American freight network and its ability to convert that network into steady earnings and free cash flow despite economic and competitive pressures. The record 33.8 million metric tonnes of Western grain movement and the new Grain Plan appear supportive of near term volume and capacity utilization, but they do not materially change the key short term catalyst of intermodal and bulk demand recovery or the ongoing risk that volumes stay sluggish despite high capital spending.

    Among recent announcements, the new transportation agreements with BHP Canada to move potash from the Jansen project to Westshore Terminals in Vancouver stand out as especially relevant. Alongside record Western grain flows, this type of bulk contract ties directly into CN’s thesis around its Western export corridor, reinforcing the idea that the tri coastal network and targeted infrastructure investments can help support bulk volumes even if other freight segments face macro or trade related headwinds.

    Yet while these bulk wins help, investors still need to understand how prolonged weak demand across other freight categories could...

    Read the full narrative on Canadian National Railway (it's free!)

    Canadian National Railway's narrative projects CA$20.9 billion revenue and CA$5.9 billion earnings by 2029. This requires 5.5% yearly revenue growth and a CA$1.1 billion earnings increase from CA$4.8 billion today.

    Uncover how Canadian National Railway's forecasts yield a CA$190.11 fair value, a 8% upside to its current price.

    Exploring Other Perspectives

    TSX:CNR 1-Year Stock Price Chart
    TSX:CNR 1-Year Stock Price Chart

    Six fair value estimates from the Simply Wall St Community span roughly C$132.87 to C$190.11, showing how far individual views can stretch. Set against this, the core question remains whether CN’s Western export corridor and intermodal network can offset the risk of structurally weaker volumes if trade routes and tariffs keep pressuring certain freight lines over time.

    Explore 6 other fair value estimates on Canadian National Railway - why the stock might be worth 24% less than the current price!

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.