Commodity prices remain relatively steady, but meat prices have hit the chopping block.
ANZ's Commodity Price Index fell 0.8 percent in July, when compared with June.
Meat prices dipped for the first time this year, falling 3.4 percent in the month, led by a drop in lamb and beef.
Dairy prices continue to gain, while seafood prices were steady.
And forestry prices rose, led by logs, because of strong Chinese demand.
ANZ rural economist Con Williams said commodity prices are levelling out, but remain important.
"With the construction sector still booming, but not incrementally adding more to growth as capacity constraints bite, buoyant commodity prices will act as an important substitute in the growth stakes," he said.
Global dairy prices fell a touch at the overnight auction this week, but the important whole-milk powder did rise.