Australian wheat farmers stand to lose billions of dollars if the CSIRO's trials of genetically modified wheat are allowed to continue, Greenpeace says.

A report by the environmental group accuses the government research organisation of "serious oversights" when it comes to managing the risks of its field trials currently taking place across the country, reported the Sydney Morning Herald.

"The economic implications of GM wheat are dire," Greenpeace spokeswoman Laura Kelly said in a statement on Thursday.

Every one of Australia's global wheat market competitors, including Canada and Europe, had rejected GM wheat, Ms Kelly said.

"They were not convinced by global biotech companies that it would not contaminate their natural wheat crops and threaten their billion-dollar export markets," she said.

The CSIRO, however, says its research will benefit local farmers.

"Our number one priority is that Australian industry and farmers realise the benefits of our grains research first and foremost," CSIRO spokesman Huw Morgan told AAP on Thursday.

"All GM wheat research conducted by the CSIRO has met the strict regulatory requirements that are set down by the Office of the Gene Technology Regulator."