Chicago lumber futures were trading around the $600-per-thousand-board-feet mark, rebounding from an 11-month low of $479 hit on August 5th as demand shows signs of coming back with the growth of single-family homes available for sale easing in recent weeks. Still, lumber prices are down more than 60% since their March peak as sky-high mortgage rates and soaring materials prices took a toll on potential buyers. On top of that, sawmills choose to take seasonal and maintenance curtailments during this time of the year as most of the large US home builders have already made their purchases for planned autumn construction projects.
Historically, Lumber reached an all time high of 1711.20 in May of 2021. Lumber - data, forecasts, historical chart - was last updated on August of 2022.
Lumber is expected to trade at 622.26 USD/1000 board feet by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 734.82 in 12 months time.