New Zealand commodity prices rose strongly in July on the back of a surge in beef and aluminium prices.
The ANZ Bank Commodity Price Index rose 1.8% last month, hitting a record high.
Beef prices are up 38% on a year ago, the latest rise largely fuelled by the United States summer barbecue season.
Eight of the 13 commodities measured rose. However, sawn timber, wool and pelt prices dropped.
When converted back into domestic currency, ANZ economist Steve Edwards says returns to farmers rose only 2.8% because of a weaker New Zealand dollar.