The basis for the view is based on the simple fact that everyone needs to eat – and you can't eat gold or drink oil.

"People may value basic necessities more in the future," ProFarmer's Richard Koch said.

"It may seem a little dire, but there are plenty of countries around the world whose living standards will be trimmed to the bone by recent events."

Mr Koch said one of the big areas of concern would be the financing of next year's crop, especially if prices continue to drop and inputs do not.

He said he had already heard that in South America there had been talk of growers not planting crops due to financial restrictions caused by high input costs.

Even if the acreage is maintained, yields could be down, if growers prefer to go with a low fertiliser program to limit costs.

The other big influence on the grains market, according to Mr Koch, will be the credit crunch, which makes it harder for marketers to finance grain purchases.

He said he believed buyers could enter more liquid markets – such as the more widely produced crops such as wheat, corn and soybeans at the expense of more niche markets such as barley and pulses – which could have an impact on the markets in these commodities.