Week 37 Spot Market Results: Spot Rates Down, Loads Up

Spot Market Rates Continue Seasonal Slide in Week 37

Spot Market Trends for September 22, 2025

The spot market data from FTR continued its seasonal decline during the week ending September 19 (Week 37). Broker-posted rates in the Truckstop system fell across all equipment types. This drop is typical for mid-September, following stronger rates seen around the Labor Day holiday.

Dry van and refrigerated spot rates both slipped for a third straight week. The dry van rate saw its largest decrease of this period, while the refrigerated rate posted a smaller drop. Flatbed rates have now fallen in 10 of the past 11 weeks, showing a pattern similar to last year’s 2024 trend.

Despite lower rates, total load activity edged higher, signaling a modest recovery in freight demand.

Load Availability Rises as Truck Postings Drop

Total load activity increased by 1.0% after jumping 22% during the post-Labor Day rebound. The latest uptick came mainly from flatbed freight, with dry van volumes also showing small gains.

Overall, load availability was 33% higher than the same week in 2024. This growth came from much stronger flatbed volume and weaker comparisons from last year’s dry van market.

Meanwhile, truck postings fell 6.1%, tightening available capacity. As a result, the Market Demand Index (MDI) – the ratio of loads to trucks – rose to its highest level since May, when the International Roadcheck event took place.

The total spot market rate slipped about 2 cents, following a 1-cent drop the week before. Still, total rates remain more than 3% above 2024 levels, driven largely by flatbed gains.

Dry Van Spot Market Rates Continue to Ease

Dry van spot rates dropped just over 4 cents, following a smaller decline the week before. Rates are still 1.6% higher than the same week last year.

Dry van load volume rose 0.5%, holding 23% above 2024 levels. However, these year-over-year gains reflect a weaker base last year. Since July, dry van availability has remained below 2023 levels, showing that current market strength is modest and seasonal.

Refrigerated Market Sees Moderate Drop

Refrigerated spot rates fell about 6 cents, after a 9-cent drop the prior week. Rates now stand only 0.3% higher than a year ago – the weakest comparison in two months.

Reefer loads declined 5.6%, with volume more than 19% below the same 2024 week. Since late May, refrigerated freight has consistently trailed last year’s levels, except for a few holiday-related spikes.

Flatbed Rates and Loads Move in Opposite Directions

Flatbed spot rates edged down nearly 1 cent, marking another week of softening prices. Even so, rates are 4% higher year over year.

Flatbed load volume rose 4.9% and is now 58% higher than in 2024. Most regions show stronger demand, with especially large gains in the West Coast and Southeast markets.

Outlook for the Spot Market

The spot market typically sees continued rate softness through late September before firming again ahead of the holiday season. Based on past trends, dry van and reefer rates could dip slightly more in the coming weeks, while flatbed activity may remain elevated.

With capacity tightening and demand holding steady, market conditions may strengthen again heading into October.