Lumber Rises as Canada Wildfires Snarl Production, Shipments
- Canfor curtails production as fires hinder shipments
- Futures surge most in more than a year on Chicago exchange
This article is for subscribers only.
Lumber futures rose, posting the biggest percentage gain in more than a year on concern that wildfires in western Canada will reduce supply and spur more curtailments at sawmills.
British Columbia, Canada’s biggest exporter of lumber to the U.S., declared a state of emergency, and Canfor Corp. said it would trim output as the fires snarl transportation and supply chains. Lumber jumped 7.7% in Chicago, the largest advance for a most-active contract since April 2020. The price is still more than 60% below the record-high reached in May.