Chicago lumber futures continued their rally to cross $1,200 per thousand board feet, as supply is unable to meet rising demand from the renovation and home markets. Since last spring lumber prices have risen more than 180% as the stay-at-home lifestyle has encouraged homeowners to expand or remodel their existing dwellings and low mortgage rates exacerbated the home-building spree. The sustained rush of lumber buying caught sawmills and wholesalers by surprise and at a time when Covid-19 restrained production, pushing prices up to record levels.
Historically, Lumber reached an all time high of 1295 in April of 2021. Lumber - data, forecasts, historical chart - was last updated on April of 2021.
Lumber is expected to trade at 1181.40 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 972.25 in 12 months time.