The CME’s continuous physical lumber futures contract fell 22.99% in Q2 and was down 21.24% over the first six months of 2024, closing Q2 at $450.50 per 1,000 board feet. In a July 4, 2024, Barchart article, I wondered if lumber prices were close to a bottom, concluding:
Lumber could be close to a bottom near the $450 per 1,000 board feet level on July futures but the price could move lower as the wood futures market traded to a $326.60 low in May 2023. A long-term scale-down approach to buying lumber proxies (WOOD, CUT, and WY) could be optimal for the coming years at the current low price level.
