Highlights of Friday’s SONAR reports are below. For more information on SONAR – the industry’s fastest freight forecasting platform – or to request a demo, click here. Be sure to stop by too the latest SONAR update, TRAC — the most recent industry spot rate data.
Market observation for October 7th:
Foreign demand in Chicago has been falling steadily this month after hitting a six-month high in September.
The Outbound Tender Volume Index for Chicago is down more than 27 points, or 11.3%, to 213 over the past 10 days. The decline in volume has taken Chicago’s market share for outbound tenders to 1.8%, which is still higher than the market share held earlier in the year.
Chicago’s neighboring market, Joliet, Illinois, saw similar trends of declining volume in late September, but that month was relatively flat. The Outbound Tender Volume Index for Joliet is up just 1 point so far this month, with rejection rates at 4.6%.
Chicago’s inbound solicitation volume is also trending toward its lowest level since 2020. The inbound solicitation volume index is down 24 points since Sept. 27 to 161.1, and Chicago’s rejection rates match Joliet’s at 4.6%.
Outbound crowds in Allentown, Pennsylvania, have been tumbling down a flight of stairs since mid-September.
Since September 19, foreign demand has fallen by 15%, leveling off for a few days after each fall, only to fall further. Inbound tender volumes are also trending down, just not quite as much as outbound. The Inbound Tender Volume Index is down 9.6% since Sept. 19.
In the neighboring Harrisburg, Pennsylvania, market, outgoing volumes have similarly changed in recent weeks. The Outbound Tender Volume Index for Harrisburg is down 28 points, or 8%, since Sept. 19, and inbound volume is down 8.2% over the same period.
Rejection rates in both markets are reacting equally to the downtrend in volume, but Allentown is seeing a clearer change due to a sharper drop.
Allentown’s Outbound Tender Reject Index is down 100 basis points to 6.2% since Sunday, while in Harrisburg it is down 54 basis points to 6.8% over the same period.
NTI as a reference point
The National Truckload Index is a daily look at how spot rates are holding up in specific lanes compared to the national average, giving truckers and brokers an idea of which lanes to lean toward or avoid.
Track to Watch: Allentown to Toledo, Ohio
Allentown to Toledo spot market rates have been falling for the past two months but remain steady at $2.40 a mile so far this month — 29 cents below the national average.
Allentown is seeing a steady decline in outbound volume, but Toledo is currently at a three-month high, not a bad place for airlines. Rejection rates from Toledo are also trending higher this week, rising 60 basis points to 3.1% over the past few days. The surge in rejections will put pressure on spot rates ex Toledo, and a return rate to Allentown is currently paying $3.42 a mile – 73 cents above the national average.