Since the beginning of the 2018/19 marketing season started at plantings in October 2017, LIFFE feed wheat prices have traded in a range between ~£140 and ~£195 on the front month expiry, with an average of ~£159/T and a median price of ~£167/T. Since the 2018 summer spike when May-19 LIFFE feed wheat reached the psychological £200/T wall, UK wheat has dropped about 27% or ~£27/T on the May-19 contract which currently stands at ~£174/T.
Historically speaking though, those levels are still well above the average. Over the last 10 years (since July 2008), LIFFE Feed wheat has traded above the £170/T mark less than 22% of the time, implying it traded below £170 nearly 80% of the time as per the chart below:
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