The unusual wet weather condition that earlier prevailed in Queensland, New South Wales and Victoria had resulted to crippling losses for many farmers in the affected areas, pushing back the national harvest estimates to 22 million tonnes from the earlier projections of 25 million tonnes.

Grain Growers Association (GGA) chair John Eastburn said on Monday that the prospect looks dim for farmers across the three states as the Commonwealth Bank concluded in a report that "disruptions to the harvest this year and the implications for quality are the worst for a lifetime."

Eastburn said most of the farmers in the region, including him, are reduced to crop yields that could only be allocated for stock feeds as he noted that the devastation came on the heels of the long drought, further compounding the woes of the growers hit had by the twin weather plague.

The Australian Farm Institute (AFI) said that the situation would only get worst if the rain continues and much of the damages could spill over to South Australia too, dangerously threatening the national winter grain crop estimate of about $3 billion.

AFI executive director Mick Keogh said that up to 30 percent of that harvest projections could be lost if the wet weather does not improve as the Commonwealth Bank revealed that up to 16 million tonnes in wheat exports losses could be seen as a direct result of the more than expected rains.

Some 25 million tonnes would be chipped away from the national harvest due to the prolonged wet weather, according to commodities expert Luke Matthews, who added that at least six million tonnes of wheat would be of poor quality this year apart from harvest delays expected to be seen in the industry.

The losses are so severe that the bread industry may have to look for other sources to meet their demand as wheat growers may find it hard to supply, with Eastburn underscoring the reality that "the weather-damaged wheat is virtually no good."