May's Recap: Volatility, Tight Capacity & Rapid Repricing.

As we wrap up May 2026, the truckload market delivered classic seasonal volatility amplified by tighter baseline capacity, high fuel costs, and stacked disruptions. In this edition of Inside the U.S. Freight Market, our Carrier Sales Manager, Kyle Cohlhepp described May as a high-energy month full of rapid repricing, carrier negotiations, and helping shippers navigate spot market pressure. 

Here are his freight market highlights:

Truckload Market Highlights

• Demand & Volumes: Freight volumes showed seasonal strength with month-over-month gains, though year-over-year comparisons remained mixed or modestly negative.  Produce season, Mother’s Day floral moves, retail restocking, and construction activity provided solid support. Imports stayed relatively resilient despite some softening, helping stabilize overall activity. 

Capacity & Tender Rejections: 

Capacity tightened notably, especially around CVSA Roadcheck Week (mid-May). Carriers sidelined equipment for inspections, driving tender rejections higher—dry van rejections spiked sharply and hit multi-year highs in spots. Load-to-truck ratios remained elevated year-over-year, reflecting ongoing carrier attrition, driver shortages, regulatory pressures, and an aging fleet. This created more spot market opportunities.

Rates: 

Spot rates rose significantly, with week-over-week jumps during Roadcheck setting recent records in some segments. Dry van, reefer, and flatbed all saw upward pressure. Contract rates lagged but faced increasing challenges as routing guides struggled amid the tightness. Overall, the market has established a higher rate floor heading into summer, with spot often outpacing contract. Fuel surcharges added another layer of cost and volatility. 

Broker Perspective: 

We saw more freight moving to spot as contract performance slipped. Strong carrier relationships were key as loyal partners helped us secure capacity when others were scrambling. Reefer and flatbed lanes (produce, construction) were particularly competitive.

Outlook into June & Summer

Expect continued tightness as produce peaks, summer demand (beverages, retail), and post-holiday inventory builds overlap. Volatility will likely stay elevated, with spot rates holding firm or rising higher in hot lanes. Shippers should prioritize reliable capacity partners and flexible routing. Carriers with strong safety records and modern equipment are in the driver’s seat.

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