Wheat Leads Wide Basis Gaps in Latest USDA Grain Price-Spread Data

The latest grain price-spread data from USDA AgTransport reveals that wheat dominates wide basis gaps. For the week ended September 25, 2026, hard red winter and hard red spring wheat lanes showed the widest positive spreads among reported origin-destination pairs. These wide gaps were seen in various routes, including Montana to the Gulf at Texas for hard red winter wheat, with an origin bid of 5.91 against a destination bid of 9.32, producing a spread of 3.41.

Hard red spring wheat from Montana to the Gulf at Louisiana followed closely, with an origin bid of 6.19 and a destination bid of 9.29 for a spread of 3.1. Several other routes also showed significant spreads, including hard red winter wheat from South Dakota to the Gulf at Texas with a spread of 2.9.

Soybean and corn lanes clustered in the middle range, with spreads ranging from near zero to slightly negative. For example, Minnesota soybeans recorded an origin bid of 12.36 and a spread of 1.65. Nebraska soybeans came in at an origin bid of 12.62 and a spread of 1.39.

The narrowest positive spreads were concentrated on Atlantic Coast and Great Lakes routes, with several lanes showing almost flat or slightly negative spreads. Four lanes turned negative, including North Carolina corn to the Atlantic Coast, Indiana corn to the Great Lakes at Toledo, Ohio soybeans to the Great Lakes at Toledo, and Indiana soybeans on the same Toledo lane.