Higher dairy prices have helped commodity prices record a third consecutive monthly rise, though the gains have been curbed slightly by the high New Zealand dollar.
The ANZ Bank's commodity price index rose 1.3% in October compared with the previous month, though it's still 16% off its all time high, recorded in April last year.
Even converted back to New Zealand dollars at the prevailing high exchange rates, returns rose 1.1%.
ANZ economist Steve Edwards says export prices have reached a floor and are steadily rebounding.
