However, farmers said yesterday crop losses could be minimal if water receded in the coming days, The Australian Financial Review reports.

Some of Victoria's key farming regions received 50 to 100 millimetres at the weekend, creating extensive water damage to towns and homes and forcing farmers to move livestock to higher ground.

Farmers fear that more rain forecast for later in the week could cause crops to become waterlogged and damaged.

Many farmers have been able to plant larger crops and will enjoy increased yields after drought-breaking rains earlier in the year delivered much-needed moisture to soils.

Victorian Farmers Federation grains president, Russell Amery, also a farmer, said there was still the potential to deliver good crops this year because of improved yields.

"This will knock the cream off but what we have planted has the potential to yield significantly more than in previous years," Mr Amery said.