Gulf Terminals Command Strong Premiums as Northern Plains Face Steep Discounts

The latest data from the USDA Agricultural Marketing Service reveals significant regional disparities in cash grain prices relative to futures contracts. The period ending July 24, 2026, shows that Gulf of Mexico export terminals continue to command strong premiums over Chicago Board of Trade futures for several commodities.

Hard Red Spring Wheat delivered to the Gulf in Louisiana posted the highest positive basis at $1.797 per bushel, with a cash bid of $8.94 against September futures of $7.143. Portland, Oregon, followed closely for the same wheat class with a basis of $1.447 dollars.

At the opposite end of the spectrum, interior elevators in the Northern Plains and Upper Midwest recorded deeply negative basis values. Montana Hard Red Winter Wheat had the weakest basis at negative $1.412 dollars, followed by South Dakota Hard Red Winter Wheat at negative $1.072 dollars.

The data illustrates a clear geographic divide: export-oriented locations along the Gulf Coast and Pacific Northwest enjoy substantial premiums, while interior processing and storage locations face steep discounts.