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The Ox

From: Julius Wong	4/19/2021 9:41:33 PM
	2 Recommendations of 8239

Lumber futures limit up as breakneck rally continues Apr. 19, 2021 2:06 PM ET Lumber Futures (LB1:COM) By: Kim Khan, SA News Editor 47 Comments Lumber futures ( LB1:COM) +2.5% are halted after rising by the market limit of $32 per 1,000 board feet to $1,326.70. Lumber is up 50% year to date as the supply chains remains tight, with sawmills facing difficulties in reopening, delays in trucking and worker shortages at lumber yards. That's coinciding for huge demand for new homes. Homebuilding stocks are mostly lower. Lennar (NYSE: LEN) -2.5% is down the most among the big names. The iShares Global Timber & Forestry Index ETF (NASDAQ: WOOD) is flat and Weyerhauser (NYSE: WY) -1% is lower. "We are running out of superlatives to describe North American wood product markets," TD Securities analyst Sean Steuart writes in a note. "Prices of lumber and structural panels have increased so quickly in recent weeks that our commodity deck revisions less than a month ago appear conservative," Steuart says. "Reports noted 'frenzied' buying, bolstered by positive economic data, including strong March housing starts/permits." Rising wood costs have already added $24K to the average price of a new U.S. home, the National Association of Homebuilders says, according to Bloomberg.

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