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BMO Says 2015 U-S, Canadian Crop Production Went Opposite Directions

The Bank of Montreal says North American crop production was above trend again this year - the third straight year that's happened.

Economist Aaron Goertzen says that trend has kept downward pressure on crop prices and farm income, but has been a windfall for livestock farmers, food processors and consumers.

But he points out the situation is not the same in both Canada and the U-S.

While American farmers brought in another bumper crop, Canadian producers grappled with sub-par growing conditions for a second straight season.

Goertzen suggests composite Canadian crop yields fell about 5 per cent short of norms this year - about the same as they did last year.

However, he's also predicting that while crop receipts in the U-S are expected to dip by around 9 per cent this year, Canadian farmers can expect to see a slight uptick in crop revenue.

The BMO economist says that's at least partly because of the weak Canadian dollar.

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Rogers Centre in Toronto before a game between the Blue Jays and Baltimore Orioles, August 7, 2024. Photo by Mark Brown/WindsorNewsToday.ca

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