Commodity ratio · live
Wheat Futures to Soybean Meal Ratio
The wheat futures to soybean meal ratio is 2.115 — Wheat Futures at $694.15 per Ounce divided by Soybean Meal at $328.21 per Bushel.
Prices as of Aug 24, 2026, 12:24 PM 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 = 2.115 Bu of soybean meal
Inverse (ZM/ZW-FUT): 0.4728 — one Bushel of soybean meal buys that much wheat futures.
Near the top of its 1 year range — historically stretched. (98th percentile of the last 1 year)
Wheat Futures
$694.15
per Ounce
Soybean Meal
$328.21
per Bushel
Unit basis: USD per Ounce ÷ USD per Bushel. The ratio reads as Bushels of soybean meal per Ounce of wheat futures. Prices as of Mon, 24 Aug 2026 12:24:29 GMT.
1Y average
1.850
median 1.834
1Y low
1.580
Nov 14, 2025
1Y high
2.170
Jul 22, 2026
Normal band
1.723–1.976
mean ± 1 std dev
Deviation from mean
+2.09σ
241 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 per Ounce ÷ Soybean Meal price per Bushel
The two legs use different units, so the result is a rate — Bushels of soybean meal per Ounce of wheat futures — rather than a plain count.
Worked example, live prices: $694.15 ÷ $328.21 = 2.115. The inverse is 0.4728.
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 | 4655.18 |
| 2 | XAG | Silver | 69.27 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.99 |
| 5 | NG-FUT | Natural Gas Futures | 2.81 |
| 6 | PL | Platinum | 1887.51 |
| 7 | PA | Palladium | 1353.70 |
Frequently asked questions
What is the wheat futures to soybean meal ratio today?
The wheat futures to soybean meal ratio is 2.115 — Wheat Futures at $694.15 per Ounce divided by Soybean Meal at $328.21 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. If the two units differ, the result is a rate rather than a plain count — read it as Bushels of soybean meal per Ounce of wheat futures.
What is the inverse of the wheat futures to soybean meal ratio?
The inverse, soybean meal to wheat futures, is 0.4728 — how many Ounces of wheat futures one Bushel of soybean meal buys.