Chicago lumber futures were trading below the $550-per-thousand-board-feet mark, a level not seen since last September and roughly 50% down since the beginning of 2022, as rising interest rates and sky-high inflation have dampened construction demand. New home sales in the United States sank 16.6% over the previous month to a seasonally adjusted annual rate of 591,000 in April of 2022, the fourth month of falls, and the lowest level in two years. At the same time, a lumber surplus is forming, with buyers slowing their orders, inventories piling up, and mills slashing their prices. Historically, Lumber reached an all time high of 1711.20 in May of 2021. Lumber is wood that has been processed into beams and plank. The biggest producers of lumber are concentrated in the Baltic Sea region and North America. The futures contract traded on Chicago Mercantile Exchange specifies that the lumber must be manufactured in certain U.S. states and Canadian provinces.

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