Kiwi beef exporters are facing tough competition.
The latest Rabobank quarterly report shows a slight drop in beef price.
Spokesman, Blake Holgate said there has been a decline in export to the US market, as a result of the US increasing their own beef production.
"Less reliance on imports from New Zealand, on top of that we've seen an increase in production out of Australia over the last couple of months - and that's going to mean increased competition for New Zealand."
Mr Holgate added that further downward pressure on beef prices is expected as the year progresses, with increased Japanese tariffs on frozen beef impacting Kiwi exporters.
"They're down around two percent from our last beef quarterly report, and now sitting at roughly around the same price that they were at this stage last year."