Commodity ratio · live
Steel to Wheat Futures Ratio
The steel to wheat futures ratio is 4.422 — Steel at $3,066.00 per Metric Ton divided by Wheat Futures at $693.39 per Ounce.
Prices as of Aug 24, 2026, 10:38 AM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Steel to Wheat Futures ratio
1.000 T of steel = 4.422 Oz of wheat futures
Inverse (ZW-FUT/STEEL): 0.2262 — one Ounce of wheat futures buys that much steel.
Near the bottom of its 1 year range — historically compressed. (1th percentile of the last 1 year)
Steel
¥3,066.00
per Metric Ton
Wheat Futures
$693.39
per Ounce
Unit basis: CNY per Metric Ton ÷ USD per Ounce. The ratio reads as Ounces of wheat futures per Metric Ton of steel. Prices as of Mon, 24 Aug 2026 10:38:46 GMT.
These two commodities are quoted in different currencies (CNY and USD). The figure above is a raw quote ratio and is not FX-adjusted.
1Y average
5.442
median 5.399
1Y low
4.338
Jul 22, 2026
1Y high
6.359
Aug 24, 2025
Normal band
4.956–5.928
mean ± 1 std dev
Deviation from mean
-2.10σ
307 observations
Steel to Wheat Futures ratio charts
Pick a range once — it applies to the STEEL/ZW-FUT ratio line, the OHLC candles and the Steel / Wheat Futures price chart below.
STEEL/ZW-FUT ratio line
How many Oz of Wheat Futures one T of Steel buys, over 1Y.
STEEL/ZW-FUT ratio candles
Open, high, low and close of the STEEL/ZW-FUT ratio for each period in the last 1Y.
Steel and Wheat Futures prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the steel to wheat futures ratio
Steel to Wheat Futures ratio = Steel price per Metric Ton ÷ Wheat Futures price per Ounce
The two legs use different units, so the result is a rate — Ounces of wheat futures per Metric Ton of steel — rather than a plain count.
Worked example, live prices: $3,066.00 ÷ $693.39 = 4.422. The inverse is 0.2262.
The flagship commodity ratios
Each of these has its own dedicated page with live pricing, a full year of history and range statistics.
Live prices behind the ratio
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4647.62 |
| 2 | XAG | Silver | 69.00 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.75 |
| 5 | NG-FUT | Natural Gas Futures | 2.77 |
| 6 | PL | Platinum | 1885.63 |
| 7 | PA | Palladium | 1351.00 |
Frequently asked questions
What is the steel to wheat futures ratio today?
The steel to wheat futures ratio is 4.422 — Steel at $3,066.00 per Metric Ton divided by Wheat Futures at $693.39 per Ounce, from live mid-market prices.
How do you calculate the steel to wheat futures ratio?
Divide the steel price per Metric Ton by the wheat futures price per Ounce. If the two units differ, the result is a rate rather than a plain count — read it as Ounces of wheat futures per Metric Ton of steel.
What is the inverse of the steel to wheat futures ratio?
The inverse, wheat futures to steel, is 0.2262 — how many Metric Tons of steel one Ounce of wheat futures buys.