Commodity ratio · live
Wheat Futures to Soybean Meal Ratio
The wheat futures to soybean meal ratio is 1.971 — Wheat Futures at $726.09 per ounce divided by Soybean Meal at $368.39 per bushel.
Prices as of Sep 22, 2026, 3:40 AM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Wheat Futures to Soybean Meal ratio
1.000 Oz of wheat futures = 1.971 Bu of soybean meal
Inverse (ZM/ZW-FUT): 0.5074 — one bushel of soybean meal buys that much wheat futures.
Above its 1 year average. (75th percentile of the last 1 year)
Wheat Futures
$726.09
per ounce
Soybean Meal
$368.39
per bushel
Unit basis: USD per ounce ÷ USD per bushel. The two legs are priced per different things — dollars per ounce against dollars per bushel — so the result is a rate: bushels of soybean meal per ounce of wheat futures, not a plain count. Prices as of Tue, 22 Sep 2026 03:40:38 GMT.
Prices on this page are delayed by up to 15 minutes. For real-time rates, use the CommodityPriceAPI.
1Y average
1.868
median 1.867
1Y low
1.580
Nov 14, 2025
1Y high
2.285
Aug 28, 2026
Normal band
1.731–2.006
mean ± 1 std dev
Deviation from mean
+0.75σ
252 observations
Wheat Futures to Soybean Meal ratio charts
Pick a range once — it applies to the ZW-FUT/ZM ratio line, the OHLC candles and the Wheat Futures / Soybean Meal price chart below.
ZW-FUT/ZM ratio line
How many Bu of Soybean Meal one Oz of Wheat Futures buys, over 1Y.
ZW-FUT/ZM ratio candles
Open, high, low and close of the ZW-FUT/ZM ratio for each period in the last 1Y.
Wheat Futures and Soybean Meal prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the wheat futures to soybean meal ratio
Wheat Futures to Soybean Meal ratio = Wheat Futures price in USD per ounce ÷ Soybean Meal price in USD per bushel
The two legs are priced per different things — dollars per ounce against dollars per bushel — so the result is a rate: bushels of soybean meal per ounce of wheat futures, not a plain count.
Worked example, live prices: $726.09 per ounce ÷ $368.39 per bushel = 1.971. The inverse is 0.5074.
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 | 4336.69 |
| 2 | XAG | Silver | 65.80 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 90.52 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 98.81 |
| 5 | NG-FUT | Natural Gas Futures | 2.85 |
| 6 | PL | Platinum | 1822.44 |
| 7 | PA | Palladium | 1317.40 |
Frequently asked questions
What is the wheat futures to soybean meal ratio today?
The wheat futures to soybean meal ratio is 1.971 — Wheat Futures at $726.09 per ounce divided by Soybean Meal at $368.39 per bushel, from live mid-market prices.
How do you calculate the wheat futures to soybean meal ratio?
Divide the wheat futures price per ounce by the soybean meal price per bushel. The two legs are priced per different things — dollars per ounce against dollars per bushel — so the result is a rate: bushels of soybean meal per ounce of wheat futures, not a plain count.
What is the inverse of the wheat futures to soybean meal ratio?
The inverse, soybean meal to wheat futures, is 0.5074 — how many ounces of wheat futures one bushel of soybean meal buys.