Freight Futures data to watch today: Spot Month Futures Prices
The Trucking Freight Futures markets were caught up in the global market meltdown on Thursday, as fears of the continued spread of the coronavirus outside of China will lead to a prolonged worldwide economic and supply chain slowdown. The spot National contract (FUT.VNU202002), which has held steady at $1.393 for over a week, slid $0.019, or 1.4%, to settle at $1.74/mile. Each of the regional averages were lower as well, with the South regional contract (FUT.VSU202002) tumblinging $0.035, or 3%, to $1.155. The East regional contract (FUT.VEU202002) shed $0.010 (0.64%) to finish at $1.550 and the West regional contract (FUT.VWU202002) slipped by $0.012 (0.84%) to close at $1.418.
Three individual lane contracts, one from each region, bore the brunt of the markets fear and suffered significant drops on the day. The East was dragged lower by a $0.030 (1.8%) decline in the ATL to PHL contract (FUT.VAP202002) to $1.634. Both the CHI to ATL (FUT.VCA202002) and the PHL to CHI (FUT.VPC202002) contracts finished unscathed, holding firm at $1.911 and $1.105, respectively. The lane contracts into the LAX market took a beating. In the South, the DAL to LAX contract (FUT.VDL202002) plunged $0.065, or 6.13%, to “break the buck” at $0.995. The LAX to DAL contract (FUT.VLD202002) fell a modest 0.3% to settle at $1.315. To the West, the SEA to LAX contract (FUT.VSL202002) dropped $0.23, or 2.5%, and ended at $0.886 while the LAX to SEA contract (FUT.VLS202002) finished unchanged at $1.950.