Tag: Weather

16 Jul 2021

AG MARKET UPDATE: JULY 8 – 15

Corn rallied this week following Monday’s USDA report that was relatively neutral. The USDA left expected US yield the same while slightly lowering the 20/21 ending stocks and raising the 2021 production. The USDA did lower Brazil’s corn production numbers, but some estimates still think they are overstating what it will be. The USDA dropped Brazil’s corn production from 98.5 million tons to 93 million, while only raising Argentina’s 1.5 million. The drought conditions persist in the upper Midwest as some areas are expected to get rain over the weekend. The drought in the Canadian prairies and Dakotas does not have any major relief in the forecast as heat and dryness remains in the next weeks forecast. Exports this week were small but not surprising. Weather continues to be the main driver as markets will react to where it rained and how much over the weekend to start next week. Currently about 36% of the US corn production is in an area experiencing drought. As you can see in the drought monitor below northern Iowa and southern Minnesota is a good amount of that.

Via Barchart                          

Soybeans gained on the week as well following the USDA report. There was no adjustment to expected yield and only slight adjustments higher to ending stocks. Beans kept up their momentum following the report for the week before cooling off Thursday. It will be important how they end the week and open Sunday to set the tone for next week. Weather continues to be the main market mover as it will be important heading into the end of July and August. About 31% of the soybean production is in an area currently experiencing drought so any and all rain will be welcome for the crop but the price will be impacted as well.

Via Barchart

Dow Jones

The Dow gained on the week despite growing inflation concerns and Powell’s comments about Fed strategy. The Biden administration’s child tax credit has arrived as well with it going into effect this week. The Delta variant continues to spread around the US with some places beginning to bring back mask requirements.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The maps below show the current drought conditions in the US. The second map is last week’s so you can see how the areas that received rain improved or did not.

Via Barchart.com

 

 

09 Jul 2021

AG MARKET UPDATE: JULY 1-8

The corn market fell thanks to the rain that was received in the Upper Midwest over the 4th of July weekend. As always when it rains in areas that need it the most, the market freaks out as if it is a crop making/saving rain. The reality is, although the rain was helpful, there are still significant drought conditions across most of the areas that received rain (see in the drought chart at the bottom). With this said, next week is forecasting rain across the western corn belt providing some more relief to those areas before returning to hot and dry after.

CONAB (Brazil’s USDA) updated their yield expectations this morning by cutting their corn crop by 3 million metric tons (120 million bushels). This change came before a freeze event they had recently which could lead to problems and another cut of their expected crop. The USDA will update their estimates of the South American crop next week in the report.

The weekly ethanol report was bullish as production was 2% ahead of pre-Covid 2019 levels. US drivers drove a record amount over the 4th of July weekend with indications that usage for the summer could be a new record. The USDA is expected to increase their estimates for corn used for ethanol coming up as their numbers are lagging the actual pace.

Via Barchart                        Soybeans, like corn, fell following the holiday weekend with huge losses on Tuesday to start the week. Weather remains the main focus of the markets as rains in the next week will help but forecasts have it followed by heat and dryness. Bean crop conditions this week were down 1% to 59% g/e. The soybean balance sheet does not have as much room for error as corn so any adverse soybean news will be bullish for the market. The long term up trend broke about 3 weeks ago but prices are still at a great level compared to what we were seeing this time last year. The report on Monday will help tell us what other news should be moving the market other than weather but headlines love to say it rained.

Via Barchart

Dow Jones

The Dow lost on the week after a tough Thursday in the markets. The market bounced back well off its lows on Thursday into the close however to keep some momentum. The markets have been volatile, but the big picture is important as we have traded in the range above 34,000 for most of the last 2 months. The delta variant has had many people worried and keeping an eye on the market for any indicator of how bad it could end up being for continued reopening around the world.

Lumber

Lumber prices have flattened out the last couple weeks after losing over half its value from the peak. Markets are hinting at this being the beginning of a rebalancing as the producers and suppliers feel out the supply and demand story.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The maps below show the current US drought conditions this week vs last week. As you can see the rain that freaked out some in the markets did not exactly fix the drought problems. The rain was helpful but will need more consistent sustained rain to help the crop in the coming months.

Via Barchart.com

 

 

21 Jun 2021

AG MARKET UPDATE: JUNE 11-18

Corn had a volatile week much like beans having a limit down day on Thursday then a strong recovery on Friday. Corn had had a choppy trade this week before Thursday but the collapse in soybeans and soybean oil brought corn down with it. The bearish news for corn was that it was expected to rain in the drought stricken upper Midwest. This rain is much needed and will help but more consistent rainfall over the coming weeks would be needed to help the crop more. The rain will likely pressure markets lower to start the week if forecasts were accurate. If it does not rain as much as predicted it could fuel the bulls to continue from Friday. The dip on Thursday allowed some bulls to get back in the market at an attractive area while the bullish news remains the same.

Via Barchart                          

Soybeans nosedived on Thursday as they took full advantage of the expanded limits and fell over $1. The pressure on beans has been coming from the soybean oil and crush markets as crush numbers have decreased and soybean oil prices have fallen rapidly. With US yield estimates coming in around 52 bpa the price levels from earlier in the year would be hard to get back to. South America had a good bean harvest so there is not as much stress on the supply side like there is for corn. If dryness continues into the summer and yields begin to take a hit we could see a rebound for the bulls. The trade over the next week and half going into the June planted acreage report will give us an idea of what to expect in the report at the end of the month.

Via Barchart

Dow Jones

The Dow suffered loses on the week as the Fed announced they would begin looking at raising rates to help combat inflation. Although they said the plan would be to not raise til 2023 the market seems to think that timeline will probably be moved up if inflation accelerates.

Lumber

Lumber prices have dipped recently but are still at very high levels historically. Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows current drought conditions and the continued problems in the upper Midwest. Drought conditions continue in the Midwest with some areas getting relief over the weekend. For reference the second chart below is this time last year.

Via Barchart.com

 

 

11 Jun 2021

AG MARKET UPDATE: JUNE 4-11

Corn had another good week that was made better following the bullish news in Thursday’s WASDE report. At the start of the week corn planting was seen as 91% complete with little progress being made from last week but at this point in the process limited progress is expected. The dryness in the Midwest and other areas of the corn belt can be seen in the drought monitor below. The USDA agreed with what many in the industry have been saying by reducing US and world ending stocks.

20/21 US ending stocks was adjusted down to 1.107 billion bushels from 1.257 in the May report while 21/22 ending stocks were adjusted down to 1.357 billion bushels from 1.507 in May. World ending stocks for 20/21 were lowered to 280.60 million tonnes from 283.53 while the 21/22 was also lowered to 289.41 million tonnes from 292.30. There is still a disconnect between the USDA and the public on what’s going on in South America and the size of their crop. Word on the street is that it has been shrinking as weather woes caused issues but the USDA does not have them down nearly as much in this report.

Now that growing season has started weather and specifically where it does and does not rain will be the main price driving factors.  The upper Midwest is dry but the delta just got torrential rains this week and areas in Indiana and Ohio have been soaked too. The rain in the Dakotas and Iowa to end the week will help but still need rain over extended periods to get back to good growing conditions.

Via Barchart

Soybeans slipped a bit on the week but are still hanging on inside the recent range. Bean news has been quiet as of late with no market specific news, unlike corn. Soybean planting was seen as 80% complete to start the week with some continued progress to be made. The USDA WASDE report was more bearish for beans than corn but markets responded well after.

The 20/21 US ending stocks were raised from 120 million bushels to 135 million and the 21/22 ending stocks were raised form 140 million to 155 million bushels respectively. These were both still within trade estimates so no major shock with the US or the world stocks. The 20/21 world ending stocks were raised from 86.55 million tonnes to 88 million and the 21/22 ending stocks were raised from 91.10 million to 92.55. Raising the stocks month over month is usually bearish and old crop took a hit while new crop rallied on the report.

Markets moved lower Friday with rain coming in some much needed areas heading into the weekend.

Via Barchart

Cotton has seen modest gains this week after soaking rains and flooding in areas of the Delta. The WASDE report this week showed the expected directionally bullish revisions. There were no major surprises, but their numbers may be hinting at a continued decline in production going up against the rising levels of global consumption. The USDA projections for 21/22 show a 100,000 bale increase in exports from last month to 14.8 million bales. As exports continue to be strong for the 20/21 crop ending stocks were lowered 200,000 bales to 2.9 million ending stocks. Global ending stocks were lower as well with consumption rising.

Via Barchart

Dow Jones

The Dow lost slightly on the week as news was slow with no major market news or movers. Covid openings continue as numbers continue to decline in the US while there are still problems around the world.

Lumber

Lumber prices have dipped recently but are still at very high levels historically. Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows current drought conditions and the continued problems in the upper Midwest. More drought conditions have crept into southern Iowa and parts of Nebraska in the last week. Heat over the next two weeks will be a problem in the Dakotas and western corn belt.

Via Barchart

 

04 Jun 2021

AG MARKET UPDATE: MAY 28 – JUNE 4

Volatility continued this week as the market suffered small loses week over week. Corn planting was seen at being 95% planted this week with the first crop condition rating of the year at 76% g/e. Early yield estimates from Barchart.com have national US corn yield at 173.2 BPA for a total yield of 14.4 billion bushels. This implies 90.5 million acres planted with a 92% harvest rate. These numbers would lead to shrinking US ending stocks for 21/22 – NOTE these are just estimates and it is very early in the process.

This weeks volatility was a classic example of a news driven market. One day weather was the main price mover and another outside forces such as metals and the USD pulled markets down across the board. Old crop corn export sales this week were strong coming in at 531.1 tmt and new crop sales were 439.5 tmt. Both of which are solid numbers where old crop sales were better than expected while new crop were within expectation.

Via Barchart

Contrary to Corn, Soybeans made gains on the week. Planting was seen as being 84% completed at the onset with no crop conditions being reported just yet. World veg oil prices rallied during the week pulling beans up with it while corn struggled. With US exports to China lagging in recent weeks, the bullish stance on beans continues to be robust.  Should buying resume, any and all purchases will help the export numbers and further be supportive for the market. This week’s exports were within expectations for both old crop and new crop with new crop leading the way with 180.3 tmt.

Via Barchart

Crude oil continued its gains of recent weeks reaching the highest price in 2 ½ years. The demand for gas continues to grow as lockdowns ease and summer travel, both by cars and air, begins to ramp up. OPEC announced they will up production again in July.  While a bearish on the surface it would seem additional increases will be needed to slow this bull.  Optimism about Europe’s reopening along with the continuation of good news in the US on covid vaccines and reopening of states has been the main driver. US crude oil inventories were also lower this week than the 5 year seasonal average showing the demand is there.

Via Barchart

Dow Jones

The Dow gained on the week as it strung together several days of small gains with only small pullbacks. The craziness of the reddit trade returned this week with $AMC, $GME and $BB having wild bouts of volatility. Other indexes finished lower for the week as Nasdaq struggled on Thursday.

JBS

JBS was the victim of a recent cyber attack that caused them to have to shut down many plants. All were up and running by the end of the week but between this and the Colonial hack we may begin seeing more of these targeted attacks effect US consumers.

Lumber

Check out our recent post about the lumber market and what all has been going on. Lumber has leveled off here recently but it is still well ahead of where it was before the run up.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows this week’s drought conditions across the US. Parts of southern Kansas and northwest Oklahoma got relief this week while parts of North and South Dakota may receive much needed rain in the next week.

PRICES

Via Barchart.com

 

21 May 2021

AG MARKET UPDATE: MAY 15-21

Corn had a decent week following the collapse to end last week’s trading. The biggest news was on the export front where China continued their large purchases of corn adding on to the impressive pace of Chinese buying for new crop. The US weather looks good for planting as some areas continue to try to get their crop in the ground ahead of summer temperatures setting in across the country. Other corn demand news remains positive as the EPA is expected to leave the ethanol mandate unchanged and Brazil’s second corn crop continues to shrink. Brazilian private analysis firm Agro-consult cut their estimate of Brazil’s corn crop to 91.1 million metric tons which is 10.9 mmt (430 million bushels) under last week’s USDA estimate. With a shrinking South American crop the demand for US corn this year should be high.  That said, anything under 175 bpa yield could really tighten the balance sheets. US corn was seen as being 80% planted at the start of the week with more progress made this week.

Via Barchart


Soybeans continued its dip down this week as the demand has shifted to Brazil where prices are currently lower than in the US in the near term. Funds have taken profits after holding historic long positions.  It will be important for them to get involved if we want another run up as demand and US weather will be the main fundamental drivers for the near future. Soybean planting was seen as being 61% complete to start the week as more progress was made this week. Good weather vs a slowing in demand has given the bears momentum this week but there is still a long way to go and we know China is likely needing to make additional bean purchases along with corn.

Via Barchart

Dow Jones

The Dow has made small gains on the week as the markets remain volatile with up and down days. Covid around the world delaying reopening’s are causing some issues in places, like Japan, which has the worlds 3rd largest economy.

Lumber

Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows this week’s drought conditions across the US. Some areas received rain over the weekend improving some areas while others, like the Dakotas and Michigan, remain dry.

             Via Barchart 

 

30 Apr 2021

AG Market Update: April 24-30

Volatility was the name of the game this week as many days saw wide trading ranges on both sides of unchanged. Looking at the chart below you can just how wide ranges the last few days have been.  Despite the volatlity, the May contract settled squarely within the range as of Thursday.  This volatility came about as we’ve faced a short squeeze on the front month May contract.  Coming into the week, there were nearly 200,000 open contracts, as of this morning there are only 12,500 – presumably many were on the short side and needed to cover.

Regardless of what has caused the rally – higher prices is GREAT for the American Farmer!

For the July contract and new crop Dec, the markets followed the May higher this week and most April as South America’s struggles with drought conditions begin to be seen in yield estimates.  Any rain after May 10th probably won’t be able to add must help this late in the game. As expected, exports were good this week but that has become the new normal. The epanded limits coming next week along with higher prices means we should probably expect volatility to hang around.

Via Barchart

Soybeans had small gains on the week as they also traded in wide ranges in the May contract in addition to future months. The short squeeze has end users scrambling with physical delivery coming up. Along with beans rallying, we have seen basis improve in many areas as buyers try get what is left out of farmers bins. A growing consensus among traders is that continued strong US cash bids indicate that the stock numbers are lower than the USDA reports.  Will the USDA adjust in the June report is a major question?  Bean meal and oil have also rallied in the past couple weeks aiding to soybeans rise. The fundamental news around the market was less in focus this week with the May contract expiration causing for most of the volatility.

Via Barchart

Dow Jones

The Dow was up slightly on the week as more news about reopenings continue to roll in and President Biden gave his first speech to Congress. Vaccination rates continue to be strong in many cities and New York City announced this week they will lift all restrictions for reopening July 1st.

Lumber

Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out or recent podcasts with guests Elaine Kub and Kyle Little. Elaine and Jeff discuss grain markets and trading grains while Kyle helps give insight into the Lumber markets and what has been going on.

https://rcmagservices.com/the-hedged-edge/

 

Other News

On Monday, daily trading limits will expand for our major markets with corn increased from 25 cents to 40 cents, beans from 70 to $1.00 and wheat from 40 to 45.  The CBOT is not tipping their hand that they expect volatility this summer, the daily limit increases are largely due to the high prices to keep daily ranges in line with historic percentages of price.

 

US Drought Monitor

The map below shows what areas are currently experiencing drought conditions across the US. Not much changed from last week. The rains in Texas will help alleviate some dryness in the area but will not solve their moisture issues. Some dryness has crept into Illinois and Indiana but nothing to worry about right now.

 

Weekly prices

Via Barchart.com

19 Apr 2021

Ag Markets Updates: April 10-16

Corn had a good week as we reach new contract highs in May for old crop. As you can see in the 1 year chart below after trading in the $5.30-$5.60 range for a couple months corn has seen a strong response since the Projected Plantings report came out. The export numbers this week were not great, yet corn was still able to post a positive day following the report as the number was still 10 million bushels above the weekly total needed to meet USDA estimates. Analysts are expecting Brazil’s safrinha crop to potentially lose 5 million metric tonnes due to the late planting and stress from the drought conditions that have been present for a while. Ethanol stocks are the lowest mid-April they have been since 2014 showing that demand has ramped back up as re-openings continue. Some corn planting has started in areas across the country but this week’s cold weather will bring it to a stop as many areas will have to wait for it to warm back up to continue planting.

Via Barchart                                                               

Soybeans saw small gains on the week, but for the most part it was a quiet week for beans after a slight dip then gains. The news in the market around soybeans has been limited which is why the corn and bean chart are starting to look different. The cold weather that will delay/pause planting in some areas will not have much, if any, effect on soybean planting as they usually begin later anyway. Beans are now well off their contract highs for old crop and until we get back to those levels do not expect any strengthening look from the charts. Soybean’s will continue to move with exports and if anything crazy happens in South America but will probably slowly follow corn just how corn followed soybeans until now for the short term.

Via Barchart      

Cotton continues its rebound from the recent lows as world demand continues to increase and consumer spending rebounds. The dollar has also weakened recently supporting commodities as well. Retail sales for the month of March were reported this week climbing 9.8% as stimulus checks were spent and consumers get back out in the market. With cotton prices where they are compared to other crops many farmers are stuck with a difficult decision on which to plant. In some cases, farmers in areas such as west Texas, currently suffering from bad drought conditions, may elect to plant sorghum (milo) as a cheaper to produce alternative that has a much wider planting window. The drought conditions are a problem (see map below) in many areas, but when 40% of the cotton crop is expected to be planted in Texas the supply and demand story come the fall comes into play.

Via Barchart

Dow Jones

The Dow gained on the week despite the news that the Johnson & Johnson vaccine distribution will be put on hold after 6 cases of a rare blood clot after giving out over 7 million doses. The reopening strength has still been playing in the markets as many consumers are out and about again after receiving stimulus checks.

Lumber

In case you have not been paying attention to it, lumber prices have been high for a while now but continue to climb. In the cash market any wood that is for sale is bought immediately and this is also being reflected in the futures market with it now trading over $1,200. This plays out in the cost to build houses in a real estate market that has been hot the last year in the US despite the pandemic.

US Drought Monitor

The map below shows what areas of the US are currently suffering from drought conditions and as you can see it is widespread. As planting begins in many areas some areas will be delayed as they wait for a good rain to help them get in the field. The drought in Texas will have the biggest effect on Cotton as over 40% of the US cotton crop is expected to be planted there.

Weekly Prices

18 Sep 2020

Ag Market Update: September 12 – 18

Corn gained on the week following soybeans lead. Corn exports, like soybeans, have been strong with China being a large buyer recently. As some analysts have pointed out, this pace of Chinese purchases may be a signal that their supplies are much lower than they have reported. As most numbers that come out of China, one should be skeptical, so this may be showing us where they actually stand. With weather looking good heading into harvest, the next few weeks should allow for steady progress. As you can see from the chart below, prices are at the highest they have been since March heading into harvest following the upward trend in beans; you may want to begin looking at putting a floor in. If corn exports continue (136% ahead of where they were this time last year), we may still see an  upward trend, but keep an eye on demand as harvest begins.

 

Soybeans saw huge gains this week to get and stay over $10.00 for the first time in the last 2 years. The continued buying from China, 6+ MBU seemingly every day, has led this charge up as we continue to see large export numbers. Funds have also been buyers along the run and are nearing 1 BBU in net long positions, the largest long position since 2012 when we had a devastating drought. If China keeps up with the purchases it is definitely supportive for prices. Soybean exports are 189% ahead of where they were this time last year. If soybean sales keep up this pace there does not seem much to get in the way of prices as South America is running low on last year’s crop as they begin planting for this year. The chart below shows the recent surge reaching contract highs as we head into harvest.

 

Dow Jones
The Dow gained on the week after several up and down trading days as tech stocks continue to struggle after the large selloff last week. It seems to have weathered the storm and may continue its slow recovery as many major areas of the US stay in some form of lockdown.

World Weather
Dry and warm weather remains heading forward as harvest beings in the US. South America is unusually dry as planting season starts and Russian wheat areas need rain. A large spread soaking rain in SA may dip prices a bit, but if SA drought continues after planting that would be bullish for beans.

10 Aug 2020

Ag Markets Update: August 1 – 7

Corn took it on the chin this week, again, as crop conditions and weather forecasts continue to point toward the potential of a record yield. With strong conditions and weather moving forward, most of the corn belt, with the exception of parts of Iowa suffering from severe drought, are running out of time for many weather factors to effect the crop. Keeping an eye on forecasts for Ohio and Michigan will be important to farmers as they could use some rain in those areas but are not desperate, yet. If the forecast continues to look promising there is not much bullish news out there to help find support with a 180 bpa crop still in play. Keep an eye on exports as we continue to see strong export numbers but little positive price reaction as a product of it. Yield estimates range from 178-183 bpa from what we have seen from across the spectrum, showing that many top experts believe a record yield could be seen this year.

Soybeans had a tough week like corn because high yields are still very much in play on top of already strong stocks. Without China ramping up their purchases to try and at least act like they are trying to reach the Phase 1 Trade Agreement; beans are running into a demand problem. Bean yields are looking to potentially be 52+ bpa with a 73% G/E rating this week saw prices take a hit. Beans and corn have been moving lower over the last few weeks as few weather issues and no large surprises in demand have come to fruition. Any problem that China has with the Three Gorges Dam area could lead to more purchases but a total failure of the dam would be a disaster as it could cause a massive loss of life along with flooding of large areas of farmland.

Cotton has seen a boost this week as it, like other raw materials have seen a boost as demand around the world starts to come back. Another supportive factor for cotton has been the continued decline in the value of the US Dollar. The threat of Hurricane Isaias effecting the crop in the SE helped give a boost early in the week but how much damage it actually did to the crop remains to be seen. If prices can breach and stay above 65 cents that would be a good level of support.

Phase 1 Trade Agreement Meeting
The US and China are set to have their first check-in meeting to assess how Phase 1 is going (spoiler alert: not great). This is on top of recent tensions over the closing of embassies and spying allegations. Not sure that anything good can actually come out of these talks but they will be worth keeping an eye on August 15th. Hopefully we see a commitment to ramp up and get a boost to start that week following.

Lumber
Lumber continues its upward trend to price levels we have not seen since 2018. Lumber is a commodity the is easily produced because of the sheer quantity of it available supply is not an issue to slow down consumption. As many purchases and contracts are done well in advance the demand has not wavered as much as the pipeline of getting it from A-Z has. In a volatile market like this, especially during this kind of positive run for price, nobody ever wants to call the top so looks like everyone may want to ride it out and see what happens.