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Lumber price plunge a head fake, crisis far from over
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Homebuilders are not out of the woods just yet despite lumber prices plunging off historic highs and into negative territory for the year.
Random length lumber futures traded at CME Group on Tuesday fell as much as 2.67% to $667 per thousand board feet. With the decline, they were down 60% from their all-time high of $1,686 on May 7 and 24% this year. The price drop came during what is typically a seasonally weak demand period for lumber as most orders have already been filled.