Basis and cash prices across three US physical markets, the Gulf of Mexico (export), Kansas City (HRW wheat) and Illinois (corn belt), to gauge US export competitiveness independently of futures.
84 quotes published across 3 markets as of 27/10/2026.
Wheat cash price in $/t across three physical markets, one single source, directly comparable.
Latest reading: Gulf wheat basis
+21.1 $/t
As of 27/10/2026
247 $/t
AMS class: Soft Red Winter
Spread reference
230 $/t
AMS class: Soft Red Winter
Same class as the Gulf
279 $/t
AMS class: Hard Red Winter
Different class
Different class (HRW)
Spread = market price minus Gulf price. A positive spread means more expensive than the Gulf.
| Market | AMS class | Role | Cash $/t | Spread vs. Gulf |
|---|---|---|---|---|
| Gulf of Mexico | Soft Red Winter | Spread reference | 247 | - |
| Illinois (Chicago) | Soft Red Winter | Same class as the Gulf | 230 | -17 |
| Kansas City | Hard Red Winter | Different class | 279 | +31 |
Comparison limited to US markets quoted by USDA AMS.
Gap between the cash price and the reference futures contract, in $/t. The seasonal percentile, same calendar month, last five occurrences, is the number that carries meaning: a weak basis at harvest isn't the same thing as a weak basis in mid-winter. Kansas City and Illinois carry a combination selector: only combinations with at least 200 observations over 5 years are offered.
Gulf of Mexico
As of 27/10/2026
Soft Red Winter, Ordinary — Export Elevators — Gulf Coast Ports - LA
Yellow — Export Elevators — Gulf Coast Ports - LA
Export Elevators — Gulf Coast Ports - LA
Kansas City
As of 26/10/2026
Hard Red Winter, 11.0% — Mills and Processors
Illinois (Chicago)
As of 26/10/2026
Soft Red Winter, Ordinary — Terminals/Mills/Processors — Chicago
Yellow — Mills and Processors — Chicago
Terminal Elevators — Chicago
Real basis, $/t, one line per commodity and per market.
Gulf of Mexico
Kansas City
Illinois (Chicago)
On wheat: managed money is positioned at the 41th percentile of its long-run history (COT CFTC, WHEAT-HRW); this week's FGIS exports are down -31.9% year over year; the Gulf basis sits at the 38th percentile of its own history. Three independent sources, one reading, not a price forecast, a snapshot.
A convergence between speculative positioning, export pace and physical basis describes a situation, it does not predict any future price level.
Grouped by commodity then market, expand to see each individual quote, sorted by ascending basis. The bushel stays shown next to the tonne, in secondary style, the source quotes in bushels, the $/t conversion happens at display time.
| Designation | Cash $/t | Reference basis | Dispersion | Delivery | Cash ¢/bu | Day change | Date |
|---|---|---|---|---|---|---|---|
| Wheat | |||||||
| › Gulf of Mexico6 quotes | 247.5 – 262.3 | +21.1Hist. pct. 38e · season 39e | 21.131.2 | Dec (Z) · Mar (H) | |||
| › Kansas City17 quotes | 277.0 – 291.7 | +36.7Hist. pct. 33e · season 66e | 34.949.6 | Dec (Z) | |||
| › Illinois (Chicago)3 quotes | 211.3 – 230.4 | +4.0Hist. pct. 94e · season 99e | -23.94.0 | Jul (N) · Dec (Z) | |||
| Corn | |||||||
| › Gulf of Mexico6 quotes | 211.0 – 219.3 | +33.3Hist. pct. 63e · season 75e | 33.338.6 | Dec (Z) · Mar (H) | |||
| › Illinois (Chicago)23 quotes | 164.3 – 193.2 | +3.0Hist. pct. 53e · season 77e | -14.48.7 | Dec (Z) · Mar (H) | |||
| Soybeans | |||||||
| › Gulf of Mexico6 quotes | 492.9 – 499.4 | +37.7Hist. pct. 84e · season 85e | 37.541.7 | Mar (H) · Nov (X) · Jan (F) | |||
| › Illinois (Chicago)23 quotes | 437.6 – 474.5 | +0.9Hist. pct. 58e · season 87e | -18.414.3 | Nov (X) · Jan (F) | |||
Published one business day out of one, USDA AMS Market News. Each market keeps its own calendar, a day published on one can be missing from another the same day.
Basis is the gap between the cash price observed on this market and the reference futures contract shown ("reference contract" in the detail table). It measures a local premium or discount, not a price on its own.
A negative basis does not mean a low price: it means this origination point costs less than the reference contract, which is normal for a location far from an export port (freight to net back). Comparing basis values to each other is meaningful; comparing a negative basis to zero as if it were a price is not.
This is a class spread (HRW vs. SRW) more than a geographic one, do not read it as a plain inland basis cost.
Measured gaps
Kansas City only publishes wheat (HRW) in this report, the absence of corn and soybeans on this market isn't missing data, the source simply doesn't cover them.
Sorghum only appears at the Gulf (Texas), and only from August 17, 2020 to September 14, 2021: the source has stopped publishing it since, this isn't an intermittent gap.
Source: USDA AMS Market News, reports 3147 (Gulf), 3223 (Kansas City), 3192 (Illinois).
Euronext wheat/corn/rapeseed quotes remain suspended on GrainDecision. This page doesn't depend on those series: it reads physical bids published by the USDA (USDA AMS Market News), directly in dollars, with no conversion from a European futures quote.