A collection of 368 advanced lines and cultivars of spring wheat (Triticum aestivum L.) from Chile, Uruguay, and CIMMYT (Centro Internacional de Mejoramiento de Maiz y Trigo), with good agronomic characteristics were evaluated under the Mediterranean conditions of central Chile. Three different water regimes were assayed: severe water stress (SWS, rain fed), mild water stress (MWS; one irrigation around booting), and full irrigation (FI; four irrigations: at tillering, flag leaf appearance, heading, and middle grain filling). Traits evaluated were grain yield (GY), agronomical yield components, days from sowing to heading, carbon isotope discrimination (C-13) in kernels, and canopy spectral reflectance. Correlation analyses were performed for 70 spectral reflectance indices (SRI) and the other traits evaluated in the three trials. GY and C-13 were the traits best correlated with SRI, particularly when these indices were measured during grain filling. However, only GY could be predicted using a single regression, with Normalized Difference Moisture Index (NDMI2: 2,200; 1,100) having the best fit to the data for the three trials. For C-13, only individual regressions could be forecast under FI (r(2): 0.25-0.37) and MWS (r(2): 0.45-0.59) but not under SWS (r(2): 0.03-0.09). NIR-based SRI proved to be better predictors than those that combine visible and NIR wavelengths.