Prices for New Zealand-produced commodities extended gains for a second month to reach a record high in both kiwi dollar and overseas currency terms, according to the ANZ Commodity Price Index.
The index rose 4.7 per cent to 336.9 in March, taking its annual gain to almost 30 percent.
For the first time in 17 years, all 17 commodity prices rose in the month.
In New Zealand dollar terms, which typically lags when the currency is high, the index gained 8.1 per cent to a record 248.2, as the kiwi languished in the low 70 US cents after the February 22 Christchurch earthquake.
"The New Zealand economy is poised to benefit from the increased rural income that will inevitably filter through the economy," ANZ New Zealand economist Steve Edwards said in his report.
"Soft rural land values and strong focus on the balance sheet has curtailed the benefit to the broader economy. This will not continue indefinitely."
Surging commodity prices have underpinned New Zealand's economy, which stalled through the second half of last year as high unemployment helped focus households on repaying debt instead of spending.
Central bank Governor Alan Bollard expects consumer demand to pick up once farms have managed to pay back their debt and can take advantage of the record prices they've been enjoying.
Wool and whole milk powder prices were the biggest gainers in March, each up 12 per cent, with skim milk powder, lumber and skins gaining 7 per cent.
Beef and log prices increased 3 per cent last month, and lamb, casein, butter and aluminium each rose 2 per cent.
Venison and cheese prices were up 1 per cent, while seafood prices rose 0.5 per cent.
Wood pulp, kiwifruit and apple prices were unchanged.
Fonterra Cooperative Group holds an online auction on Tuesday in the US, and prices are expected to hold near the trade-weighted US$4,443 a metric ton achieved in the last auction, according to ASB economist Chris Tennent-Brown.
