Commodity ratio · live
Wheat Futures to Steel Ratio
The wheat futures to steel ratio is 0.2333 — Wheat Futures at $728.61 per Ounce divided by Steel at $3,123.00 per Metric Ton.
Prices as of Sep 16, 2026, 11:08 AM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Wheat Futures to Steel ratio
1.000 Oz of wheat futures = 0.2333 T of steel
Inverse (STEEL/ZW-FUT): 4.286 — one Metric Ton of steel buys that much wheat futures.
Near the top of its 1 year range — historically stretched. (96th percentile of the last 1 year)
Wheat Futures
$728.61
per Ounce
Steel
¥3,123.00
per Metric Ton
Unit basis: USD per Ounce ÷ CNY per Metric Ton. The ratio reads as Metric Tons of steel per Ounce of wheat futures. Prices as of Wed, 16 Sep 2026 11:08:31 GMT.
Prices on this page are delayed by up to 15 minutes. For real-time rates, use the CommodityPriceAPI.
These two commodities are quoted in different currencies (USD and CNY). The figure above is a raw quote ratio and is not FX-adjusted.
1Y average
0.1891
median 0.1875
1Y low
0.1602
Oct 3, 2025
1Y high
0.2482
Aug 27, 2026
Normal band
0.1684–0.2099
mean ± 1 std dev
Deviation from mean
+2.13σ
159 observations
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 T of Steel one Oz of Wheat Futures buys, over 1Y.
ZW-FUT/STEEL ratio candles
Open, high, low and close of the ZW-FUT/STEEL ratio for each period in the last 1Y.
Wheat Futures and Steel 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 steel ratio
Wheat Futures to Steel ratio = Wheat Futures price per Ounce ÷ Steel price per Metric Ton
The two legs use different units, so the result is a rate — Metric Tons of steel per Ounce of wheat futures — rather than a plain count.
Worked example, live prices: $728.61 ÷ ¥3,123.00 = 0.2333. The inverse is 4.286.
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 | 4297.52 |
| 2 | XAG | Silver | 63.77 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 102.06 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 105.65 |
| 5 | NG-FUT | Natural Gas Futures | 2.89 |
| 6 | PL | Platinum | 1775.01 |
| 7 | PA | Palladium | 1299.20 |
Frequently asked questions
What is the wheat futures to steel ratio today?
The wheat futures to steel ratio is 0.2333 — Wheat Futures at $728.61 per Ounce divided by Steel at ¥3,123.00 per Metric Ton, from live mid-market prices.
How do you calculate the wheat futures to steel ratio?
Divide the wheat futures price per Ounce by the steel price per Metric Ton. If the two units differ, the result is a rate rather than a plain count — read it as Metric Tons of steel per Ounce of wheat futures.
What is the inverse of the wheat futures to steel ratio?
The inverse, steel to wheat futures, is 4.286 — how many Ounces of wheat futures one Metric Ton of steel buys.