Gulf Export Points Lead in Cash-Futures Spreads Amid Northern Plains Discounts

The latest USDA Grain Basis Report for September 18, 2026 shows significant cash-futures spreads concentrated at Gulf and Pacific Northwest export points.

According to the report, Gulf Louisiana 30-day-to-arrive hard red spring wheat carried a bid of $9.51 against December futures of $7.413, producing a basis of $2.097.

The widest positive cash-futures spreads were recorded at Gulf and Pacific Northwest export points, while the deepest negative basis readings were found across the northern Plains and parts of the Corn Belt.