Freight Futures contract to watch today: February National Contract
After a brief pause for the Presidents’ Day holiday on Monday, Trucking Freight Futures fell across the board during Tuesday’s session, continuing a nearly two-week tumble. The spot National contract (FUTC1.VNU) slipped 0.6% on the day to settle at $1.393/mile, the lowest point for a spot month settlement since May 2019 and down almost 10% since the beginning of 2020. The February contract (FUT.VNU202002) is down 4.3% since the beginning of the month. Both the East regional (FUT.VEU202002) and the West regional (FUT.VWU202002) contracts slid 0.5% to close at $1.558 and $1.434, respectively. The South regional contract (FUT.VSU202002) dropped 0.7% for the session to $1.189. The coronavirus continues to hurt market fundamentals.
There was not a bright spot to be found anywhere on the individual lanes. In the East, the PHL to CHI contract (FUT.VPC202002) stumbled by $0.010, or 0.9%, to $1.105 as the CHI to ATL contract (FUT.VCA20202) lost 0.5% to $1.911 and the ATL to PHL contract (FUT.VAP202002) dipped 0.3% to $1.657. Over to the West, the SEA to LAX contract (FUT.VSL202002) dropped 0.9% to $0.918 and the LAX to SEA contract (FUT.VLS202002) fell by 0.3% to $1.950. In the South, the DAL to LAX contract (FUT.VDL202002) skidded nearly 1% to $1.060 while the LAX to DAL contract (FUT.VLD202002) closed down 0.5% to $1.317.