Lumber Prices Hover Below Record in Wild Trading as Demand Roars
- July lumber futures trade limit-up, then limit-down Thursday
- Many mill order books extend to June, with deliveries for July
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U.S. lumber futures hovered below a record high in wild trading, but nonstop demand from builders combined with tight supplies means the rally may be far from over.
July futures rose by the exchange’s maximum daily trade limit on Thursday but then dropped to limit-down levels, all within two hours. The most-active July contract traded 2.7% lower at $1,453 per 1,000 board feet at 11:50 a.m. on the Chicago Mercantile Exchange after reaching an all-time high of $1,733.50 on Monday.