Chicago lumber futures were trading around $600 per thousand board feet down roughly 50% from their March peak of $1470 as rising interest rates and sky-high inflation are hurting construction demand. Housing starts in the United States sank 14.4% over the previous month in May 2022, the most since April 2020 while the average rate on 30-year fixed-rate mortgages hit 5.98% in June, the highest rate since November 2008.
Historically, Lumber reached an all time high of 1711.20 in May of 2021. Lumber - data, forecasts, historical chart - was last updated on June of 2022.
Lumber is expected to trade at 545.36 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 450.82 in 12 months time.