By paNOW

Farm losses from damaging prairie rains expected to be lower: BMO

Dec 1, 2010 | 12:27 PM

paNOW Staff

The financial impact of a rainy growing season on prairie  farmers is not as major as first thought.

Bank of Montreal estimates losses on farms because of extensive flooding this summer to be about $1.5 billion. Orginally, the bank estimated losses would be closer to $3 billion.

BMO said the change in their forecast is because of stronger prices in the wake of production problems in countries like Russia and Ukraine and reduced forecasts for global production and stocks.

Still, the bank believes the poor 2010 grain harvest, carved more than three percentage points from real GDP growth in Saskatchewan for the year.

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In Saskatchewan the grain harvest is estimated to be one third below last year’s level.