Chicago lumber futures skyrocketed above the $1,400 per thousand board for the first time on record as sawmills strive to keep pace with demand ahead of the peak spring construction season. The stay-at-home lifestyle has encouraged homeowners to expand or remodel their existing dwellings, while record-low mortgage rates exacerbated this home-building spree. On top of that, supply remains quite scarce, with purchasers struggling to fulfill existing and new buying requirements in the aftermath of coronavirus-driven production curbs.
Historically, Lumber reached an all time high of 1420.50 in April of 2021. Lumber - data, forecasts, historical chart - was last updated on April of 2021.
Lumber is expected to trade at 1331.15 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 1095.49 in 12 months time.