A market analyst says there is nothing in corn and soybean markets that shows prices will be going up significantly in overall terms.

G3 Canada's director of market research Neil Townsend says without a some sort of big weather failure, it's unlikely that supply and demand will balance out enough to tighten prices.

Townsend says the general volatility and uncertainity of broader economics is also weighing on commodity prices.

"We've seen a lot of nervousness around China, nervousness around the Middle East — even nervousness around the North Korean hydrogen bomb claim or whatever, and I just think right now people are trying to figure out where they stand," he says. "Inside the United States, the economy is very strong, but the rest of us are suffering from commodity sell-offs, suffering from this uncertainty and volatility, and the big impact has been on our currency."

On the flipside, however, since commodities are denominated in American dollars, Townsend says the weak loonie means Canadian farmers are getting higher returns.