November and December '08 futures all fell significantly for corn, soybeans, soy oil, wheat, and oats.

Soybean futures were the worst hit, down US70c a bushel for November '08, while wheat fell US48c/bu for December '08.

Queensland Sugar is also reporting a fall in sugar prices, with October '08 futures back 51c/lb to 12.59c/lb.

"The raw sugar market was down strongly in line with most other financial markets, as heavy speculator sales hit most financial markets," the Qld Sugar daily market report states.

However, on the upside for agricultural exporters, the sharemarket meltdown in the United States has also hit currency values, with the Australian dollar slipping to buy just US79.56c.