-June 17,2019-
Price of lumber climbs triple digits on Canadian cutbacks
The futures price of lumber has climbed this month on news that some Canadian lumber mills would close and cutbacks would be implemented at others
The July futures price was around $400 today compared to $300 per 1000 board feet as of June 1. As of May 29 the price fell to $286.10 per 1,000 board feet but in the past two weeks skyrocketed higher
The increase is said to be lumber’s best run in almost 24 years. Analysts say it shows that as a Fed rate cut is expected and with these mill closures there is an expected increase in building activity due to lower mortgage rates. So you will be paying more for wood.