Regardless of supply and demand, grain and oilseed futures have been dragged lower by global markets over the last week.

"We've seen a major drop in stock markets globally as the problems in the US intensify. This is having a direct impact on commodity prices. Crude oil dropped more than 4 dollars per barrel on Thursday. That'sa direct negative impact on corn prices. 40 percent of the corn usage is directly based on ethanol, and that's really going to cut the usage," explains Errol Anderson, market analyst with ProMarket Communications.

He says the lower value of the Canadian dollar has buffered Canadian farmers from some of the impact.

"The canola market has done quite well, thankfully for the Canadian dollar dropping significantly," he says. "Our loonie has broken down below 103 US and it looks like we may be heading down to 101, which is good news on the Canadian front."

Anderson says packers have been fairly quiet while watching the market.

"With the Canadian dollar down significantly, that should support a higher bid, but with stock markets crumbling down, that's a negative. So right now we really don't know where the packers will end up bidding for cattle over the next week."