Yields have increased throughout all regions in England and the organisation estimates a 3.8 per cent increase in this year's supply leading to overall wheat production of 15.1m tonnes.
These optimistic figures will do much to reassure bakers that the industry is recovering from the late spring, early summer and July droughts which damaged crops throughout Europe and caused commodity prices to soar.
NFU combinable crops board chairman Arthur Hill said in a statement: "Farmers have worked incredibly hard this year to ensure a successful harvest and wheat quality is very good. This is good news and prices are indicative of the fact that our products are very much in demand, both at home and overseas."
Hill continued: "With the volume of exports that has already taken place, and improved outlook, we expect steady demand for our grain for export and domestic use."
In August, the International Grains Council were forced to lower global wheat output predictions from 596m tonnes to 593m tonnes.
And other industry bodies made similarly gloomy predictions, with the Food and Agriculture Organisation (FAO) predicting that world wheat could decline by as much a 10m tonnes throughout the year.
In addition, the US Department of Agriculture cut its global wheat forecast to around 116m tonnes - its lowest level in 24 years.
This prompted two of the UK's biggest millers, ADM Milling and RHM to announce they were increasing flour prices by nearly £30 (€44) per tonne.
Given the increased costs, industry experts warned that shoppers could have to pay between 4p (€0.06) and 10p (€0.14) more for a loaf.