A CN locomotive makes it's way through the CN Taschereau yard in Montreal, Saturday, Nov., 28, 2009. THE CANADIAN PRESS/Graham Hughes

OTTAWA - Canadian National Railway (TSX:CNR) has exceeded its revenue cap for the crop year 2008-09 and owes a total of $717,432, the Canadian Transportation Agency says.

The agency said Thursday that CN's revenues for the movement of western grain were $683,269 above its revenue cap of $479.1 million. As a result, the railway now has 30 days to pay the amount by which it exceeded its cap, plus a five per cent penalty of $34,163.

Canadian Pacific Railway's (TSX:CP) revenues from grain transportation for the same period were $1.1 million below its cap of $486.0 million.

Shares in CN Rail gained 12 cents to $57.21 in afternoon trading on the Toronto Stock Exchange, while shares in CP Rail lost 22 cents to $56.71.