I read this guy's method where he converts from AG to Extract. He says 1 lb. of grain = 3/4 lb. LME or 2/3 lb. DME.
Using this the other way: 1 lb. LME = 1.33 lbs. grain or 1 lb. DME = 1.5 lbs. grain
However, he also states in his paper that different LME's & DME's are not 100% of one type of grain. They are usually a combination of different types which must also be accounted for.
Pasted directly from his article on page 8:
"Grain to Extract Conversion
For the question of converting grain to extract, there is a short and a long answer. The short answer,
based on typical all-grain processes and extract characte ristics, is to use 3/4 (0.75) lb of liquid extract
for each pound of grain being substituted, or 2/3 (0.67) lb dry extract. Now technically that means
that it takes more liquid extract to equal dry extract, but in practice, you can use one conversio n
factor or the other, even if you plan to mix dry and liquid extracts. My suggestion is to convert the
entire amount of grain to liquid extract, subtract off whole canfuls (3.3 lb / 1.5 kg increments), and
convert the remainder to dry extract. You can convert liquid extract to dry by multiplying by 0.89,
or dry to liquid by multiplying by 1.1.
For example, if you are converting 6 lb of pale ale malt to extract, you would need 6 x 0.75 = 4.5 lb
of liquid extract. Since youre buying a 3.3 lb can of extract, this leaves 1.2 lb to make up. Rather
than using part of another 3.3 lb can (and wasting the rest), you can use 1.2 lb of dry extract. To be
precise, youd actually only need 1 lb dry extract (multiply the remaining 1.2 lb of liquid extrac t
required by 0.89 to convert liquid to dry). Try it both ways and see."
http://home.elp.rr.com/brewbeer/extract/pres.pdf
