This study investigates the relationship between cash and future prices of soybeans and soybean meal over periods of high and low price variability. Error Correction models are estimated for each commodity’s cash and futures price. An exogenous measure of price variability is included in the model to determine if variability influences the equilibrium adjustment process. This, in turn, is used to measure the impact of price variability on short run market efficiency and the price discovery process. The analysis is applied to daily cash and futures prices from 1992 to 2013. The findings support the idea that increased price variability increases market adjustment rates and the price discovery process.