Dry matter vs. as-sampled protein: which is more relevant?

I have the good fortune of buying organic unmilled wheat sourced from farmers in my state, which I mill at home for bread. Sometimes I can get the lab analysis report for the crop I'm buying from, and it lists two measures of protein: As-is (or as-sampled) and Dry Matter.

The technical key to one of the reports says that As-is protein is "Based on the % flour moisture." I have no idea what that phrase means, but perhaps it refers to the protein level in the grain as submitted, water content and all?

From the name, I'm guessing that dry-matter is the protein % when all the water is removed from the sample. In the reports I have, the dry matter protein levels are a higher value, which would be consistent with that assumption.

Which is more relevant to evaluating the breadmaking quality? 

Eric
(in Massachusetts)