That's a significant increase from last season's tonnage.

Australia has suffered through two straight years of very poor harvests due to drought, and, because of that, has had little grain available for export.

Although rains in July helped stabilize the crop conditions in Australia, continued rainfall is very necessary during the second half of August and into spring.

Rabobank says some 'significant' risks for the Australian wheatbelt remain, as the Bureau of Meteorology rainfall outlook is pointing toward some dry conditions for many growing areas.

"Only time will tell if the Australian crop will rebound this season and help increase global wheat stocks," the report says.

With world wheat stocks at all-time lows, a good Australian harvest this year is vitally important.

Some other countries also are contributing to a slow lift in available wheat supply and stocks.

Among the big wheat producers, Russia has harvested 42 million metric tons of from 25pc of the acres that were planted - that's 8.5m tons more than from the same time last year.

Its yields are just under a ton more per hectare than last season's harvest.

The agriculture ministry there, expects a final harvest around 85m tons, an increase of three million from 2007.

The Ukraine also is seeing an improved harvest over last year's.

It has harvested 74pc of its wheat acres, producing 32 metric tons.

Although the harvest pace there is behind last year's, yields are more than 1.35 tons per hectare greater than last year's harvest. The agriculture ministry is predicting a grain harvest more than 10 metric tons greater than last year's harvest.