Lumber futures fell as much as 8.4 per cent to $870 a 1,000 board feet in Chicago on Monday, extending a slump to about 30 per cent since the start of March
The DIY sector is the largest lumber market segment, accounting for about 40 per cent of consumption, according to Taylor. Big box retailers such as Home Depot Inc. and Lowe’s Cos. represent half of the segment, with the rest coming from smaller retailers and contractor yards. Taylor expects lumber prices to fall below $600 before a slight recovery in May when supply and demand become more balanced.
Inventory is also piling up because of transportation snarls that have left many of North America’s biggest producers with stockpiles at sawmills. Due to a lack of rail cars and damaged roads, “producers are sitting on a lot of inventory because they can’t ship the stuff,” said Mark Wilde, an analyst with BMO Capital Markets.Article content
Canfor Corp. cut operating schedules at its sawmills in the province of B.C. starting April 4 to address what the company called “unsustainable inventory levels.” West Fraser Timber Co., the world’s largest lumber producer, curtailed output in early February as its “ability to ship products in a timely manner remains challenged.”
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