North American lumber slumps to seven-month lows as housing market bears brunt

North American lumber slumps to seven-month lows as housing market bears brunt
North American lumber futures are toppling to levels not seen since November amid fears of a softening housing market and economic recession. Futures fell as low as $604.50 per 1,000 board feet in Chicago on Wednesday, extending a slump to about 46% this year. The commodity’s collapse is a stark reversal from all-time highs set in 2021 during a pandemic-fueled homebuilding boom.    “Lumber markets are probing for a floor,” said Kevin Mason, managing director of ERA Forest Products Research, noting concerns about collapsing home sales and rising interest rates are pushing ...

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