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СпутникиРНSpaceXРоскосмосNASAecent and pending rail mergers renew questions about the trade-off between operational efficiency and market power. We examined the 2023 Canadian Pacific (CP)–Kansas City Southern (KCS) merger and its effects on grain basis using elevator-level cash bids from 2016-2024, comparing CPKC elevators with other carriers in a difference-in-differences framework. Corn basis improved at elevators in grain surplus regions but declined at elevators in grain deficit regions. Soybean basis showed little persistent response. Wheat basis strengthened, with all sample elevators in production regions. Our results suggest this consolidation improved transportation efficiency with net welfare gains for grain producers and users.
ecent and pending rail mergers renew questions about the trade-off between operational efficiency and market power. We examined the 2023 Canadian Pacific (CP)–Kansas City Southern (KCS) merger and its effects on grain basis using elevator-level cash bids from 2016-2024, comparing CPKC elevators with other carriers in a difference-in-differences framework. Corn basis improved at elevators in grain surplus regions but declined at elevators in grain deficit regions. Soybean basis showed little persistent response. Wheat basis strengthened, with all sample elevators in production regions. Our results suggest this consolidation improved transportation efficiency with net welfare gains for grain producers and users.
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