Bank of Montreal has revamped its commodity price index so that it better reflects the current composition of Canadian exports.

The key changes are a big boost for the oil and gas component of the index, to 46.3% from 26% and a big cut for forest products, which have been slashed to 26.3% of the index from 45.2%.

BMO economists have also trimmed agricultural products, to 5.9% from 8.7%, while replacing corn and soybeans with hogs and beef cattle.

Metals and minerals rise to 21.5% of the index from 20.1%.

The bank said Friday that the index climbed to 172.4 in February, up 7% from the preceding month and 9.7% from a year earlier, with belated cold weather driving up the oil and gas subindex by 13% from January.