Lumber futures posted their biggest-ever weekly loss, extending a tumble from all-time highs reached last month as sawmills ramp up output and buyers hold off on purchases.
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If a tree falls in the woods, how much is it worth? Right now, in a market with a lumber shortage, a lot.
Lumber prices have spiked this year. Lumber futures contracts for May delivery hit $1,645 per 1,000 board feet, up from about 60% a month ago, and 374% over the last year, reports Wells Fargo. It s the fastest rise since the post-World War II housing boom, according to Mark Vitner, managing director and senior economist at Wells Fargo. The demand for lumber is exceptionally high and the supply is constrained, Vitner said. As recently as Friday, the cash price was $1,514 per thousand board feet.
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