Whole milk powder prices were the standout gainer of commodities in February but, with other commodities falling for a third consecutive month, the ANZ commodity price index is down 16.6% on a year ago.
ANZ Agri Economist Con Williams said dairy prices had climbed in February, while other sectors either were steady ''or fell back'' on the index, which rose by 1.8% in February.
''Whole milk powder, in particular, led the rise but, outside of dairying, prices were soft, particularly for meat and fibre,'' Mr Williams said in a statement.
There was some respite for exporters, with a dip in the New Zealand dollar.
The effect on the index meant it rose by 7.3% over February, with prices only 7.4% lower than a year ago, he said.
Beef prices fell in the United States, because of high Australian and New Zealand supply, port disruptions and weaker demand due to a recent cold snap, plus increasing poultry and pork supply.
Mr Williams said lamb prices were also down.
Beyond the UK, Germany and the US, demand from major markets for lamb was weaker, including in China, where high domestic supplies and imports from New Zealand and Australia were leading towards a supply glut.
Fruit-picking had just begun for most horticultural crops, but early price indications for Europe were soft, as sanctions against Russia had flooded markets elsewhere with domestic supplies, although supply to Asia ''looks fairly solid'', Mr Williams said.
The forestry was ''softer'' with log prices, albeit unchanged in February, starting to come under pressure in China as its rising inventories and sharply lower Russian log prices weigh on sentiment, he said.
