U.S. softwood lumber futures dropped 72.7% from the March 2022 high to the September 2022 low. The six-month decline occurred as selling overwhelmed buying in the lumber market. The chart highlights the correction, which fell below the August 2021 technical support level at $448 per 1,000 board feet. The price dropped to $402.80 in September before bouncing to just under the $500 level in October. The nearby November contract was above the $480 level on Friday, October 14. Rising interest rates weigh on ...
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