Research Library
Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
Inside Freight: We Remain Bullish on Rail Grain Volumes, But Early Crop Conditions Suggest Less Robust Growth
The USDA released initial grain production forecasts for the 2012-13 crop year. Based on planted acreage and favorable planting conditions, total corn, wheat and soybean (the 3 major crops moved by the rails) production was expected to increase 16% y/y after dropping 3% and 4% the prior 2 years. Among the public U.S. Class I rails, UNP has the most total grain/ag exposure at 17% of total rev., well above CSX and NSC at around 9%. Combined with strong growth in crude oil & frac sand vols off a low base, better long-term coal fundamentals, and company-specific legacy contract re-pricings, UNP remains our favorite rail stock.
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy & Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update