The effect of moisture content (MC) on texture and properties of extrudates with varied ratios of soybean flour (SF) and wheat flour (WF) was studied. A single-screw extruder was used at screw speed 200 rpm. MCs of blends were 16, 17 or 18%, w.b. The properties of extrudates depended on flow rate of the material during extrusion. The flow rate revealed a nonlinear dependence on the blend composition and the MC at the same volume of filling of the screw feeding section. The expansion ratio of WF or SF extrudates increased with lowering of the MC. Unexpectedly, the expansion ratio decreased with lower MC for the composite extrudates. Optimal extrudate properties at 16% (w.b.) MC corresponded to 80, 90 or 100% (d.b.) WF and 20, 10% or no SF, respectively. At 17 and 18% MC, optimal properties were found for products containing 80 or 90% WF and 20 or 10% SF, respectively.