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Susan Kilsby, agriculture economist at ANZ, points out that the New Zealand’s ANZ World Commodity Price Index pushed up 2.5% m/m in April, following a revised 4.1% rise in March, putting the index 2.1% ahead of this time last year.

Key Quotes

“The NZD index lifted 4.2% m/m in March, as commodity returns in local currency terms also benefited further from the lower New Zealand dollar.”

“Dairy prices gained 4.4% m/m in April having moderated from the strong lift recorded the previous month. Markets continue to be supported by tighter global supply, which should underpin milk powder and butter prices in the coming months.”

“The meat and fibre index lifted 3.8% m/m in March with stronger prices recorded for both lamb and beef. The lamb export season has been later than normal this year.”