Compared to last year, the wheat production will rise by 12.6%, reports The Weekly Times. If the rains continue, NAB may raise the forecast of 0.6 million tons.

"Our forecast is based on the actual number of precipitation and the assumption that in the remaining before the beginning of the harvest months, precipitation will be within normal limits. If the amount of precipitation will be above normal, the crop could reach 27.8 million tons," — said NAB.

In June, the Australian Bureau of agricultural and resources Economics (ABARE) estimated future harvest much lower at 25.4 million tons. The revised forecast ABARE will release next month.

Forecast Rabobank released last week, equal to 26.7 million tons.