It's been another month of record global commodity prices, but they are still to flow through to the wider economy.
The ANZ Commodity Price Index found the average global commodity price rose 4.7% in March, with all commodities tracked by the index either unchanged or rising for the first time in 17 years.
Prices for wool and whole milk powder rose 12%, while lumber, skin, beef and log prices also increased.
When converted back into New Zealand dollars, returns to farmers jumped 8% due to a weaker currency.
ANZ economist Steve Edwards says farmers remain commited to paying debt, rather than spending.
However he says the benefits will eventually flow through to other areas of the economy.