Rainy spring, summer not as destructive as first thought: BMO

The Bank of Montreal is predicting Prairie farmers will take less of a finanical hit than first thought.

Economists say prices remain strong due to low production in other export countries.

This comes as good news following the devastating heavy rains experienced across Saskatchewan this spring and summer. Now months later, experts have lowered their loss estimate from $3 billion to $1.5 billion.

Despite this silver lining, economists still say the crop production decline shaved more than three points off the annual GDP.