so do we know if anyone has done this recently and what the results of the conversation was. perhaps it should be time to question again. If they have released shares it may be done for the purchase of the lumber mill(s) they were negotiating. It is my understanding that there are numerous lumber mills in trouble see attached from the lumber and building materials daily. I get the headlines haven't sent for full subscription. you can see by the headlines they are having closures and if sulja was to purchase this would in fact be a very good time to get one cheap...
YOUR DAILY SOURCE FOR UP-TO-DATE WOOD PRODUCTS INFORMATION
Today is August 31, 2006.
THE DAILY BUZZ
Spate of Mill Closures Hits the Press
Last week it was Weyerhaeuser, this week Norampac and Ainsworth. Mill closures abound in the near future.Norampac disclosed its plans to idle indefinitely its Red Rock mill in Ontario, putting out approximately 300 employees to stave off a financial downturn.
"This decision was taken to mitigate the negative impacts of several economic factors such as growing fiber supply costs, rising energy costs and the strengthening of the Canadian dollar. Unfortunately, we do not have any other choice at this point than to suspend the mill's operations," announced Marc-Andre Depin, President and Chief Executive Officer of Norampac.
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THE DAILY MARKET REPORT
Futures & Options: "Nervous Trade"
Contract Close Change Volume Open Int
SEP06 289.50 +600 542 1841
NOV06 285.20 +480 588 3893
JAN07 298.50 +260 172 278
MAR07 313.20 +360 9 82
MAY07 317.90 +390 6 15
JLY07 319.60 +860 4 3
The reaction by an Eastern Canadian Sawmill to the new SLA due for legislative approval in Canada in mid September and likely to be in place by October 1st. triggered a wave of nervous trade into the market. Prices started the session steady to slightly higher on light mixed buying against commercial type selling. Activity was light and mixed in early trade until word of planned higher asking levels by one Eastern Canadian producer caused a wave of cancelled sell orders with some at the market speculative and local new buying with mixed short covering pushing prices higher in both September and November. Buy stops were triggered also in both months above last weeks close near 286 taking November up the $10 daily limit where local long liquidation selling absorbed the last of the nervous buy paper. Prices immediately slipped back on overhead resistance form mill selling in the September contract. Narrow range two sided trade followed with sellers out numbering buyers.! Into the close, spread traders bought September and sold November. The market closed higher across the board in the middle to upper end of the days range. The Sept Nov spread traded 147 times from $1.00 to $3.60 over. Trading volume was moderate.
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WIDMAN'S FORECASTING
Widman's Market Update
In a statement Monday, the U.S. consumer group ACAH (American Consumers for Affordable Homes), said it is hopeful the Canadian government will still enact significant changes in the proposed softwood lumber agreement. The ACAH expressed concern that the current agreement and its proposed new duty system will create volatility and price-fixing within the market. Today, lumber prices are at $280 per Mbf, and, at these levels, duties of 15% would be triggered under the U.S.–Canada agreement. According to the ACAH, this is a tax burden placed on consumers — and the timing could not be worse, as there is already a dramatic decline in U.S. housing starts.
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TODAY'S NEWS
INTERNATIONAL >
SW: Rorsvik Timber AB Reports 1H Operating Result of SEK66m
Australia: Conservationists Call for Logging Moratorium
Australia: Another Setback for Logging Company's $A6.9 Million SLAPP
Indonesia: Logging Companies Fingered for Forest Fires
Greenpeace Slams Indonesia Over Forest Fires
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FINANCIAL >
Weyerhaeuser's Outlook Stable, Was Positive - Fitch
Cathay Forest Announces 2006 Second Quarter Results
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ENVIRO & LEGISLATION >
TN: Timber Sale Angers Forest Advocates
MT: Court Blocks Bitterroot Logging Project
Opinion: You Can Do Your Part to Save Our Forests
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INDUSTRY NEWS >
Weyerhaeuser Acquires OrganicID
Norampac to Shutter Ontario Mill, 300 Jobs Hit
Norampac Inc. Suspends Production at its Red Rock Mill, in Ontario
Ainsworth to Shut Line at U.S. Mill, Cut 110 Jobs
Ainsworth Lumber Co. Ltd.: Permanent Closure of One Production Line at Bemidji, Minnesota OSB Plant
Names Released in Blackwater Crash
OR: Local Mill Workers Losing Jobs in Weyerhaeuser Shutdowns
MN: More Than 100 Jobs Lost as Bemidji Plant Closes Production Line
Ontario: Forest Industry Logs Ups and Downs
CEP Wants Public Hearings Into Jobs Crisis
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ECON & HOUSING >
Mexico's GCC Has 7-Yr, $250 Mln Syndicated Loan
CA: Construction Recycling Program a Success in Indian Wells
NAACP, NAHB Release Groundbreaking Report On Housing
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