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HOMZ - Lumber Sits At $400 - CatchMark Will Rise With Wood
Hoya Capital Housing
Before 2017, the highest price that lumber futures ever reached was $493.50 per 1,000 board feet in 1993. In late 2017, the price rose to a marginal new high at $500 and corrected down towards the $400 level. However, in 2018, the illiquid lumber futures market blew through the $500 level as a hot knife goes through butter on its way to $659 per 1,000 board feet in May.
An illiquid futures market suffers from low volume and open interest, which makes bid-offer spreads wide and can create dramatic price moves when sellers or buyers