Freight Futures market to watch today: Philadelphia, Pennsylvania
Trucking Freight Futures opened the week with the spot National contract (FUT.VNU201910) settling lower by 0.14% to $1.430 per mile, driven by a 0.55% or nearly $0.01 drop in the East regional contract (FUT.VEU201910) to $1.447. Both the West regional (FUT.VWU201910) and South regional (FUT.VSU201910) contracts finished unchanged at $1.547 and $1.295, respectively.
Almost all of Monday’s trading interest was centered on the East. The ATL to PHI contract (FUT.VAP201910) fell 1.16% or $0.018 to close at $1.534, shifting the entire forward curve (FWD.VAP) lower by an average of approximately $0.02 per mile per month. The PHI to CHI contract (FUT.VPC201910) also closed lower, dropping 0.75% to $0.934. The CHI to ATL contract (FUT.VCA201910) was unchanged at $1.873. In the West, the LAX to SEA contract (FUT.VLS201910) started the week unchanged at $2.103, while the LAX to SEA contract (FUT.VSL201910) dropped fractionally to $0.990. In the South, a $.001 rise in the LAX to DAL contract (FUT.VLD201910) was offset by a $0.001 decline in the DAL to LAX contract (FUT.VDL201910) to $0.861. Total open interest in Trucking Freight Futures opened the week at 65,000 miles.
SONAR Tickers: FUT.VEU201910, FUT.VCA201910, FUT.VAP201910, FUT.VPC201910
Cecil Wright
They need to bring freight back up to 3.00 to 4.00 a mile, to cover the cost of fuel, and maintenance and driver pay.
The average driver is at Lower than minimum wage.
We work 80 hours a week in a 8 day period, with no over time pay, no holiday pay, it’s getting were it’s not worth being on the road and away from my family.