Beef prices are tracking at record levels for the month and the "happy days" are expected to continue for a while longer, ASB senior rural economist Nathan Penny says.
In ASB's latest Commodities Weekly, Mr Penny said prices (P2 steer/kg) had lifted 2.5% since the end of 2016 so far.
If prices maintained their average over March to date, then they would set a new record level for the month.
A lack of supply, both locally and from Australia, continued to keep New Zealand prices high.
Slaughter rates in New Zealand were very low while US demand for imported beef remained firm, underpinning prices.