The price of beef rebounded 12% in December, to a near record high, driven by increased demand from Europe.
The ANZ bank's Commodity Price Index shows the price gain comes after beef export earnings from Europe jumped 50% in the year to June.
Beef was the top performing commodity on ANZ's Commodity Price Index.
Total beef export earnings increased by 13% in the year to June, the main driver being a 16% price increase to $5920 dollars per tonne.
The ANZ says other beef exporting countries, like Brazil, have had to contend with unfavourable conditions such as currency appreciation, allowing New Zealand to capitalise on the lucrative European market.
But the country's largest meat processor, Silver Fern Farms says the gains could be under threat because the credit ratings downgrades of half the eurozone countries could affect the exchange rate.