While global commodity prices continue to rise, some commentators are warning producers here not to bank on the trend continuing.

Wool, meat, and dairy prices are all at, or near, record highs, due largely to a global shortfall of supply and growing demand through developing countries.

Wild weather in Australia and the USA, as huge storms  hit both countries, are affecting the global marketplace for food produce.

KPMG Agribusiness commentator, Ian Proudfoot, says economic forces like supply and demand can‘t be counted on for long term stability.

"I think that the price rise that we are seeing at the moment is a supply driven increase, rather than necessarily a totally demand driven increase."

Mr Proudfoot says farmers should make the most of the high prices and try to insulate their businesses against volatility while they can.

"To make the most of the prices at the moment, I think farmers are pretty committed to work with what their supply levels are for this season at this point.

"That’s really taking advantage of those prices by doing what they can to get supply into the market, whilst still thinking about the long term future for the business."

For more on the weather events in Queensland, head to Philip Duncan's site weatherwatch.co.nz