International commodity prices rose for the third consecutive month, but further weakness may still be in the pipeline for some sectors.
The ANZ Commodity Price Index rose 2.7% in May.
Seven of the country's key exports recorded price increases, while four declined.
Wool recorded the largest increase of just over 9%, while seafood recorded the largest decline, slipping 5%.
ANZ economist Steve Edwards says despite three months of increases, prices are still down on an annual basis.
He says Fonterra's latest auction has shown some weakness in the price of dairy, which has not so far appeared in the ANZ index.