Commodity prices have hit an all-time high, thanks mainly to a surge in dairy prices.
The ANZ Commodity Price Index rose 5% to 235.2 in April, with dairy prices jumping 10%. Skins hit an 18-month high and wood pulp a 10-year high.
When converted back into New Zealand dollars, returns to farmers rose nearly 4% - another new high, despite a slightly stronger currency.
ANZ economist Steve Edwards says he expects these strong gains to moderate as consumers react to higher retail prices and other nations export more to take advantage of higher prices.