North American crop production in 2015 was well above trend for the third year in a row, according to the latest report from BMO Economics. But the good production isn't necessarily good for markets, with corn and soybean inventories reaching an all-time high.

"We have very low crop prices at present and we have very high inventories of key crops if you look globally," says BMO economist Aaron Goertzen. "Not only does that put pressure on current prices, that also means those inventories are going to have to be gradually worked down before we can see any meaningful price recovery."

The demand front doesn't look much better.

"You can certainly look at things like lower than planned U.S. ethanol blending requirements, and even just this year, we've seen what's happened with oil and other commodities. Investors were kind of fleeing the commodity space, and so all of those demand factors, including just disappointing global growth, have certainly weighed on crop prices as well," Goertzen says.

Goertzen says the low Canadian dollar is somewhat inflating food prices north of the border, however this means Canadian farmers are receiving more for their crops than our southern neighbours.

Canadian crop yields overall were somewhat below average this year, largely due to drought in Western Canada, but the bumper crop in the U.S. brought in above trend yields.