Chicago lumber futures were trading above $900 per 1,000 board feet in the second week of February, a level not seen since September last year, buoyed by a combination of robust real estate markets and builder-friendly winter weather. The commodity has a strong fundamental backdrop with supply set to stay quite scarce amid continued robust demand from the renovation and home markets. Furthermore, record-low borrowing rates exacerbated this home-building spree.
Historically, Lumber reached an all time high of 1000 in September of 2020. Lumber - data, forecasts, historical chart - was last updated on February of 2021.
Lumber is expected to trade at 890.99 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 733.26 in 12 months time.