Freight Futures contract to watch today: May ‘spot’ contract
The Trucking Freight Futures markets went off a cliff on Monday, posting the largest single-day drop across the board since launch, as the market recalibrated after the April-to-May contract roll. The spot National contract (FUT.VNU202005, FUTC1.VNU) fell $0.063, or 4.4%, to $1.356 per mile. The East regional average (FUT.VEU202005) slid $0.068 (4.6%) lower to $1.411 as did the West regional contract (FUT.VWU202005) — down $0.056 (4.2%) — and the South regional contract (FUT.VSU202005) — down 0.056 (4.6%) — to $1.456 and $1.201, respectively.
It was the same story on the individual lanes. In the East, the ATL to PHL contract (FUT.VAP202005) fell $0.084, or 4.4%, to $1.848; the CHI to ATL contract (FUT.VCA202005) dropped $0.084 (5%); and the PHL to CHI contract (FUT.VPC202005) shed $0.044 (4.5%) to $0.949. In the West, the LAX to SEA contract (FUT.VLS202005) tumbled $0.092 (4.2%) to $2.087, and the SEA to LAX contract (FUT.VSL202005) fell $0.034, or 4%, to $0.826. It was a similar story in the South, with the DAL to LAX contract (FUT.VDL202005) down $0.052 (4.6%) to $1.083 and the LAX to DAL contract (FUT.VLD202005) dropping $0.058, or 4.2%, to $1.320.