Commodity prices have continued to decline, led by dairy products.
ANZ Bank's Commodity Price Index fell 1.3 percent in March compared with the previous month, and 22.4 percent year on year.
Dairy fell 4.5 percent, while forestry and seafood also decreased, offsetting gains in the meat industry.
When converted back into New Zealand dollars, returns at the farmgate fell 2.9 percent due to a stronger American dollar.
On an annual basis, prices fell 14.2 percent.