Sheep and beef prices have stabilised after their post-pandemic crash but remain "among the most sensitive" commodities to be potentially affected by a resurgence of COVID-19 either here or overseas, according to ASB.
Prices for sheep and beef were down 0.6 percent for the week ending October 9, though overall ASB's commodity price index rose 0.4 percent.
"Despite the fall last week, September was the best month for our meat index since January when the chaos first started," ASB economist Nat Keall wrote in the bank's weekly commodities report on Wednesday.
"Prices are still far from recouping their losses from earlier in the year - in NZD terms, lamb prices are down 18 percent and beef prices are 10 percent lower.
"We continue to expect that meat prices will be amongst the most sensitive to a resurgence in COVID-19 cases here and overseas."
Reports of a second wave of COVID-19 in Europe - New Zealand's largest export market for beef and second-largest for lamb - were particularly concerning, Keall wrote.
Despite "some volatility" throughout the year, dairy prices appeared to be "among the least roiled by the pandemic", according to the report.
After falling post-pandemic, forestry prices were now "a shade above" year-ago levels, in part because of China's economic situation, the report said.
"With China weathering the pandemic far better than most, the sector's heavy concentration from an export perspective has turned out to be a positive this year."