A surge in wool prices has lifted commodity prices to record highs.
The ANZ Commodity Price Index rose 3.5% in October, with wool jumping nearly 30% to a 21-year high.
Other large price rises were for skins, which lifted 10%, and dairy and logs, which rose by between 3% and 4%.
ANZ chief economist Cameron Bagrie says a drop in wool supplies internationally is driving the lift in prices.
However, when converted back into New Zealand dollars, returns at the farmgate rose a more modest 0.8%.
Mr Bagrie says there is increasingly strong demand from the Middle East and China as traditional European markets waver. He says that trend looks set to continue.
Three commodities recorded price drops, with beef taking the biggest hit, down 3%.
