Following planting rain in June the company planted 10,000 hectares of dryland cereal crops, while a further 4800ha of irrigated winter crop was planted in late May.

PrimeAg's chief executive officer John Stewart says achieving the full potential of the dryland crop will be dependant on receiving adequate follow-up rain during the growing period, especially in spring.

"However, the good initial soil moisture profiles at most sites gives us an excellent start," Mr Stewart said.

He said there was enough water in storage to see the irrigated crops through to harvest.

"The geographic spread of our cropping operations, with farming hubs at Emerald, Darling Downs, Goondiwindi, Moree and Gunnedah, provides some insulation against the rainfall vagaries that will inevitably occur over the coming months, leading up to harvest in the October/November period," Mr Stewart said.

"The planting program has been completed against the background of substantial increases in costs of major farm inputs.

"The fuel price is now 50pc higher than a year ago, and fertilizer and chemical costs have more than doubled in some cases," Mr Stewart said.

"The direct growing costs to produce a dryland wheat crop are now around 50pc higher than a year ago.

"Fortunately agricultural commodity prices have also strengthened, helping to offset the impact of the cost increases, and under our risk management strategy, we have been able to sell a proportion of our expected production at these stronger price levels."