Freight Futures data to watch today: Futures Spot Price Change
For the past couple of trading sessions, the Trucking Freight Futures markets have been looking for some direction. Well, on Thursday they found it and it was downhill across the board, with all eleven spot contracts ending the day moderately to sharply lower. The spot National contract (FUT.VNU202002) slid $0.01, or 0.7%, to $1.401/mile, its lowest point since the middle of October 2019. General short-term market weakness and Coronavirus fears were cited as factors. Both the East regional (FUT.VEU202002) and West regional (FUT.VWU202002) contracts each posted significant declines, with the East contract dropping $0.012, or 0.8%, to $1.567 and the West contract falling $0.015 (1%) to $1.440. The South regional contract (FUT.VSU202002) ended 0.2% lower to $1.197.
All three lane contracts chipped in to drag the East regional average lower. Leading the way was the CHI to ATL contract (FUT.VCA202002) which skidded $0.017 (0.9%) to $1.930. Both the ATL to PHL (FUT.VAP202002) and the PHL to CHI (FUT.VPC202002) contracts fell $0.01 to $1.655 and $1.115, respectively. Similarly in the West, the LAX to SEA contract (FUT.VLS202002) tumbled by $0.019 (1%) to $1.959 and on a percentage basis, was outdone by the SEA to LAX contract (FUT.VSL202002), which slid 1.3% ($0.012) to $0.920. In comparison, it was a relatively calm day for the South with the LAX to DAL (FUT.VLD202002) and DAL to LAX (FUT.VDL202002) contracts “only” lower by 0.23% and 0.2%, to $1.324 and $1.070, respectively.