Commodity ratio · live
Wheat Futures to Steel Ratio
The wheat futures to steel ratio is 55269 — Wheat Futures at $25,709.78 per kilogram divided by Steel at $0.4652 per kilogram.
Steel is quoted in CNY, so that leg is converted to US dollars at the live mid-market rate before dividing; wheat futures is quoted per ounce and steel per metric ton, so both are restated per kilogram first. Dividing the two quotes as published would be out by exactly that much.
Prices as of Sep 22, 2026, 5:07 AM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Wheat Futures to Steel ratio
1.000 kg of wheat futures = 55,269.4 kg of steel
Inverse (STEEL/ZW-FUT): 0.00001809 — one kilogram of steel buys that much wheat futures.
Wheat Futures
$25,709.78
per kilogram
Steel
$0.4652
per kilogram
quoted CNY 3,112.00 per Metric Ton
Unit basis: USD per kilogram ÷ USD per kilogram. Both legs are priced in US dollars per kilogram, so the dollars and the kilograms cancel and the result is a plain unitless number. Prices as of Tue, 22 Sep 2026 05:07:09 GMT.
Prices on this page are delayed by up to 15 minutes. For real-time rates, use the CommodityPriceAPI.
Steel is quoted in CNY, so that leg is converted to US dollars at the live mid-market rate before dividing; wheat futures is quoted per ounce and steel per metric ton, so both are restated per kilogram first. Dividing the two quotes as published would be out by exactly that much.
The chart and range statistics need a daily CNY to US dollar rate to put both legs on one currency across the year. That rate is unavailable right now, so only the live ratio is published — an old price converted at today's rate would draw currency moves as commodity moves.
Wheat Futures to Steel ratio charts
Pick a range once — it applies to the ZW-FUT/STEEL ratio line, the OHLC candles and the Wheat Futures / Steel price chart below.
ZW-FUT/STEEL ratio line
How many kg of Steel one kg of Wheat Futures buys, over 1Y.
The chart and range statistics need a daily CNY to US dollar rate to put both legs on one currency across the year. That rate is unavailable right now, so only the live ratio is published — an old price converted at today's rate would draw currency moves as commodity moves.
ZW-FUT/STEEL ratio candles
Open, high, low and close of the ZW-FUT/STEEL ratio for each period in the last 1Y.
The chart and range statistics need a daily CNY to US dollar rate to put both legs on one currency across the year. That rate is unavailable right now, so only the live ratio is published — an old price converted at today's rate would draw currency moves as commodity moves.
Wheat Futures and Steel prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
The chart and range statistics need a daily CNY to US dollar rate to put both legs on one currency across the year. That rate is unavailable right now, so only the live ratio is published — an old price converted at today's rate would draw currency moves as commodity moves.
How to calculate the wheat futures to steel ratio
Wheat Futures to Steel ratio = Wheat Futures price in USD per kilogram ÷ Steel price in USD per kilogram
Both legs are priced in US dollars per kilogram, so the dollars and the kilograms cancel and the result is a plain unitless number.
Steel is quoted in CNY, so that leg is converted to US dollars at the live mid-market rate before dividing; wheat futures is quoted per ounce and steel per metric ton, so both are restated per kilogram first. Dividing the two quotes as published would be out by exactly that much.
Worked example, live prices: $25,709.78 per kilogram ÷ $0.4652 per kilogram = 55269. The inverse is 0.00001809.
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 | 4344.40 |
| 2 | XAG | Silver | 66.87 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 90.13 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 99.03 |
| 5 | NG-FUT | Natural Gas Futures | 3.03 |
| 6 | PL | 1826.18 | |
| 7 | PA | 1308.70 |
Frequently asked questions
What is the wheat futures to steel ratio today?
The wheat futures to steel ratio is 55269 — Wheat Futures at $25,709.78 per kilogram divided by Steel at $0.4652 per kilogram, from live mid-market prices. Both figures are US dollars per kilogram, converted at the live mid-market FX rate.
How do you calculate the wheat futures to steel ratio?
Divide the wheat futures price per kilogram by the steel price per kilogram. Both legs are priced in US dollars per kilogram, so the dollars and the kilograms cancel and the result is a plain unitless number.
What is the inverse of the wheat futures to steel ratio?
The inverse, steel to wheat futures, is 0.00001809 — how many kilograms of wheat futures one kilogram of steel buys.