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    Record North American Grain Volumes Might Change The Case For Investing In Canadian Pacific Kansas City (TSX:CP)

    Simply Wall St·07/10/2026 03:35:24
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    • In June 2026, Canadian Pacific Kansas City reported record grain transportation volumes, moving 2.8 million metric tonnes of Canadian grain and grain products and 2.5 million metric tonnes in the United States, including a quarterly record of 7.5 million metric tonnes south of the border.
    • These are the strongest Canadian grain movements since the 2020–2021 crop year and highlight how heavily agricultural shippers are using CPKC’s three-country freight network.
    • We’ll now explore how these record grain volumes, particularly the 7.5 million metric tonnes moved in the U.S. second quarter, influence CPKC’s investment narrative.

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    Canadian Pacific Kansas City Investment Narrative Recap

    To own CPKC, you need to believe in the long term value of its three-country freight network and its ability to translate volume growth into efficient, profitable operations. The June grain records support that core volume thesis, but do not materially change the near term focus on delivering cost discipline while managing rising depreciation, materials and potential casualty costs, which remain a key risk to the earnings story.

    Among recent announcements, the opening of the Americold and Reli hub at Port Saint John stands out alongside the grain results. It shows CPKC expanding into temperature controlled, export oriented food and agricultural flows, which ties directly into the same shipper base that is driving record grain volumes and could support the company’s efforts to keep its network well utilized if other freight categories soften.

    However, even with strong grain volumes, investors should still be aware of the risk that prolonged North American macro weakness could...

    Read the full narrative on Canadian Pacific Kansas City (it's free!)

    Canadian Pacific Kansas City's narrative projects CA$18.5 billion revenue and CA$5.2 billion earnings by 2029. This requires 7.2% yearly revenue growth and about CA$1.1 billion earnings increase from CA$4.1 billion today.

    Uncover how Canadian Pacific Kansas City's forecasts yield a CA$127.84 fair value, in line with its current price.

    Exploring Other Perspectives

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

    Three members of the Simply Wall St Community currently see CPKC’s fair value between CA$123.23 and CA$130.32, underscoring how much individual views can differ. You should weigh these against the possibility that weaker Energy, Chemicals and Plastics volumes could challenge the bullish grain story and consider several viewpoints before forming your own stance.

    Explore 3 other fair value estimates on Canadian Pacific Kansas City - why the stock might be worth just CA$123.23!

    The Verdict Is Yours

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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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.