Leading into harvest wheat producers will not only have the boost of generally solid yields and high prices but may be able to snare premiums for protein levels above benchmark levels.
The world market is crying out for high protein lines and big spreads are emerging between soft and hard wheat classes.
While the industry is not expecting the high protein levels generally associated with a dry finish, most believe protein levels will be sufificent to extract at least some of the premiums on offer.
Adrian McCabe, Grain Producers South Australia chairman, said he hoped much of South Australia would have good protein levels.
"Overall as a state we're looking at a season just slightly below average and those conditions often mean good protein levels," Mr McCabe said.
"The south-east, should they not see damage from a frost this week, are looking great in terms of overall yields, as is the lower Eyre Peninsula but other areas will not produce as much grain but might see good protein levels, which looks like it could mean solid demand for the grain," he said.
In Victoria, Victorian Farmers Federation grains group president Ash Fraser said it was too early to anticipate protein levels, but said like usual the best protein levels would be found in the lower yielding crops in the Mallee.
He said elsewhere yields would be high but after a big year last year protein could be down slightly after the previous crop used large amounts of nitrogen.
"It's difficult to know as many did go out fairly hard with the inputs so that could push it up, but equally it has been a fairly cool finish which usually means more yield but lower protein."
Nick Crundall, Market Check head of strategy, said early reports from harvested areas in the north were that protein was slightly lower than average, but not markedly so.
"The anecdotal reports from Queensland and northern NSW is that some of the guys that often produce Australia Prime Hard are this year growing AH or H2 quality wheat, which is slightly lower in protein, but this sample size is far from definitive," Mr Crundall said.
Mr Crundall said it would be interesting to see growers' marketing strategies this year.
"At face value you would think there would be a lot sold straight off the header given prices are historically high but there will be other considerations," he said.
"You would expect the record canola price will mean farmers satisfy their cash flow needs by selling that straight away and from there they may have a look at what is happening, especially given Australian wheat is cheap on the world stage.
"There may also be the pleasant problem of tax implications with selling that means some may delay selling until the new financial year."
Mr Fraser and Mr McCabe said there would be a range of marketing strategies employed but said the high prices changed the dynamic.
"In places like the Yorke Peninsula the crops are expected to be slightly below average, but with the prices it will mean a better than average financial year," Mr McCabe said.
Mr Fraser said it was a similar story for Mallee growers.
"The pricing is one of the big positives for the season, next year we'll have to contend with high input prices but this year there should be some good gross margins on the high yielding stuff and for those where the crops have struggled it will mean it is much easier to finish in the black."
Start the day with all the big news in agriculture! Sign up below to receive our daily Farmonline newsletter.