Sunday, July 25

lumber industry

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...