Futures bounced this week.
Now sitting at....
Sept $647
Nov $634
Jan $645
Fires and Covid on the Canadian side is driving alot of emotion. The timber issue will be a long term problem for them. It is a huge reason so many of the Canadian companies have purchased SYP mills in the south.
Another rumor growing is mills announcing downtime for capital projects. Unsurprisingly, many of them are flush with cash/profits. They need to spend some money. West Fraser was buying back their own stock at a premium last week because the balance sheet was too cash heavy. Interfor purchased 4 sawmills from GP a couple months ago and the sale has already finalized.
You will hear next week how active SYP has been and the bullish tone will return...for a short time at least. I would not expect Lumber down is the next month or so....panels yes, Lumber no.
Lumber decreased 62.89 USD/1000 board feet or 10.99% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lumber - values, historical data, forecasts and news - updated on April of 2024.
My builder said he can get OSB for $15.50/sheet right now. It was $48 several months ago. We gave him the green light on our build. Dimensional lumber has dropped as well
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