Farmers believe that if yesterday's dry weather continues for even two or three days, they may be able to save some of the crops which remain in the fields, long after normal cutting time.
An analysis carried out last week by the State Research body, Teagasc, painted a bleak picture of the national cereals crop, particularly near the south and south-east coast, where rainfall in August was more than three times its normal level.
In a 30-mile band along the coast, between 50 and 70 per cent of the cereal harvest had still to be cut by last Thursday and some crops will have to be abandoned, the analysis said.
Weather conditions have compounded what was already a difficult year for grain growers, with higher input and conacre costs and falling market prices combining to squeeze incomes.
"Apart from the severe losses caused by the weather, cereal farmers' incomes this year will be down by an average of £100 an acre," said Mr Paddy Browne of Teagasc.
Of the 17,000 grain farmers in the country, 4,000 - who grow more than 40 acres each - are deemed "serious" producers by Teagasc. About 500 of these are likely to be unable to harvest at least some of their crops.
The crisis has led to accusations by the IFA that grain merchants are paying "indefensibly" low prices this year for the product. The farmers' body wants the Minister for Agriculture, Mr Joe Walsh, to press for better prices from merchants when he meets the Irish Grain and Feed Association tomorrow.
However, the Association's director, Mr Seamus Funge, said there was no scope for an increase, despite the IFA's "massive campaign to try to push up the price beyond a reasonable level".
Independent industry sources say it would be difficult for merchants to keep prices artificially low as there is genuine competition in the trade, with a large number of small local buyers operating around the country.
Mr Walsh, who also meets the Irish Bankers Federation tomorrow, is expected to concentrate on seeking better credit terms from both banks and buyers for farmers in difficulty.
There is little prospect of a special aid package for farmers worst affected.
Instead, the Minister has promised that EU Area Aid payments, which total £90m, will be paid as quickly as possible from the start of the EU Financial Year on October 16th.