One bright spot is that when the markets become unstable, investors are more likely to put their money into real assets rather than financial assets. Real assets include agricultural commodities, metals and land.

Boehlje also said because now is not the time grain farmers borrow, they're unlikely to see much increase in interest rates. However, livestock producers could see higher rates if they have to borrow to buy feed.

While farmers should not ignore the capital markets, Boehlje said the current financial turmoil's effects are more indirect and focus mostly on demand adjustments.

"When there is long-term instability there tends to be a flight to real assets," Boehlje said. "People move away from financial assets. Agriculture is a real asset industry, so that does offer some protection."

Weather, however, could do more harm than the financial crisis. Grain farmers could take the hardest hit with yield losses from this year's extreme weather.

It also could cause financial problems for famers who forward-marketed crops that may not make it to harvest.

For consumers, Boehlje said, oil prices have come down in the last few days and food price increases may slow down some. Although that may seem like positive news, it might not be.

"An early response to the economic uncertainty has been a decrease in energy prices," he said. "If we go into a double-dip recession, it could take some pressure off of retail food prices, as well.. But we certainly don't want that to be the reason for a reduction in price pressures."

Despite all of the seemingly bad news, Boehlje said agriculture is still strong relative to other industries.

"Other industries are downsizing, some even permanently," he said. "Relatively speaking, agriculture is a good place to be."