Watch out for falling lumber. The Wall Street Journal reports that prices for the crucial commodity are falling in the height of what should be a robust season.
The slump comes a year after lumber prices reached record levels and were climbing higher amid a resurgent U.S. housing market. In fact, a boom in spending on home renovations and difficulties transporting wood from mills to building sites is expected.
Lumber futures settled lower per 1,000 board feet on the Chicago Mercantile Exchange last week—down nearly half from the high in May 2018.
There has been little reason this spring for prices to bounce back.
Lumber producers are facing reduced residential construction, and signs that remodeling work may slow.