Welcome to your mid-week edition of “Where’s the Freight?,” Trucker Tools’ free freight forecast fleets and drivers. All signs are pointing to a broad decline in demand for truckload capacity, according to data from FreightWaves and a report from Bank of America released last week. At this time last year, truckers and carriers were rejecting more than one quarter (25.76 percent) of contracted loads, indicative of better rates in the spot market. As of four days ago, national outbound rejection rates had dipped to under 10 percent.
Despite the widespread decline in freight demand and rates, you can expect to see high demand for truckload capacity in several U.S. and Canadian markets in the coming week. Tucson, Ariz., is projected to remain red hot for reefer freight this week. Tucson, Ariz., snags the top spot in today’s Top Five Hottest Markets list and also is expected to see a further increase in reefer demand later this week. If you run dry van, you’ll want to avoid loads inbound to and outbound from Calgary, Alberta, Eastern Ontario, Gary, Ind., and Rapid City, S.D., in the coming week, as demand is projected to be extremely low. Over the next five to seven days, look for power only demand to/from Phoenix to increase, while power only demand to/from Fort Smith, Ark., likely will decline.
For more insights into which markets will be the hottest and coldest across the United States and Canada this week, check out the rest of this Wednesday edition of Trucker Tools’ “Where’s the Freight?” below.
Where Freight Demand and Rates Are Likely To Be High or Rising
- Flatbed demand and rates for Texarkana, Texas, and Rapid City, S.D., once again will see high demand this week. Flatbed demand to/from Texarkana, Texas, and Huntington, W.Va., is expected to increase over the coming week.
- Reefer demand and rates for Tucson, Ariz., Dodge City, Kan., and Corpus Christi, Texas, are projected to be high over the next five to seven days. Reefer demand likely will increase this week for Tucson, Ariz., and Texarkana, Texas.
- Power only demand and rates to/from Phoenix are expected to rise over the next week.
Where Freight Demand and Rates Are Likely To Be Low or Falling
- Flatbed demand and rates inbound to and outbound from El Paso, Texas, Minot, ND., and Yakima, Wash., are projected to be low in the coming week. Flatbed demand to/from Ithaca, N.Y., likely will decline over the next five to seven day period.
- Dry van demand and rates inbound to and outbound from Calgary, Alberta, will be extremely low this week. Dry van demand to/from Eastern Ontario, Gary, Ind., and Rapid City, S.D., likely will decrease this coming week.
- Power only demand and rates inbound to and outbound from Fort Smith, Ark., will remain low over the next week.
Trucker Tools’ Market Insights and Industry News
- The five most profitable markets for fleets and drivers this week likely will be: 1. Tucson, Ariz. (reefer), 2. Texarkana, Texas (flatbed), 3. Dodge City, Kan. (reefer), 4. Rapid City, S.D. (flatbed), and 5. Corpus Christi, Texas (reefer).
- The five least profitable markets for fleets and drivers this week likely will be: 1. Calgary, Alberta (dry van), 2. Fort Smith, Ark. (power only), 3. El Paso, Texas (flatbed), 4. Minot, N.D. (flatbed), and 5. Yakima, Wash. (flatbed).
- This week, demand for reefer capacity to/from Tucson, Ariz., will remain 50 percent higher than it was during the same week in 2021.
- Yesterday’s Daily Market Update from FreightWaves found that national outbound tender rejections are down and national freight volumes are up slightly.
- Once again this week, the inbound and outbound Texarkana, Texas, flatbed markets will favor owner operators and carriers by more than two to one.
- According to a report by ACT Research, the average retail price of a used Class 8 truck in March surpassed the $100,000 threshold for the first time. In March of 2021, the average price was $53,412.
To discover more about which markets will be hottest and coldest, read “Where’s the Freight? Tucson, Texarkana, Dodge City, Rapid City and Shreveport Hottest Markets This Week.”
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