MINNEAPOLIS, Minn. — The latest quarterly U.S. Bank Freight Payment Index – Rates Edition is reporting truck freight rates moving up modestly to start 2026, while the gap between spot and contract pricing has narrowed.
Produced in collaboration with DAT Freight & Analytics, the report found that spot rates averaged $2.01 per mile in February, up from $1.65 in November. Meanwhile, contract rates ticked up to $2.12 in February, up from $2.02 in November.
“The latest data shows early signs of change in freight pricing as spot and contract rates begin to move closer together,” said Jeff Pape, head of relationship management for U.S. Bank Freight Payment. “By working with DAT Freight & Analytics, we’re able to pair trusted rate benchmarks with real freight payment data, giving shippers and carriers a clearer, more complete view of current pricing dynamics and what they mean for decision making.”
Compression Between Contract and Spot Rates
The report also shows compression between contract and spot rates. A year ago, contract rates carried an average premium of roughly $0.39 per mile over spot rates. By March 2026, that gap had narrowed to about $0.11 per mile, representing approximately $0.28 per mile of compression. The narrowing reflects spot rates catching up to contract pricing, leaving shippers with less margin to absorb volatility.
“What we’re seeing in early 2026 is a freight market beginning to rebalance, with spot rates improving modestly while contract pricing has remained relatively steady,” said Ken Adamo, chief of analytics, DAT. “As the market adjusts, reliable data is essential for understanding where pricing is headed and how conditions are changing.”
The Rates Edition, launched in January 2026, complements the U.S. Bank Freight Payment Index, which the bank has published quarterly since 2017. The Index measures quantitative changes in freight shipments and spend activity based on data from transactions processed through U.S. Bank Freight Payment, which processes more than $46 billion in freight payments annually.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
