Chicago lumber futures were trading above the $650-per-thousand-board-feet mark, a level not seen in over a month, as signals of strong demand prompted investors to open new positions after an impressive selloff that pushed the commodity to levels not seen since September 2021. The new-home sales report, which provides a snapshot of housing demand, showed an unexpected increase in housing sales in May even against higher prices and rising mortgage rates. Still, prices remained down roughly 60% from their March peak of $1,470, as rising borrowing costs and sky-high inflation helped cool the red-hot real estate market.
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Historically, Lumber reached an all time high of 1711.20 in May of 2021. Lumber - data, forecasts, historical chart - was last updated on July of 2022.
Lumber is expected to trade at 617.05 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 511.21 in 12 months time.