With wheat futures soaring close to one-month highs, AWB lifted its forecast of wheat pool returns for the third successive month, increasing the prices of various grades of wheat by between $9 and $22 a tonne.

Wheat futures climbed one per cent to as high as $US7.485 ($8.20) a bushel yesterday on speculation that US Department of Agriculture data would show supplies continuing to tighten. Futures have surged 75pc since June, reaching a two-year high of $US8.68 last month when Russia announced it would ban wheat exports until December.

While the severe drought in Russia is well known, AWB's general manager of commodities, Mitch Morison, said the hot and dry weather had also affected yields across wide parts of Europe.

He said buyers were looking to Australian growers to make up for the lost volume in global trade.

"This means there is very strong interest for Australian wheat, both to make up for the lost volume in the global trade and supply higher quality needs,'' Mr Morison said.

"The interest is helping to generate better physical prices for Australian wheat on top of the general improvement in world prices, so we are in a strong position talking to customers about shipments both in bulk and containers.''

The Bureau of Statistics says Australia is exporting 52pc more wheat than a year earlier. Australia, the world's fourth largest shipper of wheat, exported 1.59 million tonnes in July, compared with 1.05mt the same month last year.

Mr Morison said the winter crop harvest had begun in Central Queensland, and production prospects had been boosted by recent rain, despite flooding in some areas.

''It's a great start to the spring growth period.''