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.
Wheat cash price in $/t, from the export point to inland origination points — three markets, one single source, directly comparable.
Rouen FOB isn't shown here: its dollar leg hasn't been updated since 04/08/2026 — a frozen value has no place on a same-day price scale. The comparison kept stays entirely within the same source (USDA AMS), from Gulf export to inland — comparable by construction.
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.
Gulf of Mexico · Wheat
+10.1 $/t
Percentile (full history)
7e
Seasonal percentile
2e
As of 11/09/2026
Gulf of Mexico · Corn
+24.8 $/t
Percentile (full history)
17e
Seasonal percentile
3e
As of 11/09/2026
Gulf of Mexico · Soybeans
+37.1 $/t
Percentile (full history)
83e
Seasonal percentile
73e
As of 11/09/2026
Kansas City · Wheat
+35.6 $/t
Percentile (full history)
29e
Seasonal percentile
71e
As of 10/09/2026
Illinois (Chicago) · Wheat
-5.5 $/t
Percentile (full history)
40e
Seasonal percentile
87e
As of 10/09/2026
Illinois (Chicago) · Corn
+3.3 $/t
Percentile (full history)
54e
Seasonal percentile
49e
As of 10/09/2026
Illinois (Chicago) · Soybeans
+0.9 $/t
Percentile (full history)
57e
Seasonal percentile
71e
As of 10/09/2026
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 95th percentile of its long-run history (COT CFTC, WHEAT-HRW); this week's FGIS exports are down -20.1% year over year; the Gulf basis sits at the 7th 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.
One row per quote. The bushel stays shown next to the tonne — the source quotes in bushels, the $/t conversion happens at display time.
| Market | Commodity | Location | Reference contract | Basis | Price ($/t) | Price ($/Bu) | Day change |
|---|---|---|---|---|---|---|---|
| Gulf of Mexico | Soybeans | Gulf Coast Ports - LA — Export Elevators | November (X) | 102.5¢/Bu | 517.7 $/t | 14.0900 $/Bu | +0.2575 |
| Gulf of Mexico | Soybeans | Gulf Coast Ports - LA — Export Elevators | November (X) | 108.0¢/Bu | 519.7 $/t | 14.1450 $/Bu | +0.2575 |
| Gulf of Mexico | Soybeans | Gulf Coast Ports - LA — Export Elevators | November (X) | 118.0¢/Bu | 523.4 $/t | 14.2450 $/Bu | +0.2575 |
| Gulf of Mexico | Soybeans | Gulf Coast Ports - LA — Export Elevators | January (F) | 106.0¢/Bu | 524.7 $/t | 14.2800 $/Bu | +0.2525 |
| Gulf of Mexico | Soybeans | Gulf Coast Ports - LA — Export Elevators | January (F) | 107.0¢/Bu | 525.1 $/t | 14.2900 $/Bu | +0.2525 |
| Gulf of Mexico | Soybeans | Gulf Coast Ports - LA — Export Elevators | November (X) | 101.0¢/Bu | 517.2 $/t | 14.0750 $/Bu | +0.2575 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | December (Z) | 66.0¢/Bu | 233.4 $/t | 5.9275 $/Bu | +0.0700 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | December (Z) | 85.0¢/Bu | 240.8 $/t | 6.1175 $/Bu | +0.0700 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | December (Z) | 89.5¢/Bu | 242.6 $/t | 6.1625 $/Bu | +0.0700 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | December (Z) | 90.0¢/Bu | 242.8 $/t | 6.1675 $/Bu | +0.0700 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | December (Z) | 94.5¢/Bu | 244.6 $/t | 6.2125 $/Bu | +0.0700 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | March (H) | 85.5¢/Bu | 246.9 $/t | 6.2725 $/Bu | +0.0750 |
| Gulf of Mexico | Corn Yellow | Gulf Coast Ports - LA — Export Elevators | December (Z) | 63.0¢/Bu | 232.2 $/t | 5.8975 $/Bu | +0.0700 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | December (Z) | 30.0¢/Bu | 276.5 $/t | 7.5250 $/Bu | +0.1875 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | December (Z) | 70.0¢/Bu | 291.2 $/t | 7.9250 $/Bu | +0.1875 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | December (Z) | 77.5¢/Bu | 293.9 $/t | 8.0000 $/Bu | +0.1875 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | December (Z) | 82.5¢/Bu | 295.8 $/t | 8.0500 $/Bu | +0.1875 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | December (Z) | 85.0¢/Bu | 296.7 $/t | 8.0750 $/Bu | +0.1875 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | March (H) | 82.5¢/Bu | 301.5 $/t | 8.2050 $/Bu | +0.1825 |
| Gulf of Mexico | Wheat Soft Red Winter Ordinary | Gulf Coast Ports - LA — Export Elevators | December (Z) | 27.5¢/Bu | 275.6 $/t | 7.5000 $/Bu | +0.1875 |
| Kansas City | Wheat Hard Red Winter 11.8% | Mills and Processors | December (Z) | 105.0¢/Bu | 339.4 $/t | 9.2375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 11.2% | Mills and Processors | December (Z) | 100.0¢/Bu | 337.6 $/t | 9.1875 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 11.0% | Mills and Processors | December (Z) | 97.0¢/Bu | 336.5 $/t | 9.1575 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 12.2% | Mills and Processors | December (Z) | 100.0¢/Bu | 337.6 $/t | 9.1875 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 12.4% | Mills and Processors | December (Z) | 100.0¢/Bu | 337.6 $/t | 9.1875 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 13.2% | Mills and Processors | December (Z) | 95.0¢/Bu | 335.7 $/t | 9.1375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 13.0% | Mills and Processors | December (Z) | 95.0¢/Bu | 335.7 $/t | 9.1375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 11.6% | Mills and Processors | December (Z) | 105.0¢/Bu | 339.4 $/t | 9.2375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 12.8% | Mills and Processors | December (Z) | 105.0¢/Bu | 339.4 $/t | 9.2375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 11.4% | Mills and Processors | December (Z) | 105.0¢/Bu | 339.4 $/t | 9.2375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 13.8% | Mills and Processors | December (Z) | 103.0¢/Bu | 338.7 $/t | 9.2175 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 13.4% | Mills and Processors | December (Z) | 100.0¢/Bu | 337.6 $/t | 9.1875 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 14.0% | Mills and Processors | December (Z) | 103.0¢/Bu | 338.7 $/t | 9.2175 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 12.0% | Mills and Processors | December (Z) | 105.0¢/Bu | 339.4 $/t | 9.2375 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter 12.6% | Mills and Processors | December (Z) | 105.0¢/Bu | 339.4 $/t | 9.2375 $/Bu | +0.0750 |
| Kansas City | Wheat Hard Red Winter 13.6% | Mills and Processors | December (Z) | 102.0¢/Bu | 338.3 $/t | 9.2075 $/Bu | +0.1250 |
| Kansas City | Wheat Hard Red Winter Ordinary | Mills and Processors | December (Z) | 87.0¢/Bu | 332.8 $/t | 9.0575 $/Bu | +0.1250 |
| Illinois (Chicago) | Soybeans | Little Egypt — Country Elevators | November (X) | -26.5¢/Bu | 477.0 $/t | 12.9825 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | North — Country Elevators | November (X) | -55.5¢/Bu | 470.2 $/t | 12.7958 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | North Central — Country Elevators | November (X) | -32.5¢/Bu | 477.7 $/t | 13.0011 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | Mississippi River — Barge Loading Elevators | November (X) | -1.0¢/Bu | 489.2 $/t | 13.3125 $/Bu | +0.2175 |
| Illinois (Chicago) | Wheat Soft Red Winter Ordinary | Wabash — Country Elevators | September (U) | -62.5¢/Bu | 242.8 $/t | 6.6075 $/Bu | +0.1200 |
| Illinois (Chicago) | Soybeans | North Illinois River — Barge Loading Elevators | November (X) | -25.0¢/Bu | 478.4 $/t | 13.0208 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | Southwest — Country Elevators | November (X) | -45.5¢/Bu | 474.5 $/t | 12.9125 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | Mississippi River — Barge Loading Elevators | November (X) | -1.0¢/Bu | 489.2 $/t | 13.3125 $/Bu | +0.2575 |
| Illinois (Chicago) | Corn Yellow | Mississippi River — Barge Loading Elevators | December (Z) | -18.0¢/Bu | 203.0 $/t | 5.1575 $/Bu | +0.0600 |
| Illinois (Chicago) | Soybeans | South Central — Country Elevators | November (X) | -37.5¢/Bu | 476.7 $/t | 12.9745 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | Chicago — Terminal Elevators | November (X) | -5.0¢/Bu | 487.7 $/t | 13.2725 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | North Illinois River — Barge Loading Elevators | November (X) | -14.0¢/Bu | 481.5 $/t | 13.1042 $/Bu | +0.2275 |
| Illinois (Chicago) | Corn Yellow | North Central — Country Elevators | December (Z) | -35.0¢/Bu | 196.5 $/t | 4.9904 $/Bu | +0.0600 |
| Illinois (Chicago) | Soybeans | Little Egypt — Country Elevators | November (X) | -31.5¢/Bu | 475.6 $/t | 12.9450 $/Bu | +0.2275 |
| Illinois (Chicago) | Wheat Soft Red Winter Ordinary | Southwest — Country Elevators | July (N) | -55.0¢/Bu | 258.0 $/t | 7.0225 $/Bu | +0.1100 |
| Illinois (Chicago) | Soybeans | South Illinois River — Barge Loading Elevators | November (X) | -13.5¢/Bu | 483.5 $/t | 13.1600 $/Bu | +0.2275 |
| Illinois (Chicago) | Corn Yellow | South Central — Country Elevators | December (Z) | -35.0¢/Bu | 197.7 $/t | 5.0214 $/Bu | +0.0600 |
| Illinois (Chicago) | Soybeans | Southwest — Country Elevators | November (X) | -42.0¢/Bu | 475.0 $/t | 12.9282 $/Bu | +0.2275 |
| Illinois (Chicago) | Wheat Soft Red Winter Ordinary | Chicago — Terminals/Mills/Processors | December (Z) | -15.0¢/Bu | 266.9 $/t | 7.2625 $/Bu | +0.1250 |
| Illinois (Chicago) | Soybeans | South Illinois River — Barge Loading Elevators | November (X) | -25.5¢/Bu | 480.1 $/t | 13.0650 $/Bu | +0.2275 |
| Illinois (Chicago) | Corn Yellow | Wabash — Country Elevators | December (Z) | -35.0¢/Bu | 196.3 $/t | 4.9875 $/Bu | +0.0600 |
| Illinois (Chicago) | Soybeans | North — Country Elevators | November (X) | -56.0¢/Bu | 470.1 $/t | 12.7942 $/Bu | +0.2175 |
| Illinois (Chicago) | Corn Yellow | South Illinois River — Barge Loading Elevators | December (Z) | -32.5¢/Bu | 196.9 $/t | 5.0025 $/Bu | +0.0600 |
| Illinois (Chicago) | Soybeans | South Central — Country Elevators | November (X) | -25.5¢/Bu | 477.8 $/t | 13.0045 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | Wabash — Country Elevators | November (X) | -35.0¢/Bu | 476.7 $/t | 12.9725 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | North Central — Country Elevators | November (X) | -32.5¢/Bu | 478.5 $/t | 13.0225 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | Wabash — Country Elevators | November (X) | -35.0¢/Bu | 476.7 $/t | 12.9725 $/Bu | +0.2275 |
| Illinois (Chicago) | Soybeans | West — Country Elevators | November (X) | -49.5¢/Bu | 470.7 $/t | 12.8096 $/Bu | +0.2175 |
| Illinois (Chicago) | Soybeans | West — Country Elevators | November (X) | -52.0¢/Bu | 470.2 $/t | 12.7968 $/Bu | +0.2175 |
| Illinois (Chicago) | Soybeans | Central — Mills and Processors | November (X) | 10.0¢/Bu | 491.5 $/t | 13.3765 $/Bu | +0.2275 |
| Illinois (Chicago) | Corn Yellow | North Central — Country Elevators | December (Z) | -36.0¢/Bu | 195.7 $/t | 4.9718 $/Bu | +0.0600 |
| Illinois (Chicago) | Wheat Soft Red Winter Ordinary | South Illinois River — Barge Loading Elevators | July (N) | -45.0¢/Bu | 261.7 $/t | 7.1225 $/Bu | +0.1100 |
| Illinois (Chicago) | Corn Yellow | Mississippi River — Barge Loading Elevators | December (Z) | -29.0¢/Bu | 198.7 $/t | 5.0475 $/Bu | +0.0500 |
| Illinois (Chicago) | Soybeans | Chicago — Terminal Elevators | November (X) | 2.5¢/Bu | 490.4 $/t | 13.3475 $/Bu | +0.2275 |
| Illinois (Chicago) | Corn Yellow | South Central — Country Elevators | December (Z) | -34.5¢/Bu | 197.7 $/t | 5.0215 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | North Illinois River — Barge Loading Elevators | December (Z) | -19.0¢/Bu | 199.7 $/t | 5.0725 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | North Illinois River — Barge Loading Elevators | December (Z) / September (U) | -22.5¢/Bu | 197.5 $/t | 5.0163 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Little Egypt — Country Elevators | December (Z) | -47.0¢/Bu | 189.2 $/t | 4.8050 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Wabash — Country Elevators | December (Z) | -32.5¢/Bu | 197.0 $/t | 5.0042 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | South Illinois River — Barge Loading Elevators | December (Z) | -33.5¢/Bu | 196.7 $/t | 4.9975 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Chicago — Mills and Processors | December (Z) | 8.5¢/Bu | 213.5 $/t | 5.4225 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | North — Country Elevators | December (Z) | -35.5¢/Bu | 196.0 $/t | 4.9789 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Central — Mills and Processors | December (Z) | -20.0¢/Bu | 203.6 $/t | 5.1725 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Little Egypt — Country Elevators | December (Z) | -54.5¢/Bu | 187.4 $/t | 4.7608 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Southwest — Country Elevators | December (Z) | -45.0¢/Bu | 191.1 $/t | 4.8550 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | North — Country Elevators | December (Z) | -44.5¢/Bu | 192.1 $/t | 4.8807 $/Bu | +0.0900 |
| Illinois (Chicago) | Corn Yellow | West — Country Elevators | December (Z) | -46.5¢/Bu | 191.9 $/t | 4.8746 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Southwest — Country Elevators | December (Z) | -49.5¢/Bu | 190.3 $/t | 4.8338 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | Chicago — Mills and Processors | December (Z) | 8.5¢/Bu | 213.5 $/t | 5.4225 $/Bu | +0.0600 |
| Illinois (Chicago) | Corn Yellow | West — Country Elevators | December (Z) | -45.0¢/Bu | 193.9 $/t | 4.9246 $/Bu | +0.1100 |
Published one business day out of one, USDA AMS Market News (MARS API). 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.
Measured gaps
Kansas City only publishes wheat (HRW) in this report — the absence of corn and soybeans on this market isn't a collection gap, 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 (marsapi.ams.usda.gov), 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.