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<ul class="summary-list"><li>Spot <keyword id="10881461" type="UNKNOWN" weightage="60" keywordseo="lumber-prices">lumber prices</keyword> hit a record high of nearly $1200 per thousand board feet on Tuesday.</li><li>Prices have soared more than 250% in the past year alone.</li><li>Rising <keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">lumber</keyword> costs added more than $24,000 to the price of the average new single-family home. </li></ul>Spot <a href="https://markets.businessinsider.com/commodities/lumber-price">lumber prices</a> hit a record high of nearly $1200 per thousand board feet on Tuesday.The record mark comes after a historic run for lumber in 2020 and the beginning of 2021. Prices have soared more than 250% in the past year and roughly 348% from March 30, 2020 five-year lows.The rising lumber costs have added more than $24,000 to the price of the average new single-family home, and nearly $9,000 to the price of a multifamily home in the past year alone, according to <a href="https://www.nahb.org/advocacy/top-priorities/material-costs/solving-the-lumber-crisis">data from the National Association of Homebuilders</a>.Sales of newly built, single-family homes also fell 18.2% in February, partly due to lumber costs, according to <a href="https://www.census.gov/construction/nrs/pdf/newressales.pdf">newly released data</a> from the US Department of Housing and Urban Development and the Census Bureau.Lumber's rise hasn't been all bad news for the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, however. As a result of rising lumber prices, shares of <keyword id="519627" type="PERSON" weightage="60" keywordseo="timber">timber</keyword> companies have surged in the past six months.Vancouver-based <a href="https://markets.businessinsider.com/stocks/cfpzf-stock">Canfor</a> saw its stock jump some 107% during the period while shares of <a href="https://markets.businessinsider.com/stocks/wfg-stock">West Fraser Timber</a> and <a href="https://markets.businessinsider.com/stocks/wy-stock">Weyerhaeuser</a> jumped roughly 80% and 30%, respectively.A number of factors have combined to create the perfect storm for rising lumber prices over the past few years, starting in 2019 when weak demand and severe weather conditions caused timber suppliers to close mills and reduce output."In North America, lumber demand was impacted by severe weather early in 2019...tepid demand, combined with excess inventory levels heading into 2019, resulted in significant downward pricing pressure throughout most of the year," <keyword id="4815222" type="PERSON" weightage="60" keywordseo="canfor">Canfor</keyword>'s management wrote in a <a href="https://www.canfor.com/docs/default-source/investor-relations/2019_cfp_mda_final.pdf?sfvrsn=42f6ee91_2">2019 statement to investors.</a>"In response to the muted demand and elevated log costs in BC, a number of temporary and permanent sawmill curtailments were announced across the industry throughout 2019," management added.Then in 2020, interest rates were cut and demand for new homes and lumber soared due to the new stay-at-home dynamic. A plague of pine beetles in British Columbia also destroyed enough trees to build millions of single-family homes throughout the year, <a href="https://www.bloomberg.com/news/features/2020-08-17/mountain-pine-beetle-infestations-are-killing-forests-could-worsen-emissions">Bloomberg reported</a>.All of this led to a supply and demand imbalance which has caused a sustained rise in lumber costs.Devin Stockfish, the CEO of <keyword id="712386" type="CITY" weightage="60" keywordseo="Weyerhaeuser">Weyerhaeuser</keyword>, said last month he expects lumber prices will remain elevated "for the foreseeable future," per Bloomberg.The National Association of Homebuilders has been pressing the Biden administration, federal agencies, and Congress to step in and address lumber supply shortages.The association sent <a href="https://www.nahb.org/-/media/NAHB/advocacy/docs/top-priorities/lumber/lumber-letter-to-biden-from-fowke.pdf">a letter</a> to President Biden in late January after his election and has since lobbied Congress, Agriculture Secretary Tom Vilsack, and the US Forest Service in hopes of breaking the lumber pricing trend. So far though their efforts haven't been fruitful and lumber prices continue to rise.Read more: <a href="https://www.businessinsider.com/joel-greenblatt-shares-strategy-for-retail-investors-to-win-markets-2021-4" target="_blank" rel="noopener">Investing legend Joel Greenblatt averaged 50% annual returns over 10 years. He told us his strategy for individual investors to find 'creative' opportunities in an increasingly crowded and ever-changing market.</a>

Lumber prices hit a record high after soaring more than 250% in the past year

<a href="https://markets.businessinsider.com/commodities/lumber-price"></a><ul class="summary-list"><li><keyword id="9640833" type="UNKNOWN" weightage="60" keywordseo="lumber-futures">Lumber futures</keyword> fell over 5% to trade at $1,059 per thousand board feet on Friday.</li><li>Prices for the hot commodity are now down roughly 37% from May 7 record highs.</li><li>Weyerhaeuser's CEO said $1000 <keyword id="10881461" type="UNKNOWN" weightage="60" keywordseo="lumber-prices">lumber prices</keyword> aren't likely to continue at the 2021 Nareit conference.</li></ul><a href="https://markets.businessinsider.com/commodities/lumber-price">Lumber prices</a> fell for the eighth straight day on Friday to near $1,000 per thousand board feet for the first time since March in a reprieve for ailing homebuilders and renovators.<keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">Lumber</keyword> futures fell 5.61% to trade at $1,059.20 per thousand board feet on Friday. Rising lumber prices in 2021 have hit homebuilders, buyers, and renovators hard, pushing up the cost of an average single-family home by some $36,000, according to the <a href="https://www.nahb.org/advocacy/top-priorities/material-costs/solving-the-lumber-crisis">National Association of Homebuilders.</a>Lately, though, lumber has fallen back down to Earth as the historic rise appears unsustainable-prices are now down roughly 37% from their May 7 peak of $1670.50 per thousand board feet.Devin Stockfish, the CEO of Weyerhaeuser, one of the world's largest private owners of timberland, said <a href="https://www.businessinsider.com/lumber-price-today-not-new-normal-weyerhaeuser-ceo-devin-stockfish-2021-6">lumber prices over $1,000 aren't likely to continue</a> in the near term at a recent Nareit conference. The CEO added that he believes the home-building and renovation boom could lead to strong wood demand for another decade, however."I don't think $1,000 lumber prices are the new normal," Stockfish told the Nareit REITweek 2021 Investor Conference. "With that being said, when you think about the amount of housing we're going to have to build in the U.S. over the next three, five, 10 years, that's a significant amount of demand for wood products."Capital Economics <keyword id="35149" type="PERSON" weightage="60" keywordseo="commodities">commodities</keyword> analyst Samuel Burman said in an April note to clients, <a href="https://www.bloomberg.com/news/articles/2021-04-20/sky-high-lumber-prices-to-drop-by-year-end-analyst-says">per Bloomberg</a>, that he expected lumber prices to fall to $600 even as demand for the commodity remains strong due to rising supply."Even though we expect lumber demand to hold up well for some time, we still think that a rebound in supply will lead to a sharp fall in the price of U.S. lumber over the next eighteen months," Burman wrote.Read more: <a href="https://www.businessinsider.com/why-lumber-prices-futures-surge-is-ominous-veteran-pm-explains-2021-5" target="_blank" rel="noopener">'If lumber crashes, stocks might be next': An award-winning portfolio manager who's tracked lumber prices for years breaks down why futures hitting a record high of $1,600 is an ominous sign - and shares what investors can do ahead of the eventual crash</a>To Burman's point, a number of timber companies have announced expansions over the past few months due to continued demand for lumber.<a href="https://markets.businessinsider.com/stocks/wfg-stock">West Fraser Timber</a> recently announced expansions at five US mills, while rival <a href="https://markets.businessinsider.com/stocks/rfp-stock">Resolute Forest Products</a> revealed a $50 million bet on "high-return and quick payback" modernization and capacity expansion lumber projects in Quebec, Ontario, and the southeast US.<a href="https://markets.businessinsider.com/stocks/cfpzf-stock">Canfor</a> has also said it will invest around $160 million in a new sawmill in Louisiana.Rising supply could be helping to quash unsustainable pricing in lumber that has been driving builders to look for <a href="https://www.1011now.com/2021/05/24/lincoln-construction-crews-use-lumber-alternative-as-demand-skyrockets/">alternative materials</a>, fueling <a href="https://news.crunchbase.com/news/shortages-of-construction-material-and-skilled-labor-fueling-growth-in-modular-homebuilding/">modular home building</a>, and even bringing <a href="https://komonews.com/news/local/lumber-yards-construction-sites-targeted-by-thieves-trying-to-cash-in-on-high-demand">thieves to construction yards</a>.

Lumber prices fall for the 8th straight day to near $1,000 per thousand board feet for the first time since March

<ul class="summary-list"><li>These five beaten-down stocks linked to <keyword id="11949059" type="UNKNOWN" weightage="60" keywordseo="lumber" source="Orion">lumber</keyword> will see a strong upside through the rest of 2021, RBC said.</li><li>The bank is recommending investors watch Canfor, Conifex Timber, Western Forest Products, West Fraser Timber, and Interfor.</li><li>"We think that the worst of the declines are over and that it is a good time to start getting up to speed on the sector," the analysts said.</li></ul>As <a href="https://markets.businessinsider.com/commodities/lumber-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">lumber</a> prices slipped from record highs in May, shares of companies tied to the industry have followed. But as the <keyword id="11949063" type="UNKNOWN" weightage="60" keywordseo="lumber-market" source="Orion">lumber market</keyword> stabilizes, some beaten-down stocks linked to the red-hot commodity will see strong upside into year-end as the housing boom continues, Royal Bank of Canada analysts said in a note.The bank is recommending investors keep a close eye on <a href="https://markets.businessinsider.com/stocks/cfpzf-stock">Canfor</a>, <a href="https://markets.businessinsider.com/stocks/cfxtf-stock">Conifex Timber</a>, and <a href="https://markets.businessinsider.com/stocks/wfstf-stock">Western Forest Products</a>, which remain "deep value picks," as well as <a href="https://markets.businessinsider.com/stocks/wfg-stock">West Fraser Timber</a> and <a href="https://markets.businessinsider.com/stocks/ifspf-stock">Interfor</a>, which have modest premiums. All have outperform ratings. "Although lumber stocks are likely to remain under pressure until pricing starts to increase, we think that the worst of the declines are over and that it is a good time to start getting up to speed on the sector," the note, written by Analyst Paul Quinn and Senior Associate Marcus Campeau, said.The analysts said they believe lumber producers should trade at a discount, but the current 50%-80% is "too punitive" given their positive outlook. To close the valuation gap, the analysts said they are eyeing increased consolidation, production discipline, and shareholder-friendly capital allocation.Apart from currency risks, price seasonalities, and COVID-19 threats that may affect the price target and the ratings of the stocks, the RBC analysts are optimistic their outlook will be met.<keyword id="11949066" type="UNKNOWN" weightage="60" keywordseo="lumber-prices" source="Orion">Lumber prices</keyword> skyrocketed more than 500% in the 15 months after the COVID-19 outbreak as supply-chain disruptions collided with a demand for housing and activity from homebuilders.As of August 25, lumber futures were hovering around $492.50 per thousand board feet, 71% lower than the record high of $1,711 achieved in May. During the same day last year, the price closed at $461 per thousand board feet.The massive drop may be attributed to various factors from the surge in wildfires that cripple supply chains (such as the case with <a href="https://www.bnnbloomberg.ca/canfor-to-curtail-production-at-canadian-sawmills-due-to-extreme-wildfire-conditions-1.1631373">Canfor</a>), China <a href="https://markets.businessinsider.com/news/stocks/china-commodities-rally-stockpiles-copper-zinc-aluminum-metal-prices-chart-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">releasing stockpile</a><a href="https://www.reuters.com/world/china/china-intervenes-manage-commodity-prices-2021-08-04/" target="_blank" rel="noopener">s to cool</a> surging prices, and people spending <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-fall-negative-home-improvement-demand-supply-2021-7">less time</a> at home as the economy reopens, denting demand for home improvement projects.

These 5 beaten-down lumber stocks have strong upside into year-end as the housing boom continues, RBC says

<ul><li>A double in <keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">lumber</keyword> prices so far in 2021 has helped push up the stock prices of companies involved in the production of wood.</li><li>The commodity has seen a surging price as demand for homes continues to increase, and as supply constraints continue.</li><li>These 4 stocks have seen strong rallies so far in 2021 as prices for lumber soar.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Lumber prices have doubled so far in 2021 <a href="https://markets.businessinsider.com/news/stocks/lumber-prices-hit-record-highs-soaring-past-year-2021-4-1030299977">and are up 250% since last spring</a> as the commodity gets squeezed on both the demand side and the supply side.A consistent rise in demand for homes, combined with tightening supply of the commodity due to timber constraints in Canadian forests has led to the commodity surging to a record $1,500 per thousand board feet this week.The surge in prices has added on average <a href="https://www.businessinsider.com/lumber-expensive-increases-price-new-homes-national-association-home-builders-2021-5">$36,000 to the costs of building an average single family home,</a> according to the National Association of Homebuilders. But that's not denting demand for new homes, with <a href="https://www.businessinsider.com/typical-house-price-record-high-redfin-concerning-real-estate-coronavirus-2021-3">median housing sale prices hitting records</a> throughout <a href="https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9">the pandemic and into 2021.</a>And an aging millennial population that is transitioning to mortgage debt from student loan debt will likely help sustain demand for new homes in the years ahead.This all sets up a favorable backdrop for companies that manage forests for timber, operate sawmills, and produce home building products out of wood. These are the 4 lumber-related stocks that have seen strong rallies so far in 2021 as prices for lumber soar.4. WeyerhauserTicker: <a href="https://markets.businessinsider.com/stocks/wy-stock">WY</a> Market Cap: $30 billion YTD Performance: 17%<div type="image" title="wyy chart.JPG" height="523" width="660" msid="82406324" hostid="261"></div>3. West Fraser Timber Co.Ticker: <a href="https://markets.businessinsider.com/stocks/wfg-stock">WFG</a> Market Cap: $9.4 billion YTD Performance: 23%<div type="image" title="wfg gchart.JPG" height="566" width="675" msid="82406325" hostid="261"></div>2. Boise CascadeTicker: <a href="https://markets.businessinsider.com/stocks/bcc-stock">BCC</a> Market Cap: $2.8 billion YTD Performance: 44%<div type="image" title="bcc c.JPG" height="530" width="676" msid="82406326" hostid="261"></div>1. UFP IndustriesTicker: <a href="https://markets.businessinsider.com/stocks/ufpi-stock">UFPI</a> Market Cap: $5.4 billion YTD Performance: 56%<div type="image" title="ufpi chart.JPG" height="567" width="664" msid="82406329" hostid="261"></div>

These 4 stocks related to the lumber industry are soaring as prices for the commodity doubled in 2021

<ul class="summary-list"><li><keyword id="11949059" type="UNKNOWN" weightage="60" keywordseo="lumber" source="Orion">Lumber</keyword> prices are on the rise once again and have doubled from summer lows.</li><li>A confluence of factors is putting upward pressure on the red-hot commodity but experts say lumber will normalize.</li><li><keyword id="11970890" type="UNKNOWN" weightage="60" keywordseo="lumber-futures" source="Orion">Lumber futures</keyword> rose for the fifth-straight session on Friday, hitting $930 per thousand board feet.</li></ul>The price of lumber has doubled from summer lows after a confluence of factors put upward pressure on the red-hot commodity, but some normalization may be on the way soon.Lumber futures rose for the fifth-straight session on Friday, hitting a six-month high of $930 per thousand board feet and gaining 21% for the week. Still, they're 45% below their record high of $1,711 reached in May. Analysts have highlighted four key factors contributing to the recent spike.1. Floods in CanadaThe main cause is severe flooding in British Columbia that has hampered the operations of West Fraser Timber, one of Canada's largest lumber producers, according to Ross Price, director of finance at commodity trading platform Mickey Group.West Fraser on <a href="https://www.westfraser.com/investors/news/news-releases/west-fraser-provides-operational-update">November 30</a> said the natural disaster caused transportation disruptions to its rail and truck routes, including limiting access to ports for overseas shipments."This has closed roads and caused one of the world's biggest producers of lumber to pause shipments," Price told Insider, adding that the US gets most of its lumber supply from Canada. "From my perspective, it doesn't make much sense for a supplier to produce more than they can actually ship right now."2. Hoarding Exacerbating this issue is construction companies that are hoarding materials to avoid shortages, said Vanessa Miller, a partner at international law firm Foley &amp; Lardner."This is actually creating the same type of shortages that we saw early on in the pandemic," she told Insider, noting the infamous toilet paper stockpiling the US saw last year despite the lack of an actual shortage.If the lumber supply chain was functioning properly, the price increases would not be so dramatic, Miller added.3. US tariffsAdding to lumber prices is a trade dispute, in which the US has accused Canadian suppliers of dumping. Late last month, the Commerce Department confirmed it will impose a <a href="https://www.enr.com/articles/53119-us-doubles-tariffs-on-canadian-softwood-lumber-contractors-expect-higher-prices">nearly 18% tariff</a> on imports of Canadian softwood lumber producers in 2022 — more than twice the rate of 8.99% during the Trump administration.The Biden administration initially unveiled the plan in <a href="https://markets.businessinsider.com/news/stocks/lumber-prices-us-increase-canadian-tariffs-despite-rising-prices-2021-5">May</a>, causing some lumber yards to stock up and increase their orders before the tariffs kicked in.4. Hot housing marketTying these all together is the sustained, elevated focus in home building and home improvement since the start of the pandemic.While the Federal Reserve has started to curb bond buys, its ongoing emergency stimulus policies continue to keep mortgage rates low, stoking further demand in the housing sector. And with the work-from-home trend continuing, Americans are still feeling free to hunt for new homes in new <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.Why another pullback is likely on the wayTraders can expect lumber prices to retreat in the near term as mills come back online and consumer behavior — along with overall economic activity — return to normal.Still, don't expect prices to fall all the way back to pre-pandemic levels, David Russell, VP of market intelligence at TradeStation Group, an online broker-dealer. But the likelihood of a return to May's peak levels is "also probably overreacting," he told Insider.Instead, he sees lumber prices settling around $500 to $600 per thousand board feet, roughly 45% lower than the current levels."This is the aftershock of that huge earthquake," Russel said, referring to the spring price rally. "After this, we will see the volatility decrease and things will start to stabilize."

4 reasons why lumber prices have doubled from summer lows — and why one expert sees them normalizing again

<ul class="summary-list"><li><keyword id="10881461" type="UNKNOWN" weightage="60" keywordseo="lumber-prices">Lumber prices</keyword> soared above $1600 for the first time in history this week.</li><li>The rise comes amid falling supply and increased demand for new homes and renovations.</li><li>Lumber-related stocks are soaring in response and the average price of a new single-family home has jumped by $35,872.</li></ul><a href="https://markets.businessinsider.com/commodities/lumber-price">Lumber prices</a> topped $1,600 per thousand board feet for the first time ever this week as the ongoing homebuilding push continues to drain <keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">lumber</keyword> producers already lagging supply.Stocks related to lumber <a href="https://markets.businessinsider.com/news/stocks/lumber-stocks-soar-commodity-sawmills-lumber-timber-2021-5-1030390026">are soaring</a> in response.Shares of <a href="https://markets.businessinsider.com/stocks/wy-stock?utm_source=markets&amp;utm_medium=ingestgest">Weyerhauser</a> and <a href="https://markets.businessinsider.com/stocks/wfg-stock?utm_source=markets&amp;utm_medium=ingestgest">West Fraser Timber</a> are up 35% and 62% while <a href="https://markets.businessinsider.com/stocks/bcc-stock?utm_source=markets&amp;utm_medium=ingestgest">Boise Cascade</a>, <a href="https://markets.businessinsider.com/stocks/rfp-stock">Resolute Forest Products</a>, and <a href="https://markets.businessinsider.com/stocks/ufpi-stock?utm_source=markets&amp;utm_medium=ingestgest">Universal Forest Products</a> are up roughly 58%, 200%, and 63%, respectively over the past six months.Lumber demand is so strong that Resolute Forest Products order book has exceeded its inventory, according to the company's CEO Remi Lalonde, <a href="https://www.bloomberg.com/news/articles/2021-04-29/lumber-producer-resolute-is-selling-boards-it-hasn-t-yet-sawed">per Bloomberg.</a>Weyerhauser also reported a record quarterly profit last week, citing strong demand and rising lumber prices as key catalysts.According to <a href="https://www.nahb.org/news-and-economics/industry-news/press-releases/2021/04/skyrocketing-lumber-prices-add-nearly-36000-to-new-home-prices">data from the National Association of Home Builders</a>, the lumber price boom has pushed the price of an average new single-family home up by some $35,872 over the past twelve months.Rising home prices look set to continue as well, according to Weyehauser's president and CEO, Devin W. Stockfish."As 2021 progresses, new residential construction activity is exhibiting remarkable momentum, and repair and remodel demand remains very favorable," Stockfish wrote in his firm's April 30 <a href="http://investor.weyerhaeuser.com/2021-04-30-Weyerhaeuser-reports-first-quarter-results">earnings release</a>.However, home builders won't be able to push costs onto consumers forever. The median sale price of existing homes surged by a record 17.2% in March to an all-time high of $329,100, according to <a href="https://www.nar.realtor/research-and-statistics">data from the National Association of Realtors</a>."This can only last for so long before affordability becomes pinched and demand pauses," John Lovallo, a lead home builder analyst at Bank of America <a href="https://www.cnn.com/2021/05/05/business/lumber-prices-home-building-costs/index.html">told CNN.</a>Carolina Millworks owner Jimmy Cox told the <a href="https://www.andalusiastarnews.com/2021/05/04/perfect-storm-of-supply-demand-causes-lumber-prices-to-skyrocket/">Andalusia Star News</a> that there has been a "perfect storm" of supply and demand constraints which have caused lumber prices to soar."It really comes down to supply and demand," Cox said. "Part of it is labor force and part of it is a shortage of raw materials. With all of those factors, it is kind of like a perfect storm."Cox added that his company has been open for 20 years and this is the busiest they've ever been."Even with the price going up, people are still coming in," Cox said. "I'm hoping the price is going to go down. It has to go down or people will stop building."

Lumber prices top $1,600 for the first time ever as the ongoing homebuilding craze drains supply

<ul class="summary-list"><li><keyword id="9640833" type="UNKNOWN" weightage="60" keywordseo="lumber-futures">Lumber futures</keyword> fell to $1,201 per thousand board feet on Wednesday.</li><li>It marks the eighth straight day of falling <keyword id="10881461" type="UNKNOWN" weightage="60" keywordseo="lumber-prices">lumber prices</keyword> after a historic run-up over the past year.</li><li>Despite falling prices, demand for <keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">lumber</keyword> remains strong according to retailers like Home Depot.</li></ul><a href="https://markets.businessinsider.com/commodities/lumber-price">Lumber prices</a> fell for an eighth straight day on Wednesday, deepening a roughly 30% pullback in the commodity.Specifically, lumber futures fell roughly 5% to $1,201 per thousand board feet on the day.Despite the pullback, lumber futures are still up 224% since May 19 of last year, and retailers like Home Depot have made it clear demand remains strong.<a href="https://markets.businessinsider.com/stocks/hd-stock">Home Depot's</a> chief financial officer Richard McPhail said in a Tuesday <a href="https://www.bloomberg.com/news/articles/2021-05-18/plunge-in-lumber-contracts-signals-turning-point-for-wood-rally">interview with Bloomberg</a> that lumber sales are comparable to "a storm environment where literally as soon as you bring it in, it's selling.""We're really just focused on making sure we stay in stock and making sure we have the appropriate level of staff to serve our customers. The market will go where it goes," McPhail added.On Home Depot's post-earnings conference call, Edward Decker, the executive vice president of merchandising, said the company had seen a "record-setting quarter for lumber prices.""At the end of the first quarter of last year, a sheet of 7/16 OSB [oriented strand board] was approximately $9.55. As we exited the first quarter this year, that same sheet of OSB more than quadrupled in price to $39.76," Decker said.Lumber prices have increased so much that <a href="https://denver.cbslocal.com/2021/05/18/lumber-theft-prices-rise-shortage-denver-construction/">CBS Denver reported</a> thieves have taken to stealing the commodity from construction sites.And <a href="https://kutv.com/news/local/utah-home-builder-starts-using-bamboo-instead-of-relying-on-traditional-lumber">KUTV Utah</a> reported builders are looking for alternative materials to get around the rising costs of lumber, with some even turning to Bamboo.US home construction also fell 9.5% in April, according to <a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf">US Census Bureau data</a>, as homebuilders struggled with rising <keyword id="35256" type="PERSON" weightage="60" keywordseo="commodity-prices">commodity prices</keyword> in lumber, copper, and steel.Still, lumber prices are falling in the past week due to the end of a "<a href="https://markets.businessinsider.com/news/stocks/lumber-prices-decline-6th-straight-day-even-supply-bottlenecks-persist-2021-5-1030437776">de facto short squeeze</a>" on the commodity, according to Stinson Dean, the owner of Deacon Lumber Company.Brian Leonard, an analyst for RCM Alternatives in Chicago, also noted lumber futures are being driven down by "computerized trading and other platforms not related to the physical product, so it may end up going lower than the real market need to go," <a href="https://www.bloomberg.com/news/articles/2021-05-18/plunge-in-lumber-contracts-signals-turning-point-for-wood-rally">per Bloomberg</a>."The mills know there's a lot more buying than needs to happen," he added.Lumber stocks like <a href="https://markets.businessinsider.com/stocks/wy-stock">Weyerhauser</a> and <a href="https://markets.businessinsider.com/stocks/wfg-stock">West Fraser Timber</a> fell as much as 4.58% and 5.77%, respectively, on Wednesday in lock-step with declining lumber future prices.Read more: <a href="https://www.businessinsider.com/why-lumber-prices-futures-surge-is-ominous-veteran-pm-explains-2021-5" target="_blank" rel="noopener">'If lumber crashes, stocks might be next': An award-winning portfolio manager who's tracked lumber prices for years breaks down why futures hitting a record high of $1,600 is an ominous sign - and shares what investors can do ahead of the eventual crash</a>

Lumber prices fall for an 8th straight day, deepening a roughly 30% pullback

<ul class="summary-list"><li><keyword id="9640833" type="UNKNOWN" weightage="60" keywordseo="lumber-futures">Lumber futures</keyword> and spot prices fell for the fifth straight day on Friday.</li><li>Futures are trading around $1400 per thousand board feet while spot prices are hovering around $1550.</li><li>Spot <keyword id="1592301" type="PERSON" weightage="60" keywordseo="lumber">lumber</keyword> prices are still up roughly 78% since the start of 2021.</li></ul>Lumber futures fell for the fifth straight day on Friday in the longest losing streak for the commodity in 2021.The fall brings a reprieve for home builders who have been <a href="https://www.businessinsider.com/why-is-lumber-so-expensive-homebuilding-real-estate-newbuild-inventory-2021-3">struggling with surging commodity prices</a> for over a year now.From <a href="https://markets.businessinsider.com/news/stocks/corn-copper-lumber-wheat-price-commodities-have-surged-2021-inflation-2021-5-1030397643">corn to copper</a>, a number of <keyword id="35149" type="PERSON" weightage="60" keywordseo="commodities">commodities</keyword> have been on fire since last year, but none more than lumber. Lumber spot prices are up roughly 78% since the start of 2021 and more than 350% in the past year.Prices have risen so substantially that <a href="https://www.theguardian.com/environment/2021/may/13/tree-poaching-hits-canada-amid-lumber-shortage">the Guardian reported</a> incidents of poachers clearing valuable trees from Western Canadian forests in hopes of making a quick profit.<a href="https://www.bloomberg.com/quote/LB1:COM">Lumber futures</a> reached a record high of $1,670.50 per thousand board feet last Friday while lumber <a href="https://markets.businessinsider.com/commodities/lumber-price'#39;">spot prices</a> traded as high as $1,686 per thousand board feet.This Friday, futures dropped to around $1,400 per thousand board feet while spot prices are trading around $1,550.<keyword id="11207904" type="UNKNOWN" weightage="60" keywordseo="lumber-stocks">Lumber stocks</keyword>, which have been on a bull run since mid-2020, are seeing a mild sell-off as a result.Shares of <a href="https://markets.businessinsider.com/stocks/wfg-stock">West Fraser Timber</a> are down roughly 9% this past week, while shares of <a href="https://markets.businessinsider.com/stocks/wy-stock">Weyerhaeuser</a> and <a href="https://markets.businessinsider.com/stocks/cfpzf-stock">Canfor</a> are down 3% and 5%, respectively. Read more: <a href="https://www.businessinsider.com/why-lumber-prices-futures-surge-is-ominous-veteran-pm-explains-2021-5" target="_blank" rel="noopener">'If lumber crashes, stocks might be next': An award-winning portfolio manager who's tracked lumber prices for years breaks down why futures hitting a record high of $1,600 is an ominous sign - and shares what investors can do ahead of the eventual crash</a>Falling lumber prices should help relieve some pressure from home builders and renovators who have been unable to keep pace with rising demand due to high costs for raw goods and labor.According to the National Association of Home Builders, the unprecedented spike in lumber prices has pushed the average price of a new single-family home up nearly $36,000 since April of last year.Rising commodity prices have led some to fear the potential <a href="https://www.businessinsider.com/what-is-inflation-runaway-hyperinflation-price-growth-interest-rates-fed-2021-5">impact of inflation</a>, but with lumber prices coming back to earth, Fed chair Jerome Powell's comments about <a href="https://www.businessinsider.com/fed-keeps-key-rate-near-zero-sees-inflation-as-transitory-2021-4">"transitory" inflation</a> have gained some support.A <a href="https://www.businessinsider.com/april-inflation-surge-likely-fade-economic-recovery-reopening-fed-economists-2021-5">number of economists</a> have said inflation will likely fall back down to around 2% as the year goes on and supply/demand imbalances brought about by the pandemic dissipate.Inflation, as measured by the Consumer Price Index, rose 4.2% over the last 12 months, <a href="https://www.bls.gov/cpi/">April data</a> revealed, the sharpest increase since 2008.

Lumber prices fall for a 5th straight day in a reprieve for surging commodity prices

<ul class="summary-list"><li>US stocks close mixed as traders weigh economic recovery data against inflationary concerns. </li><li>Shares of Moderna and Pfizer also slipped after the US said it will support a proposal to waive intellectual property protections for coronavirus vaccines.</li><li>Oil prices snapped a two-day winning streak as investors pull back from the recent rally.</li></ul>US stocks close mixed Wednesday with technology leading the losses as traders weigh economic recovery data against inflationary concerns. The <a href="https://www.businessinsider.com/us-private-payrolls-april-adp-report-labor-market-employment-hiring-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">US private sector saw hiring accelerate through April</a> - growing by 742,000 last month - according to ADP's monthly employment report, as widespread vaccination led the economy to further reopen.The median estimate from economists surveyed by Bloomberg was for a gain of 873,000 payrolls. The most optimistic estimates pegged job growth at well over 1 million."The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020," Nela Richardson, chief economist at ADP, <a href="https://www.businessinsider.com/us-private-payrolls-april-adp-report-labor-market-employment-hiring-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">said in a statement.</a>"US stocks are rising after solid economic data, calm in the bond market, and as the global economic recovery improves," Edward Moya, senior market analyst at Oanda, said in a note.He continued: "The next big catalyst for equities is that the US needs its allies to also win the fight against COVID and that will take time. The gains abroad are greater as the recovery potential in Europe far exceeds what is left for the US."President Biden also announced a new goal Tuesday to have <a href="https://www.businessinsider.com/biden-vaccine-goal-july-4-70-of-adults-vaccinated-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">70% of adults in the US at least partially vaccinated by July</a>. This means giving close to 100 million shots over the next 60 days, the president said.Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday.<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,167.59, up 0.07%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,230.34, up 0.3% (97.31 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 13,582.42, down 0.37%</li></ul><a href="https://markets.businessinsider.com/stocks/pton-stock" target="_blank" rel="noopener">Peloton Interactive</a> <a href="https://www.businessinsider.com/peloton-stock-price-pton-reaction-treadmill-product-recall-injuries-death-2021-5">plunged as much as 15%</a> after <a href="https://www.cpsc.gov/Newsroom/News-Releases/2021/CPSC-and-Peloton-Announce-Recall-of-Tread-Plus-Treadmills-After-One-Child-Death-and-70-Incidents-Recall-of-Tread-Treadmills-Due-to-Risk-of-Injury">announcing</a> it will voluntarily recall two versions of its treadmills. The decision comes in cooperation with the US Consumer Product Safety Commission following reports of injuries and <a href="https://www.insider.com/child-died-accident-peloton-tread-treadmill-2021-3?utm_source=markets&amp;utm_medium=ingestgest">one death</a>. Shares of <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> and <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> also slipped after the US said it will support a proposal to waive intellectual property protections for coronavirus vaccines."This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures," US Trade Representative Katherine Tai <a href="https://twitter.com/ambassadortai/status/1390021205974003720?s=21" target="_blank" rel="noopener">said in a statement</a>.In cryptocurrencies, <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> <a href="https://markets.businessinsider.com/currencies/news/dogecoin-record-high-doge-elon-musk-snl-cryptocurrencies-2021-5-1030390457?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">continued its red-hot rally</a>, rising more than 40% to a new all-time high near $0.70. <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Ether</a> meanwhile is up 350% year to date - <a href="https://markets.businessinsider.com/currencies/news/ether-price-eth-ethereum-record-high-momentum-target-2021-5-1030383271?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">hitting a new high of $3,500 on Tuesday</a> - far outpacing the 90% rise of <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a>.The 27-year-old co-creator of <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Ethereum</a>, Vitalik Buterin, who currently holds <a href="https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9b#internaltx" target="_blank" rel="noopener">333,521 ETH</a>, is now the <a href="https://markets.businessinsider.com/currencies/news/ethereum-co-creator-vitalik-buterin-youngest-cryptocurrency-billionaire-2021-5-1030391521">world's youngest crypto billionaire</a> as the second-largest cryptocurrency surges to a $400 billion valuation. One analyst said <a href="https://www.businessinsider.com/ether-price-target-40k-ex-ark-analyst-james-wang-explains-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ether will likely hit $40,000</a>.Oil prices snapped a two-day winning streak as investors pull back from the recent rally. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> slipped 0.49%, to $65.37 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestsource=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, fell 0.23%, to $68.72 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Gold</a> climbed 0.35%, to $1,784.75 per ounce.<a href="https://markets.businessinsider.com/commodities/lumber-price?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Lumber</a> also <a href="https://markets.businessinsider.com/news/stocks/lumber-prices-top-1600-first-time-amid-homebuilding-boom-2021-5-1030392438">topped $1,600 per thousand board feet for the first time ever this week</a> as ongoing homebuilding push continues to drain lumber producers that are already lagging supply.Stocks related to lumber <a href="https://markets.businessinsider.com/news/stocks/lumber-stocks-soar-commodity-sawmills-lumber-timber-2021-5-1030390026?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">soared</a> in response, including <a href="https://markets.businessinsider.com/stocks/wy-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Weyerhauser</a> and <a href="https://markets.businessinsider.com/stocks/wfg-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Fraser Timber</a>.

You Searched For "west fraser timber" and got 9 results

Lumber prices hit a record high after soaring more than 250% in the past year

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Lumber prices fall for the 8th straight day to near $1,000 per thousand board feet for the first time since March

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These 5 beaten-down lumber stocks have strong upside into year-end as the housing boom continues, RBC says

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These 4 stocks related to the lumber industry are soaring as prices for the commodity doubled in 2021

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4 reasons why lumber prices have doubled from summer lows — and why one expert sees them normalizing again

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Lumber prices top $1,600 for the first time ever as the ongoing homebuilding craze drains supply

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Lumber prices fall for an 8th straight day, deepening a roughly 30% pullback

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Lumber prices fall for a 5th straight day in a reprieve for surging commodity prices

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US stocks close mixed with tech lower as traders weigh economic-recovery data

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