New Zealand livestock farmers operate in an environment of relatively high price instability. Over the period of 1999-2007, prices for cattle, sheep and wool fluctuated roughly between 14% and 27% around their means observed at farm levels, while this fluctuation reached 36% for deer farmers. Consistent with findings for other countries, the variability of prices at the farm level in New Zealand is higher than at the aggregate level. However, the divergences between the farm-level and the aggregate-level variability are not significant.