Freight Futures market to watch today: Chicago, IL
It was a mostly lower and pedestrian trading session for Trucking Freight Futures on Tuesday. The spot National contract (FUT.VNU202002) continued to inch lower and closed down 0.14% to $1.411/mile. The East regional contact (FUT.VEU202002) also ended the session lower at $1.579, down 0.13% for the day. The South regional contract (FUT.VSU202002) slipped 0.2% to $1.199 while the West regional contract (FUT.VWU202002) finished unchanged at $1.456.
It was almost a repeat of Monday for the individual lane contracts. In the East, both Chicago contracts finished lower with the outbound CHI to ATL contract (FUT.VCA202002, FUTC1.VCA) dropping almost 0.3% to $1.947 and the inbound PHL to CHI contract (FUT.VPC202002, FUTC1.VPC) losing 0.44% on the day to $1.125. Looking at the respective forward curves (FWD.VCA, FWD.VPC) for today, the market is anticipating a depressed rate environment into June of nearly 20% out of Chicago and almost 14% on inbound Chicago rates, before there is any turnaround. Similar to Monday, the ATL to PHL contract (FUT.VAP202002) rose another 0.24% to finish at $1.665. In the South, both lane contracts finished lower. The LAX to DAL contract (FUT.VLD202002) slipped a fraction to $1.326 while the DAL to LAX contract (FUT.VDL202002) slid 0.4% to $1.072. It was a mixed bag in the West with a fractional rise in the SEA to LAX contract (FUT.VSL202002) to $0.933 being offset by a similar drop in the LAX to SEA contract (FUT.VLS202002) to $1.978.