Despite a slowdown in China and a range of emerging economies sending markets into a tailspin, demand for food is pretty stable, according to an analyst.

Black Monday saw billions of dollars in value wiped off share markets in America, Asia and Europe, and commodity prices also took a big hit.

The Bloomberg Commodity Index sank to a 16-year low.

But Commonwealth Bank’s director of agri-strategy, Tobin Gorey, said prices for agricultural goods fared better than mining and energy prices, but it was still a mixed bag.

“The initial response in a lot of the agri-futures markets was to fall quite sharply, but a number of them, like wheat and sugar, regained a lot of the losses.”

He said the demand for food remained strong, although high levels of volatility and uncertainty about the state of the global economy had slowed growth recently.

“On the long term perspective on agriculture, there’s a lot of countries with growing incomes that want to consume higher quantities of quality food,” Mr Gorey said.

“While recent volatility probably slows this process down, it doesn’t kill it off.”

Mr Gorey still expected the Australian dollar to be sitting around 70 US cents by the end of the year.

National Australia Bank’s general manager of agribusiness Khan Horne agreed with the forecast, and expected further falls in the first part of 2016, predicting the Australian dollar would be worth 68 US cents.

Mr Gorey said that, at the moment investors, were in the process of fixing some bullish predictions they had about equity markets, and were pulling their money from stocks into safer options.