“In addition, we expect our forecast for biofuel shipments of renewable diesel and their associated feedstocks to remain strong.”

In context

“parcel market driven by higher inventory and the shift in consumer behavior as people spend more towards services than goods. International shipments were down due to decreased imports on the West Coast. So turning to Slide 7. Here is our outlook for the rest of 2023 as we see it today. Starting with our bulk commodities. There is uncertainty in our second half coal outlook as the inventories have been restocked, but extreme heat is driving up near-term demand and starting to push up natural gas prices. We expect near-term grain shipment to be challenged with tighter U.S. grain supply impacting volumes. However, with improved operations and recent rain improving new crop supply forecast, we remain optimistic about our opportunity to move incremental grain carloads in the fourth quarter. In addition, we expect our forecast for biofuel shipments of renewable diesel and their associated feedstocks to remain strong. We see solid market demand and continue to capture new business as production expands. Moving on to industrial. The forecast for industrial production is down in the back half of 2023. Demand for forest products will also remain below 2022 levels. And despite some good business development wins on the metal side, it has been offset by a weaker-than-expected market. However, we expect to see continued strength in construction with new business wins. And finally, for premium. We expect challenges in the intermodal market from continued inventory destocking, inflationary pressures and ongoing shift in consumer spending from goods to services. However, on the international side, we continue to outpace U.S. West Coast import market as customers shift more business to IPI. For automotive, we”