Reefer volumes in Fresno, California, are continuing a steady decline that started last week. Since Sept. 21 the Reefer Outbound Tender Volume Index for Fresno is down more than seven points, or 15%, to 40.7; its lowest value since May.
Cucumbers and peaches will be out of season once September comes to a close and grapes (the second most profitable produce to come out of the Fresno market, bringing in over $1 billion in 2020) will be fading out in early October.
As volume continues to decline, capacity is complying to contracted freight to secure its loads. The Reefer Outbound Tender Reject is up 51 basis points (bps) since the start of the week to 1.7%, meaning that only a small number of the carriers in Fresno are seeking opportunities in the spot market.
In the Northeast, reefer volumes in Baltimore are soaring to yearly highs. During the past week, outbound reefer volumes in Baltimore are up 45% to their highest levels since February of 2021. Meanwhile, inbound reefer volumes are down in the same time frame. The Reefer Inbound Tender Volume Index is down 7.3% since Sept 21. However, capacity is remaining consistent as the Reefer Outbound Tender Reject Index has declined 117 bps in the last week to 2.5%.
Source: freightwaves.com