Monday, July 26

Lumber futures

Lumber, Lumber Crisis, Lumber futures, lumber market, lumber outlook, lumber price, lumber price forecast, Markets, MI Exclusive, wood industry

Lumber prices will fall back to pre-pandemic levels within a year amid considerable volatility, investment chief says

Josef Mohyla/Getty Images The price of lumber futures has fallen to its lowest level since November 2020, erasing this year's dizzying gains. An investment chief says the price of the commodity could reach its pre-pandemic level in the next 12 months. He added, however, that the price trends will vary by geography. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Prices for lumber futures have descended to levels not seen since November 2020, erasing this year's dizzying gains amid a cooling demand for the red-hot commodity.Lumber prices fell for the 10th consecutive week to trade at $536 per thousand board feet-67% lower from their May 7 peak of $1,670 per thousand board feet. Around a year ago, the commodity was hovering just above $400. Despite weeks...
Lumber, Lumber futures, lumber industry, lumber outlook, lumber price, lumber price forecast, Markets, MI Exclusive, wood industry

Lumber prices continue to fall, and are headed to as low as $350 by August, an analyst says

Lumber prices plummeted in June. Carolyn Cole/Getty Images Lumber futures are sliding after a brief pop last week, falling 21% in the last five days as the hot commodity comes down from dizzying highs.The price of lumber is trading at $642 per thousand board feet, roughly 62% lower from its May 7 peak of $1,670 per thousand board feet.But the downtrend after scaling to unprecedented highs should be expected, said Troy Merkel, partner and senior real estate analyst at Chicago-based consulting firm RSM. He said he expects the price of the commodity to moderate, especially as supply chains normalize and recover after the last year of the pandemic. By the end of August and into early September, he told Insider the price of lumber may settle between $350-$450 per thousand board feet d...
building materials, Commodity Prices, construction materials, DIY spending, economic activity, Home Improvements, Lumber futures, lumber prices, Markets, MI Exclusive

Lumber prices just dropped for a 9th straight week amid slowing DIY spending

Shannon Stapleton/Reuters Lumber prices notch their ninth consecutive weekly loss after a brief resurgence earlier in the week. The price of the key building material has slid about 60% from its peak in early May. A shift in spending away from DIY home projects is impacting the market, says Bank of America. See more stories on Insider's business page. Prices for lumber suffered another weekly loss and descended to levels not seen in roughly six months as the market contends with signs of softening demand and easing shortages. Lumber prices on Friday fell about 4% to trade at $689 per thousand board feet. That move brought lumber below $700 for the first time since mid-January. Lumber during the holiday-shortened week had pushed higher, stoking the possibility of finding relief....
Andrew Bailey, Bank of England, Commodities, Economy, inflation, Inflation debate, Lumber, Lumber futures, lumber prices, Markets, MI Exclusive

Tumbling lumber prices are a sign that strong inflation will be temporary, Bank of England boss says

Lumber prices plummeted in June. Carolyn Cole/Getty Images The plunge in lumber prices is a sign strong inflation should fade, the Bank of England's governor said. Andrew Bailey is among the central bankers to argue that inflationary pressures should be temporary. Lumber prices soared but then tumbled 45% in June as sawmills upped production and demand slipped. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The dramatic fall in lumber prices in the last month is a sign that strong inflation will be temporary, the governor of the Bank of England said on Thursday.Lumber futures soared in the first few months of the year before dropping more than 40% in June. Prices peaked at more than $1,670 per thousand board feet of lumber in early May, but have since p...
Lumber, Lumber futures, lumber market, lumber outlook, lumber price bottom, lumber price forecast, lumber prices, lumber spot price, Markets, MI Exclusive, stinson dean

Lumber prices have bottomed out, but are likely to stay double the historical average for at least the next 5 years, a lumber trader says

Getty Lumber has probably found a bottom at current levels, but prices will remain over double the average for the next few years, Stinson Dean told Insider. The Deacon Trading founder expects lumber to trade above $1,000 for potentially the next three to five years. He added that the current state of the lumber futures curve confirms that lumber prices have bottomed. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Lumber price have probably found a bottom at current levels, but will remain higher than average for the next few years, a lumber trader told Insider.Stinson Dean, CEO and founder of Deacon Trading, expects lumber to trade above $1000 for potentially the next three to five years. The historical average is around $400, he said."My argument i...