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Lumber futures and Housing sentiments down due to Coronavirus pandemic

Posted on April 7, 2020

Coronavirus pandemic has caused Lumber futures to decrease production of two-by-fours, plywood and other building materials. Lumber futures for May fell by 6.1% to close at $278.50 per 1,000 board feet on the Chicago Mercantile Exchange. This is 41% decrease from a recent high of $468.30 hit Feb. 20. North American lumber production is being reduced by between 15% and 25%. This has impacted overall housing market which is seeing drop in sentiments