Commodity prices have fallen for a sixth successive month, with the ANZ Bank's commodity price index declining 1% in November.
Most of the 17 commodities tracked fell, including cheese, aluminium, timber, and wool, with only whole milk powder rising.
ANZ economist Steve Edwards says when converted into New Zealand dollars, returns at the farmgate rose 1.2% due to a weaker currency.
He says the exchange rate has been buffering the New Zealand economy and there's been a decline in the New Zealand dollar, so that's buffered some of that decline worldwide.
Mr Edwards says when it's converted back into New Zealand dollars it's not as bad as it may seem.