COVID-19 and associated containment policies is severely denting economies around the world. This is putting downward pressure on global food prices. But, to date, not as much as some may have thought. Food demand remains, albeit with a different profile and through different channels. While risks abound and heavily depending on the evolution of COVID-19, we expect world prices for NZ primary products to generally fall further in 2020, but remain at reasonable levels, before improvement in 2021. Local primary exporter returns are being materially supported by a lower NZD.