Markets continue to be volatile with uncertainty while grains and oilseeds are to be impacted by the low Canadian dollar and broader world economics.

Neil Townsend, director of market research with G3 Canada, says it's hard to call a bottom, with a continued abundance of grains and oilseeds.

"The fundamental situation hasn't changed," he says, "we have an abundance, all three are increasing stocks year on year, and it looks like farmers are going to plant a lot more of these crops in the next crop year again. So the issue remains the same, I mean we either have to see a spike in demand — and of course when economic conditions are challenging and food prices are going up in local denominated currency, it's hard for people to increase their demand too much. Then the other thing you could call a ray of hope, but it's sort of a negative thing, we need some sort of weather failure somewhere that will really help prices."

Market opportunities, however, could open up in South Africa where severe drought has dried up wheat and corn production significantly. Townsend says this will be supportive for prices, but it won't be a silver bullet — particularly for Canada.

"With the increased competition from the Black Sea, particularly Ukraine, Russia, the European Union, and with Argentina back online for both corn and wheat, it's going to be tough for Canada to find a big market share there because our prices tend to be higher than those, and that tends to be a price sensitive market," he says.

On a positive note, Townsend says global demand for corn, wheat, canola, and soybeans is growing year on year, with record demand likely this year.