Freight Futures market to watch today: Outbound Los Angeles, CA Lanes
On the second to last trading day for the spot contracts, the Tucking Freight Futures markets awoke from a two day slumber. The spot National contract (FUT.VNU202001) rose nearly 0.3% and settled at $1.457/mile. Also rising on Thursday was the West regional contract (FUT.VWU202001), which jumped $0.013, or 0.9%, to close at $1.533. The contract was driven higher by strength on the LAX to SEA (VLS) lane. The East regional contract (FUT.VEU202001) ended fractionally lower to $1.620 as did the South regional contract (FUT.VSU202001), which slipped to $1.218.
In the East, the ATL to PHL contract (FUT.VAP202001) continued its upward push and rose another 0.23% to end the day at $1.750. However, this rise was more than offset be a 0.25% drop in the CHI to ATL contract (FUT.VCA202001) to $2.027 and a nearly 0.2% drop in the PHL to CHI contract (FUT.VPC202001) to $1.082.
In the West and South regions, the story today was strength out of the LAX market. In the West, the LAX to SEA contract (FUT.VLS202001, FUTC1.VLS) jumped $0.027, or 1.3% on the day, to $2.097 while the LAX to DAL contract (FUT.VLD202001, FUTC1.VLD) rose another 0.3% to $1.470. Both these contracts have strengthened since the start of the year, as outbound Dry Van tender rejections from the LAX market (VOTRI.LAX) have fallen to 3.21%. Meanwhile, the SEA to LAX contract (FUT.VSL202001) in the West finished unchanged at $2.097, while the sliding DAL to LAX contract (FUT.VDL202001) in the South fell another 0.6% to settle at $0.966.
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