The New Zealand dollar lamb index has reached the highest it has been within the ASB index, which dates back to 1993.
The ASB New Zealand commodity price index decreased in all denominations last week.
The sheep-beef index was the only index to move favourably over the week, lifted by another increase in sheep prices.
ASB economists expected ongoing tight supply was going to support lamb prices, although there was concern UK consumers were beginning to baulk at the higher prices they were facing.
It was expected New Zealand lamb prices would follow the typical seasonal pattern and ease from current highs, but that prices would at least meet last year's levels in the current season.
Wool prices were also at record levels within the index and beef prices were very strong, but down about 13% on the peak recorded in 2008.
The US dollar sheep-beef index hit a fresh high last week, despite the strong New Zealand dollar.
While dairy prices dropped further at this week's GlobalDairyTrade auction, with the trade weighted index of dairy prices down 5.1%; the index remained up 11.5% on the level from the same time last year.
The US dollar forestry index dropped 3.5% last week and was down 4% from the peak in late April. Log prices would remain under pressure as inventories in key export markets were high.
