We report a novel method for identifying the small intestine electrical activity slow-wave frequencies (SWFs) from noninvasive biomagnetic measurements. Superconducting quantum interference device magnetometer measurements are preprocessed to remove baseline drift and high-frequency noise. Subsequently, the underlying source signals are separated using the well-known second-order blind identification (SOBI) algorithm. A simple classification scheme identifies and assigns some of the SOBI components to a section of small bowel. SWFs were clearly identified in 10 out of 12 test subjects to within 0.09-0.25 cycles per minute. The method is sensitive at the 40.3 %-55.9 % level, while false positive rates were 0 %-8.6 %. This technique could potentially be used to help diagnose gastrointestinal ailments and obviate some exploratory surgeries.