Markets reacted quite strongly following the vote in June for the U.K. to leave the European Union (EU).

Farm Credit Canada's chief agricultural economist JP Gervais says this was expected, though he thinks it was an overreaction, noting, for example, the Canadian dollar has regained some of what it lost since the news of the vote.

Gervais says the low Canadian dollar is positive, as the Brexit vote could bring opportunities for Canadian producers.

"The U.K. is a net importer of food, and we're a net exporter — so hey, guess what? This is great because, you know, we have incentives that match," he says. "The U.K. has bought most of their food from other European nations, but now maybe that trade relationship is going to look different moving forward than it has in the past, and so maybe there's an opportunity for us long-term, I would say over the next 12 to 24 months, maybe to increase our exports to the U.K."

Gervais says going forward, it will be important to keep an eye on the value of the Canadian dollar, as well as the volatility of financial markets.

"We've got to not overreact if there is news in the marketplace because of, let's say... the U.K. leadership doesn't get along with the EU leadership or doesn't see eye-to-eye on how these negotiations to get out (of the EU) will unfold. If that markets react to that (type of news), I think we've got to let it go. I think it's really just about focusing on the Canadian dollar, as well as potentially down the road, interest rates as well," Gervais says.

Following the Brexit vote, Gervais notes the Canadian dollar lost value to the Japanese yen, which is good for competitiveness in that market.