Farmers across Oxfordshire are battling "one of the worst summers ever" as crops and profits take a pounding.
The poor weather has sparked fears of another hike in food prices, although farmers' leaders insist imports will keep costs down.
The Government last week lifted a ban on heavy machinery rolling on to sodden fields in a bid to save rotting crops.
Wet weather has hampered the harvest around the county, with combine harvesters left idle and thousands of acres too wet to cut.
The crop is plummeting in value by the day, while soaring fuel costs needed to run machinery to dry out the wheat has left many farmers feeling the pinch.
To make matters worse, knock-on delays to next year's planting is also anticipated if the wet weather continues.
Farmer David Greasby, of Brightwell-cum-Sotwell, near Wallingford, said: "It is one of the worst harvests we have had. It's just been a prolonged wet spell.
"It's bound to have a knock-on effect on profit.
The losses are three-fold. It costs £10 and more per tonne to dry this year and there will be crop losses in the field and losses in the quality of the crop.
"A 20 per cent loss is an optimistic figure."
Meanwhile, Charlie Barrett, who farms at Ascott-under-Wychwood, said: "It has been one of the worst summers ever.
"We are in unchartered territory, this weather is unprecedented."
Sandra Nichols, senior policy adviser for the National Farmers' Union in the South East, said: "It's been a very challenging harvest for farmers, probably among one of the worst they have had to deal with.
"Farmers will be lucky to make any money this year."
The NFU stressed prices in the stores would not spiral, despite fears the wheat shortage could hit the cost of bread.
One south Oxfordshire farmer, who asked not to be named, still had 900 acres — or two weeks worth of cutting — to do.
The harvesting would normally have been completed by now.
Ms Nichols added: "What is left is now going to be of very poor quality and there will be a knock on impact into next year.
"We estimate that by this time there would be about 50 to 60 per cent of the oil seed rape crop planted, but it's only about five per cent."
Specialist flour mill FWP Matthews Ltd, at Shipton-under-Wychwood, has been forced to import wheat from abroad for the first time.
Managing director Graham Matthews said the firm was usually keen to use local crops.
He said: "There isn't very good milling wheat available in this area because of the rain.
"It means we have to bring in wheat from further afield.
"Normally, we would get quite a lot of wheat from Oxfordshire and neighbouring areas, but we will get very little this year."
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