Scotiabank says its agricultural commodity index was up slightly in July.
The bank says the 0 point 9 per cent increase came with stronger barley, salmon and Atlantic Coast lobster prices more than countering moderate declines in cattle, hogs, wheat and canola.
Even with that increase, however, Scotiabank's analysts say the July index was down 13 point 6 per cent from July of 2014.
Statistics Canada is predicting a 15 per cent drop in production of Canada's three largest crops in 15-16.
But Scotiabank points out the USDA is expecting record world wheat production.
While most grain and oilseed prices are expected to unwind further from the records of 2012, the bank says canola , durum and barley may fare relatively well.
Scotiabank's overall Commodity Price Index for July was down 6 point 7 per cent on the month and almost 30 per cent lower than it was in July of 2014.
