Fertiliser prices continue to tumble.
In the latest reduction Ravensdown, one of the two big fertiliser co-operatives, has dropped the price of its main superphosphate product to $396 per tonne.
The company says it's a 29% fall from the peak price of last spring and it will save farmers a further $8 million this year.
It says the latest price cut has been possible because of a further weakening of the New Zealand dollar and the co-op's foreign currency hedging.
Ravensdown has back-dated the change to 30 January, so farmers who have already bought superphosphate during February don't miss out.
Its main competitor, Ballance Agri-Nutrients, says Ravensdown's latest price reduction means the two big fertiliser companies are now offering very similar prices to their farmer shareholders.
It says the price reductions from three months ago represent a saving of about half a billion dollars for the agriculture sector.