U.S. freight pricing shifts as spot and contract rates converge in 2026
Freight pricing in the U.S. is shifting as spot and contract rates grow closer. The gap between the two has narrowed significantly in early 2026, signalling a change in market conditions. This trend follows a modest rise in truck freight rates at the start of the year. In February 2026, contract rates averaged $2.12 per mile, up from $2.02 in November 2025. Spot rates also climbed, reaching $2.01 per mile—a jump from $1.65 in the same period. A year earlier, the difference between contract and spot pricing stood at roughly $0.39 per mile, but by March 2026, it had shrunk to just $0.11.
The U.S. Bank Freight Payment Index, launched in January 2026, tracks these changes. It measures shifts in shipment volumes and spending, drawing from over **$46 billion** in annual freight payments processed by the bank. As spot rates approach contract levels, shippers now have less flexibility to cushion against price swings. Truck freight rates began 2026 with a slight increase. The narrowing gap suggests a more balanced market, where spot and contract pricing move in closer alignment.
The convergence of spot and contract rates marks a notable shift in U.S. freight pricing. With less room to absorb volatility, shippers may need to adjust strategies. The U.S. Bank Freight Payment Index will continue monitoring these trends as the market evolves.
