US lumber futures rise on continued strength of wood prices in cash markets; CME January contract up by 1% on Nov. 29 to US$364.80/mbf, March up 2.6% to US$378/mbf
November 29, 2013
– Lumber futures on the Chicago Mercantile Exchange (CME) rose Friday as wood prices in the cash markets remained strong, The Wall Street Journal (WSJ) reported on Nov. 29.
Cash prices for lumber from mills were at least US$380-$385 per 1,000 board feet (mbf) on Nov. 29, and the WSJ noted demand is expected to stay robust amid better housing figures in recent months, improved builder confidence, and continuing strength of offshore lumber markets, notably China.
On Friday, the CME January lumber contract was $364.80 per 1,000 board feet (mbf), a 1% or $3.60 improvement, while the March contract was up 2.6%, or $9.70, to $378.00/mbf.
The primary source of this article is The Wall Street Journal, New York, Nov. 29, 2013.