CPKC sets new February monthly grain records

Rhea-AI Summary

Canadian Pacific Kansas City (TSX: CP, NYSE: CP) reported new February monthly records for Canadian grain movement: 2.232 million metric tonnes and 23,088 carloads in February 2026, surpassing prior February 2021 highs. February also set a CPKC Canada‑US network monthly record of 46,896 carloads and ~4.501 MMT.

CPKC noted a strong start to 2026 after a record January and said volumes through 30 weeks of the 2025–2026 crop year exceeded 17.1 MMT, the largest totals since 2020–2021.

Positive

• February tonnage record: 2.232 MMT
• February carloads record: 23,088
• Canada‑US network monthly record: 46,896 carloads (~4.501 MMT)
• First 30 weeks of crop year: >17.1 MMT transported

Negative

• Supply chain reliance on customer and terminal full capacity to sustain volumes
• Operational risk if loading facilities or port terminals underperform

News Market Reaction – CP

-1.80%

1 alert

-1.80% News Effect

On the day this news was published, CP declined 1.80%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

February Canadian grain: 2.232 MMT February Canadian carloads: 23,088 carloads January Canadian grain: 2.395 MMT +5 more

8 metrics

February Canadian grain 2.232 MMT Canadian grain and grain products moved in February 2026

February Canadian carloads 23,088 carloads Canadian grain carloads in February 2026

January Canadian grain 2.395 MMT Canadian grain and grain products moved in January 2026

January Canadian carloads 24,688 carloads Canadian grain carloads in January 2026

Crop-year grain moved 17.1 MMT Canadian grain and grain products moved in first 30 weeks of 2025-2026 crop year

Total February grain carloads 46,896 carloads Total grain carloads in Canada and U.S. network, February 2026

Total February grain tonnage 4.501 MMT Total grain tonnage in Canada and U.S. network, February 2026

Crop-year weeks 30 weeks First 30 weeks of the 2025-2026 crop year referenced

Market Reality Check

Price: $86.79 Vol: Volume 2,465,773 is below...

normal vol

$86.79 Last Close

Volume Volume 2,465,773 is below the 3,247,920 share 20-day average, suggesting no outsized trading reaction yet. normal

Technical Price $89.38 is above the $76.49 200-day MA and sits essentially at the 52-week high of $89.415.

Peers on Argus

CP gained 2.06% with multiple rail peers also positive: CNI up 1.63%, CSX up 1.1...

CP gained 2.06% with multiple rail peers also positive: CNI up 1.63%, CSX up 1.18%, NSC up 0.57%, and UNP up 0.75%, indicating a sector-supportive backdrop alongside company-specific grain strength.

Historical Context

5 past events · Latest: Feb 26 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 26	Annual report filing	Neutral	+1.6%	Filed 2025 Form 10-K with audited financials and MD&A.
Feb 03	Investor conferences	Neutral	+2.1%	CEO scheduled to speak at two major investor conferences.
Feb 02	Grain record volumes	Positive	+2.1%	Set January records for Canadian grain tonnage and carloads.
Jan 28	Board changes	Neutral	+5.7%	Appointed new vice-chair and added directors ahead of AGM.
Jan 28	Share repurchase renewal	Positive	+5.7%	TSX accepted early renewal of 2026 NCIB for up to 82.2M shares.

Pattern Detected

Recent operational and capital-allocation updates have generally coincided with positive price reactions, especially buyback and record-volume announcements.

Recent Company History

Over the past months, CPKC has combined operational records with active capital returns. A January 2026 grain record and strong crop-year volumes drew a positive 2.08% move. The early-renewal NCIB allowing repurchases of up to 82.2M shares and board changes on Jan 28, 2026 coincided with a 5.66% gain. Routine disclosures like the 2025 Form 10-K filing and CEO conference appearances also saw modest positive moves. Today’s new grain records extend this operational momentum theme.

Market Pulse Summary

This announcement highlights new February records for Canadian grain shipments, with 2.232 MMT and 2...

Analysis

This announcement highlights new February records for Canadian grain shipments, with 2.232 MMT and 23,088 carloads, plus network-wide totals of 4.501 MMT and 46,896 carloads. It extends January’s record volumes and brings crop-year movements to over 17.1 MMT, echoing earlier updates that emphasized strong grain flows. Within recent filings and buyback activity, this reinforces an operational growth theme, while risks remain tied to crop conditions, export demand, and broader freight mix shifts.

Key Terms

mmt

1 terms

mmt technical

"moving 2.232 million metric tonnes (MMT) in February 2026."

Modern Monetary Theory (MMT) is an economic idea that a government that issues its own currency can fund spending by creating money rather than relying solely on taxes or borrowing, as long as it controls inflation. For investors, MMT matters because it changes expectations about government deficits, interest rates and inflation — similar to a household that can print its own cash, which shifts how you judge the safety and value of bonds, stocks and currencies.

AI-generated analysis. Not financial advice.

CALGARY, AB, March 3, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) said today it has broken its February monthly record for transporting Canadian grain and grain products, moving 2.232 million metric tonnes (MMT) in February 2026. This new February achievement beat the previous tonnage record set in February 2021. Last month's 23,088 carloads also set a new February monthly record, beating the previous high set in February 2021.

"This is the second straight monthly Canadian grain record and it continues a strong start to 2026 as our railroaders work safely and efficiently with our supply chain collaborators to move a record grain crop across Western Canada," said Elizabeth Hucker, Vice-President Sales and Marketing Bulk. "Our investments in the grain supply chain, combined with our customers' new and upgraded grain-handling capacity, are moving more Canadian grain for export to markets around the world."

To begin 2026, CPKC set a new January monthly Canadian grain record moving 2.395 MMT beating the previous tonnage record set in January 2023. January's 24,688 carloads also set a new monthly record, beating the previous high also set in January 2023.

Through the first 30 weeks of the 2025-2026 crop year, CPKC transported more than 17.1 MMT of Canadian grain and grain products. These are the largest Canadian grain totals since the record setting 2020-2021 crop year. In addition, February 2026 also set a February carload and monthly tonnage record for the most total grain moved in Canada and the United States on the CPKC network with 46,896 carloads and approximately 4.501 MMT transported last month, exceeding the prior monthly records from 2024.

The volumes of Canadian grain and grain products moving on our railway in multiple weeks exceeded the average supply chain capacity targets outlined in our annual grain service plan. It is critical that all supply chain participants, including customer loading facilities and terminal operators loading grain into vessels at ports, operate at full capacity to sustain this strong momentum.

Effective crop year and winter planning and demand forecasting helps prepare the railway so that CPKC can serve the needs of its customers, and by extension, the broader economy. CPKC has outlined its Canadian grain service outlook in its annual plan available on cpkcr.com.  

About CPKC

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR

View original content to download multimedia:https://www.prnewswire.com/news-releases/cpkc-sets-new-february-monthly-grain-records-302702750.html

SOURCE CPKC

FAQ

How much Canadian grain did CPKC move in February 2026 (CP)?

CPKC moved 2.232 million metric tonnes of Canadian grain in February 2026. According to the company, that beat the prior February record and was supported by 23,088 carloads across the network.

What February 2026 carload totals did CPKC report for Canadian grain (CP)?

CPKC reported 23,088 carloads of Canadian grain in February 2026. According to the company, this set a new February monthly carload record, exceeding the previous February 2021 total.

What were CPKC's combined Canada‑US grain totals in February 2026 (CP)?

CPKC reported a Canada‑US network total of 46,896 carloads and ~4.501 MMT moved in February 2026. According to the company, both figures represent monthly records on the CPKC network.

How much grain did CPKC transport in the first 30 weeks of the 2025–2026 crop year (CP)?

CPKC transported more than 17.1 MMT of Canadian grain through the first 30 weeks of the 2025–2026 crop year. According to the company, these are the largest totals since the 2020–2021 crop year.

Did CPKC set a January 2026 grain record before February (CP)?

Yes. CPKC set a new January 2026 Canadian grain monthly record moving 2.395 MMT with 24,688 carloads. According to the company, January beat prior January 2023 records.

What does CPKC say is needed to sustain high grain volumes (CP)?

CPKC says sustaining volumes requires all supply chain participants, including customer loading facilities and port terminals, to operate at full capacity. According to the company, effective planning and demand forecasting are also critical.