After surging for the last five months, spot truckload rates have gone flat according to DAT, with demand for trucks softening during the week ending October 18.
National average load-to-truck ratios were down in the second week of October, with the number of load posts on the load board network down 3%, while truck posts dropped 2%. But spot rates remain high due to demanding networks and tight capacity on specific lanes and markets. Currently, ratios are more than double than the same time last year.
Spot market van rates were flat last week, dropping the monthly average down slightly to $2.42 a mile including fuel. The average spot rate was higher on 22 of DAT’s top 100 van lanes by volume compared to the previous week, while 23 lanes were neutral and 55 saw declines.
Also, several types of freight affected by supply chain imbalances continue to pay well, including:
- Van: Freight all kinds, which includes e-commerce and retail, is up 33 cents a mile over the national average.
- Reefer: Food is running 22 cents a mile higher than the national reefer average, and beverages are up 13 cents a mile.
- Flatbed: Building materials are 4 cents a mile over the national flatbed average.
Ahead of Thanksgiving, reefer volumes are rising out of poultry markets. Roughly 63% of turkey production comes from just five states: North Carolina, Minnesota, Indiana, Missouri, and Arkansas.