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25 Nov 2025
Agriculture, CME, Futures, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The cash market remains weak

Recap:

The cash market remains weak. There’s no arguing that most items hold little to no value. It’s a tough environment, but for the first time this year, the issue is more about logistics than demand. Demand is currently steady for this time of year, but mills are in a phase where they need to clear out wood. Historically, the trade would step in, buy their first quarter needs, and store it outside to freeze. This year, the problem is that the trade has been very proactive in maintaining high inventories due to macroeconomic risks. Futures led the decline lower. Last week, there were attempts to bottom out futures, with a few bounces, but with a liquidating cash market, these are short-lived. We can’t determine when the mills are finished liquidating versus when futures have reached their bottom. All signs suggest that the market will experience a few more weeks of this condition. So what are the issues?

Technical:

The RSI has been back and forth from 35% to 15% for 5 weeks now. The slow stochastics are flatlined. We are sitting in the middle of a micro flat market, which sits in the middle of a micro flat market. Maybe a better way to define it is that today’s market holds few opportunities, which has been the case for 3 years now.  I’ll save you a few therapy dollars. It isn’t you or your trading. It is really a very difficult market for the entire industry.

There is a lot of support in the 520’s. We will see if the holiday week turns the market.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard

bleonard@rcmam.com

312-761-263

17 Nov 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: This market remains challenging

Recap:

This market remains challenging. Last week, futures hit new lows almost every day, with all focus on the daily EFP deals. Most of the cash trades occurred at one mill, forcing the others to work hard to find value. This type of trade signals a bear market that is likely to continue. Throughout the year, the market has rallied because of the duties and tariffs, but without an increase in demand. Supply is tightening, but not at a pace to boost prices. We are waiting for signs of that scarcity. While we wait, there’s a large gap between the November expiration price and the January contract. These gaps are filled, but recent history shows it usually happens near expiration. The market typically gets a relief bounce before setting the lows. The issue today is the timing. We’re heading into a quiet period through Thanksgiving. We’ll see if the trade hibernates until then.

Technical:

Not that my writing isn’t confusing enough, I’ll try to beat it this time. There is a gap left from the September 2024 expiration from 499.50 to 493.00. Last week’s low was 496.00. That gap is finally getting closed. The elephant in the room is that now we have the Nov expiration gap and the older gap hanging over the market. The January contract settled on Friday at 560.50 with an RSI of 19.97%. Two takeaways: you can’t sell the January here, but your inventory is at a substantial risk over time. Macro: Hedge at $60, $80, and $100. Micro: When demand catches up, buyers will have PTSD thinking it is 2021 again. Buy cash or hedge.

This is the first time in many years that the risk is so evenly matched. There is a possibility of a $100 move in either direction. Hedge your risk! Your hedging dollars, if wrong, will be pennies per truck. If you don’t hedge and you are wrong, it will be bitcoins per truck. Hedging is a cost of doing business. Hedging is a medical insurance policy. Hedging is a production builder. For the mills, hedging is a paying customer who pays the next day. Hedge your risk and sleep better.

Daily Bulletin:
Southern Yellow Pine:
The Commitment of Traders:
https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.
Brian Leonard
bleonard@rcmam.com
312-761-263
10 Nov 2025
Agriculture, CME, Hedging, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: “It’s the economy, stupid.” Remember that wise response to a reporter’s question many years ago?

Recap:

“It’s the economy, stupid.” Remember that wise response to a reporter’s question many years ago? After another muted reaction to another shutdown on Friday, I’m worried that it is a much bigger problem than rates and home prices. I keep going back and forth each month, wondering if there is something wrong in Mudville. With a continued contraction in supply, rates nearing 6% and flat employment numbers, one would expect some upside anxiety. The raw data has pointed to a better marketplace for about three years now. We are consumed by a flood of data that has repeatedly been proven wrong about the market. Lumber prices have been held artificially high by the duties and tariffs, not because of a better demand equation. That scenario has pushed the producers back into the red numerous times this year, with the buyers “good dealed” to death. Today, the 2026 first quarter decision is to either add more cheap wood to the pile and watch it sit for months or hold off. Some of the prices talked about on Thursday and Friday tell me the cash buyers are on the sidelines. Data shows that the mills cannot continue to lose money at this pace. My argument is that determining pace has to include the millions of dollars they made post-COVID. Factor that in, and it may show their ability to hang on for longer than we think.

Futures trading is rather easy. In premium markets, you basis trade. In discount markets, you forward price. In premium markets, you should also hold a higher percentage of futures to cash. The opportunities are in the items and species that are undervalued compared to the historical norm. Today, we can’t define value, so you are buying undervalued products and selling a high premium futures market. A. it allows you to hold more wood because it is hedged, and B. is an opportunity.

Finally, momentum has been generally down in lumber this year. We did have strong rallies, but they were based on shorts covering off of news. Absent that news, the market is always seeing selling. That selling is computer-generated, but all the same, it is momentum. Create true upward momentum, and the algo switches sides. Not today….

Technical:

The futures low was $516 in 2025. That’s the focal point this week for November. If the market can’t break $17 in 5 sessions, then we have a positive. The RSI in January is 24.50% which is a higher RSI than the last time we were down here. Jan is trading near its lows but is no longer oversold. The slow stochastics have crossed back into negative territory. The technical read is for a wallow around the bottom, not a big selloff.

At 1452, the November open interest is normal. The US government is no longer shut down. I’m not sure anyone noticed. That could be another economic indicator of a larger problem.

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
03 Nov 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

Leonard Lumber Report: It was another tough week as futures continue to decline

Recap:

It was another tough week as futures continue to decline. January futures are down $88 in just two weeks. This decline is scaring away all buyers from the cash market. Last week, the only activity was EFP’s layups. The market is showing signs of a shrinking business environment, even as reports still indicate steady sales. The main issue worsening the trade is inventories, which remain the key focus. Things have returned to a new normal pace. The slowdown occurred months ago, and the market is now settling into a slow rhythm. Once pipeline inventories decrease further, conditions will tighten again. Meanwhile, we are heading into a season of heavy holiday shutdowns, just as shipments from outside the US are slowing down. This situation resembles last year, when the market struggled most of November and December before turning up. Last year, we feared a reduction in supply caused by duties and tariffs. This year, we must be concerned about their actual effects. On Friday, I saw a 5.65% rate for a 15-year loan. Additionally, shipments from Canada and Europe are dropping. While these factors alone don’t resolve the housing market slump, they are moving in the right direction to help reduce producers’ losses.

Open interest was growing as the week came to an end. We are back in an area where the short funds add to their big winning position while the industry adds to their long position. We don’t get a CFTC report, but it would be the norm. Watch the open interest in November. It is holding over 2169 contracts with 10 sessions left. There is always a lag with the funds offsetting trades, so I’m not looking at it as important just yet. We also had the same open interest dynamics building last year at this time. There is a lot of deja vu on this one.

Technical:

January ended the week with a 19.40% RSI. It came into the week with a 34.60% RSI. It was off 1 to 1. Technically, the market is oversold. While not a perfect science, it usually isn’t off by more than a few days.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
27 Oct 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: What is the definition of insanity?

Recap:

What is the definition of insanity? Hoping the market will rise to get a better hedge in place. That’s where the trade was coming into last week, only to see the market give back over two weeks of gains in a few minutes. What made it worse is that the market continued to decline for the rest of the week. The January contract settled at 619.50, which is still a good place to hedge, barring any shutdown announcement.  The fundamentals point to a well-supplied pipeline. This is early in the cycle and will need a pickup in demand to clean it up before going into the first quarter decision time. There is nothing out there to indicate that possibility. What is more likely to occur is more shutdown news. That will increase the buying patterns. The issue is that you are just throwing more wood on the pile. It still needs to go out the door. A substantial announcement tomorrow would spike prices but then end up being bearish.

The January contract at $600 equates to $490 mill. The mills have no choice but to find ways to lessen their losses. That will keep a slight premium in the market. $600 January might be a good support area with the current dynamics. There would have to be some undefined issues in housing lurking to think we are going back to last year’s lows.

Technical:

The good news after last week’s debacle is that the January contract broke through the 61% retracement area of $618.20 and then closed above it. That isn’t a glass-half-full statement; rather, the glass has a few drops left in it. Fridays are tough to gauge. More rumors were swirling about potential shutdowns, which could have prompted added short covering late. Whatever the case, we will see direction right off the bat tomorrow. The downside momentum is in place. It will start again when the bell rings. If not, the market is in correction mode.

This is a tough time. The spread is indicating that the November expiration will be weak. It will be hard to build a bullish case in January with a Nov heading towards zero. You have three weeks of rumors and November selling in front of you.

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
13 Oct 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

Leonard Lumber Report: The extreme sideways trade continued last week

Recap:

The extreme sideways trade continued last week. Futures dropped a quick $20 then recovered half by Friday. That is nowhere near what the industry experienced a few years ago, but it’s notable when margins are laser thin. The best way to summarize last week’s move was that prices fell to close the gap and then rebounded. The market was actually heading $40 lower, but was saved by another rumor. Today we’re holding a higher trading level based on business, and that must be respected. Is it better for a week or a month? For now, we hope it lasts a week. Hedging becomes even more important in these markets. Selling a $60 premium is simple. Buying a $60 premium for a forward sale is not. This wide gap in the trade indicates a market turning. Prices will move higher with many reversals attached. With $20 swings, it won’t upset the market but will affect profits. That’s likely what we saw last week with homebuilders’ stocks being hit hard. The facts are that more building will squeeze margins, while less building will reduce overall sales; it is not a reason to buy.

We come into the week looking for a push back up through $620 in November. The fact that a mill is getting a few cars done with the 10% added is a positive, but it will not be enough to change this pattern of trade. The roll could add a positive to the upside.

Technical:

That was a perfect correction last week. The futures fell, closed the gap, and rested the oscillators. It isn’t a buy signal. The market has to establish a higher trading level before that happens. Right now, every dollar up is a battle, while the downside has some room. Scaled up selling the last three years has paid off. Tell me this one is different….. Again.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
06 Oct 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The higher trend continued last week after a tariff announcement

Recap:

The higher trend continued last week after a tariff announcement. The announcement cleaned up the tariff-free wood. The next batch has the tariff increase on it. It is hard to project the anxiety of the next push. Unless you were hiding under a rock or a really bad lumber trader, you had already been “good dealed” to death and have a fair amount of inventory. It looks as if industry has wood. Now if we continue to see decent mill outtake, we can surmise that demand has picked up, and our long-term dynamics have changed. There will be a time when outtake cleans up the excesses. It’s early. Today, it is an assumption. Tomorrow it may be reality. We are going into the week with a look at whether the market is better or not. Futures will see a roll or buying from the funds in November. My guess is that they are over 5000 short now with the bulk sitting in November. There was no report last week. The government shutdown is another in a long line of psychological negatives (headwinds) we have lived with this year. This housing market will rally when a “normal” reappears. That could be a long way off.

The market will never change its stripes. Selling a premium in futures is the business way to trade. If it is $200 OSB, $300 SYP or $420 spruce, you should sell the board. Now, if you think you own it at a level that can’t lose, then hang in there. The fact is attaching a hedge every time the spread is wide is how this business works.

Technical:

The technical oscillators are aging. They are running out of upside. With a gap from 597 to 604 in November we have the perfect correction setup. Again, this is not bullish or bearish, but pure natural. If the futures market doesn’t start to correct and fill the gap, the takeaway is a pending breakout up. This type of chart pattern in lumber generally gives off good trend analysis so we’re watching close.

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
29 Sep 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The market has a firmer tone to it

Weekly Recap:

The market has a firmer tone to it. Both cash and futures found support last week. Cash still struggles to find support for all items. That keeps the marketplace on edge. History tells us that distressed items like OSB or SYP will limit any spruce move. The difference this time is the fact that the market is firming on its own. Rumors help the futures market, but actual business supports cash. Bringing it back to futures, November was up $26 for the week with a Friday spike to $600. We spent the last 5 months looking for the catalyst to push prices higher. We go into next week looking for data to push it lower. That’s a good thing. It feels like a few years ago when the conversation centered on the price of production, with 1.3 starts and closures. It added up to the $620 futures number. Unforeseen was the drastic drop in all Chinese imports and the oversupply of OSB. All that has now been factored in. The question now becomes whether $620 futures and $508 cash are the magic numbers? We are not out of the woods, but the industry has become permabears. We saw that at the beginning of the summer, only to see November futures hit $712 on August 1st. “Hedge the premium and hope you lose money.”

The futures dynamics are returning to normal as the fund’s short positions start to dominate the open interest. The industry remains heavily long. This year, the industry has stayed in sync, while the funds have not. Spreaders are eager on this one, but history shows the industry often rolls longs to match the funds rolling shorts. This one isn’t an easy win.

Technical:

The outlook for the upcoming week is based on an if/then projection strategy. The 21-day moving average crossed above the 13-day on Friday. If that trend holds, the next target is the 38% retracement of 617.20. From there, we’ll consider 635.00 and beyond. The same pattern played out during the last two rallies. Positive fundamental data over the next few weeks will gradually develop; for now, it’s all about the technicals.

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
22 Sep 2025
Agriculture, CME, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The market sold off over $30 last week on very light volume

Weekly Recap:

The market sold off over $30 last week on very light volume. The futures market is being pulled toward the cash price with help from the funds and algorithms. The low volume could signal a bottom forming. Bottoms take time, and new lows are often made before it happens. The industry is searching for reasons for improvement, which is slowing any selling when hedging should be in place. This keeps focus on their cash and not futures for help.

The funds added another 538, totaling 3, 3847. When the funds go short, the spread becomes defined, and that excites speculators. The chatter from now until October 15th will revolve around the spread. Usually, at this time of year, I expect the spread to move $10 while futures rally $50. But as they say, ” when in Rome….

“We heard from builder Lennar last week and will get more updates soon. I’m not revealing anything new; builders are pulling back, waiting for a shift in the rate environment. This is somewhat positive. Less building means less supply. I included a mortgage chart below. We saw a 6.19% rate last week before it climbed again on Friday. I’ve mentioned the yield curve dynamics before. The rate increase on Friday is concerning, but the trend has shifted. Will this change manifest at the desired pace? Probably not, but you can’t expect more lows if the trend has shifted. Rates are key. It might be time to break below 6%. You can cut production, but that might only lead to new lows. Conversely, a slight demand increase could generate momentum.

The biggest hurdle in our industry is the potential rise in unemployment. The latest claims figures and revisions from the previous week show a stable unemployment rate, which is a relief. Two reasons support steady employment: first, the substantial amount of capital injected into the system, which has not yet been spent; and second, the BBB, which will add capital. Both factors will keep corporate profits high and employment steady. While this isn’t positive for housing, it does ease one major headwind.

The funds added another 538 to 3847. When the funds get short, the spread has a definition, and that gets the specs fired up. The chatter from now until Oct 15th will be about the spread. At this time of year, I would bet that the spread moves $10 while the futures rally $50. But when in Rome….

We saw builder Lennar’s earnings last week and will hear more in the next few weeks. I’m not telling you anything you have not been told already. The builders are pulling back, waiting for the rate dynamic to change. That is mildly friendly. Build less and you see less. I included a mortgage chart below. We did see a 6.19% number last week before it turned back up on Friday. I have mentioned the yield curve dynamics in the past. The turn up of rates on Friday is troubling, but the worm has changed. Will that change show up at the pace we want? No, but you can’t look for more lows if things have changed. Rates are the key. It could be a time for a break of 6%. You can cut all the production you want, only to see new lows. On the other hand, only a slight demand increase will create momentum.

The biggest headwind in our industry is a possible bump in unemployment. The last claims number and the revision of the previous week show a flat unemployment environment. That was a relief. There are two reasons for steady employment. The first is the extraordinary amount of capital that was pushed into the system. It hasn’t all been spent yet. The other is the BBB. It will add capital to the system. Both will keep corporate profits higher and employment flat. That’s not a positive for housing, but eases one headwind.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
16 Sep 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: “If you got long each time a rumor was sent out, you would have been buying the highs and exiting on a new low.”

The Lumber Market:

“If you got long each time a rumor was sent out, you would have been buying the highs and exiting on a new low.” What a great observation. The news that a mill would operate for 4 days and curtail production sent the futures market sharply higher on Friday. To put things in perspective, considering all the positive spins last week, the November futures closed down $1.50. Today, closing or curbing production is an extreme move. It comes after the mills fill up the K-Mart parking lots, expand the vendor management programs, and establish unorthodox reload programs. In other words, when they have too much wood. This process is a slow chipping away of the excesses. I’ll be the first one to claim being way too early in the call for par. I’m worried demand is slipping, making the decreases a wash.

Another silent market killer is the fact that JIT has changed dramatically. There isn’t a day that the cash guys aren’t in the market. They continue to build long-term inventories, which is the opposite of JIT. The disciplined cash buyer has been the employee of the year for the last two years. When they buy it is at lower levels. That needs to change for the market to shift.

The rate cut will help the psychology of the market. It will be positive at some point in the months to come. For today, the industry wants a rally to hedge. The funds adding shorts can help with a pop. 

The Technical Read:

The biggest takeaway and risk I see today via the technical read is that November futures were at $712.00 on August 1st. We talked about how futures were at $418 in July of 2024. Well, August 1st. was only 30 sessions ago. That is a $200 swing in a flat market. There is no clever way to project the market. The simple answer is buying the discounts or selling premiums in futures, and then you turn off the emails. Today, the technical read is trying to indicate a slow bottom forming. We have been here before, only to see a sharp spike followed by new lows.

Under a 200-plus swing environment, there is no reason not to buy the cash items you need that are hitting new lows. There is no reason not to hedge at a significant premium. This is no longer a blocking and tackling drill. It is full pads, two-a-days. It’s all about discipline. It’s all about market parameters. It’s all about the plan.

Note: We were looking for a catastrophic September close. What if it spikes?

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

 

Brian Leonard

bleonard@rcmam.com

312-761-263

Disclaimer

RCM Ag Services is a registered DBA of Reliance Capital Markets II LLC. Trading futures, options on futures, and retail off-exchange foreign currency transactions are complex and involve substantial risk of loss and are not suitable for all investors. Loss-limiting strategies such as stop loss orders may not be effective because market conditions or technological issues may make it impossible to execute such orders. Likewise, strategies using combinations of options and/or futures positions such as “spread” or “straddle” trades may be just as risky as simple long and short positions. There are no guarantees of profit. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. You may lose all or more than your initial investment. You should not rely on any of the information herein as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments. Opinions, market data and recommendations are subject to change without notice. Reliance Capital Markets II LLC shall not be held responsible for any actions taken based on this website or attached links. Parties acting on this electronic communication are responsible for their own actions. Past performance is not necessarily indicative of future results.