Morning Call - Canada - Jun 30 2026

Research evidence excerpt

Morning Call - Canada - Jun 30 2026

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Global Research INDUSTRY UPDATE

June 30,

2026 Monthly Supply Chain Tracker Freight■Air

■Airfreight & Surface Transportation:

Trucking

■Airfreight & Surface Transportation: Rail

■Airfreight & Surface Transportation: Air

Freight & Logistics

TD SECURITIES (USA) LLC THE TD COWEN INSIGHT

EQUITY RESEARCH

We update our supply chain tracker as we exit June. Freight demand trends are fairly

Jason H. Seidl encouraging with rail volumes gradually accelerating and the Cass truck shipment index

646 562 1404 declines moderating. Trucking spot rates remain tight post Road Check week. Ocean rates

jason.seidl@tdsecurities.com

have also tightened sharply with some reports pointing to early peak dynamics.

Oliver Chen, CFA

646 562 1424

U.S. rail volumes are +4.9% YTD and +6.8% over the past four weeks, as rail demand further

oliver.chen@tdsecurities.com

improves through June. Intermodal volumes are +11.9% over the last four weeks in the U.S.,

Tom Fitzgerald, CFA driven by demand strength and share shift given elevated OTR pricing. U.S. rails are optimistic

646 562 1304 about carloadings coming in ahead of expectations; multiple rails called out a widening

tom.fitzgerald@tdsecurities.com

breadth of core strength.

Krista Zuber

Dry van spot rates excluding fuel fell modestly through the first half of June, due primarily to a

646 562 1331

normalization of rates following Road Check in May. Spot rates continue to track well abovekrista.zuber@tdsecurities.com

last year's levels; the rate strength is almost entirely driven by capacity reductions. This is

TD SECURITIES INC. - CANADA evident when looking at the Cass Freight index, which shows shipments improving but still

EQUITY RESEARCH negative y/y.