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  <title>How lumber prices could score a big lift from hurricanes - MarketWatch</title>
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         How lumber prices could score a big lift from hurricanes
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    <p id="published-timestamp" class="timestamp">Published: <span>Sept 18, 2017 8:10 a.m. ET</span></p>

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<p>Lumber futures on the CME have climbed roughly 20%</p>
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                    <figcaption>Lumber looks to build gains. </figcaption>
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                                                               <p>Natural disasters can be a boon for commodities used in the recovery efforts that follow—and if that holds true for lumber, it would add to a parade of factors that could lift prices to levels they haven’t seen in over a decade.</p> <p>“Lumber futures are among the top commodities with a direct positive price correlation to major hurricanes,” says Will Rhind, CEO of GraniteShares, which offers a suite of commodity-based exchange-traded funds.</p> <p>“In the second half of the three major hurricane years this century—2005, 2010, and 2013—lumber futures increased about a third in price on average” from the first half of those years, he says. The Atlantic hurricane season runs from June 1 to Nov. 30. The sharpest advance was in 2010, when futures gained 55% in the second half of the year, Rhind says. There were a dozen Atlantic hurricanes that year, including Hurricanes Earl and Igor.</p> <p>So far this year, there have been six Atlantic hurricanes and for the year to date, lumber futures on the CME have climbed roughly 20%. Following Hurricane Harvey, prices settled at $396.40 per 1,000 board feet on Sept. 5—the highest since this year’s peak at $403.50 on April 11. The April figure was the highest finish for a most-active contract in more than four years. On Friday, it settled at $379.20, down 2.1% for the month to date.</p> 

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                            
                            
                                  
      
      
      
          <div id="thunderball-3" class="inset chart-inset" data-thunderball="symb=CUT&amp;comp=WOOD&amp;time=ytd&amp;freq=1dy&amp;startdate=&amp;enddate=&amp;size=2&amp;Insert&amp;style=1012&amp;nosettings=1&amp;mocktick=1"></div>

      
      
      
                                         <p>Among ETFs year to date, Guggenheim MSCI Global Timber 

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                    <span class="quote up bgQuote" data-channel="/quotes/zigman/489121/composite" data-bgformat=''><a class="qt-chip trackable" data-fancyId="ARCXExchangeTradedFundCUT" href="/investing/fund/cut" data-track-mod="MW_story_quote">CUT, <span class="bgPercentChange">+0.34%</span></a></span>

                            
                                  
      
      
      
      
      
      
      
                                         has gained roughly 21%, while iShares Global Timber &amp; Forestry 

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                    <span class="quote up bgQuote" data-channel="/quotes/zigman/110953/composite" data-bgformat=''><a class="qt-chip trackable" data-fancyId="XNASExchangeTradedFundWOOD" href="/investing/fund/wood" data-track-mod="MW_story_quote">WOOD, <span class="bgPercentChange">+0.69%</span></a></span>

                            
                                  
      
      
      
      
      
      
      
                                         was up nearly 23%.</p> <p>The recent price spikes came as pre-Harvey and Irma news coverage showed long lines to buy lumber and boarded-up homes and businesses.</p> <p>The preparation and consumption of lumber ahead of a hurricane strike is “heavily concentrated in the panels market” (used to cover windows and doors), says Greg Kuta, lumber analyst and president of Westline Capital Strategies. CME lumber futures

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                    <span class="quote"><a class="qt-chip trackable" href="/investing/stock/US:LBX7?countrycode=" data-track-mod="MW_story_quote">US:LBX7</a></span>

                            
                                  
      
      
      
      
      
      
      
                                         are based on structural framing lumber, so the prehurricane price spike is probably “more emotion-based, as speculators buy the rumor in anticipation of the event,” Kuta says.</p> <p>Shawn Church, editor of forest-product industry information provider Random Lengths, says that after a hurricane, demand generated from rebuilding and restoration “tends to occur over time, after cleanup and insurance claims are settled,” so it isn’t easily measured.</p> <p>How much demand rises as a result of Harvey and Irma will be a longstanding question, and the scope of storm damage to lumber supplies is also an unknown. Forests cover about half of Florida’s land area, or 17.3 million acres, but the damage probably can’t be evaluated until the floodwaters recede, says a spokeswoman at the Florida Forestry Association.</p> <p>“There are many moving parts in trying to digest future demand generated as a result of a natural disaster,” Kuta says. “Insurable versus uninsurable loss, flood damage versus wind damage, rebuilding in flood plains, the actuality of coastal land areas being reshaped” are just a few of the issues in the rebuild and recovery process, he says.</p> <p>And the lumber market was enjoying a rally even before Harvey and Irma. “The southern pine plywood market was already steady to strong based on general demand amid the housing recovery,” says Church. The lumber market was also helped in part by “developing log and veneer shortages out West and in British Columbia this summer amid a severe forest fire season, which has curtailed logging and veneer, plywood and framing lumber production”—all of which are “integral to homebuilding in the U.S.”</p> <p>Looking ahead, the lumber industry will continue to be buffeted by supply issues: headwinds facing U.S. housing, including interest-rate uncertainty and a shortage of construction workers; and the softwood-lumber trade dispute between the U.S. and Canada, says Kuta. He expects prices to trade in the $325-to-$425 range into next year, acknowledging that range is large because lumber is a “highly volatile commodity,” and that prices have only traded above $400 some 7.8% of the time since 1993. If prices reach the higher end of that range, they would be at levels last seen 13 years ago. </p> <p> <a href="http://www.barrons.com/articles/hurricanes-could-spur-big-rise-in-lumber-prices-1505530385" target="_new" class="icon " >This article originally appeared at Barron’s on Sept. 15</a> </p> 

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                            
                            
                                  
      
      
      
      
      
      
      
      


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            <div class="rates-nav-item tab needsCharts " data-page="ratesEquity">Equity</div>
            <div class="rates-nav-item tab needsCharts " data-page="ratesSavings">Savings</div>
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            <div class="bankrates-section rates-section page ratesMortgage selected">
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                        <li data-ticker="BR2_ZZM4">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=4&amp;loan=650000" rel="nofollow" target="_blank">30 yr fixed Jumbo</a></div>
                            <div class="bankrates-value">4.52%</div>
                        </li>
                        <li data-ticker="BR2_ZZM1">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=1" rel="nofollow" target="_blank">30 yr fixed</a></div>
                            <div class="bankrates-value">4.32%</div>
                        </li>
                        <li data-ticker="BR2_ZZM2">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=2" rel="nofollow" target="_blank">15 yr fixed</a></div>
                            <div class="bankrates-value">3.65%</div>
                        </li>
                        <li data-ticker="BR2_ZZM388">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=388" rel="nofollow" target="_blank">10 yr fixed</a></div>
                            <div class="bankrates-value">3.58%</div>
                        </li>
                        <li data-ticker="BR2_ZZR216">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=216" rel="nofollow" target="_blank">30 yr fixed refi</a></div>
                            <div class="bankrates-value">4.29%</div>
                        </li>
                        <li data-ticker="BR2_ZZR215">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=215" rel="nofollow" target="_blank">15 yr fixed refi</a></div>
                            <div class="bankrates-value">3.62%</div>
                        </li>
                        <li data-ticker="BR2_ZZM6">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=6" rel="nofollow" target="_blank">5/1 ARM</a></div>
                            <div class="bankrates-value">4.02%</div>
                        </li>
                        <li data-ticker="BR2_ZZR219">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/partners/funnel/mortgage-rates.aspx?pid=p:mkw&amp;prods=219" rel="nofollow" target="_blank">5/1 ARM refi</a></div>
                            <div class="bankrates-value">4.03%</div>
                        </li>
                </ol>
                <span class="rates-footer">National averages from <a href="http://www.bankrate.com" target="_blank">Bankrate.com</a></span>
            </div>
            <div class="bankrates-section rates-section page ratesEquity ">
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                        <li data-ticker="BR2_ZZK437">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=437" rel="nofollow" target="_blank">$30K HELOC</a></div>
                            <div class="bankrates-value">3.42%</div>
                        </li>
                        <li data-ticker="BR2_ZZK507">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=507" rel="nofollow" target="_blank">$50K HELOC</a></div>
                            <div class="bankrates-value">3.52%</div>
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                        <li data-ticker="BR2_ZZK458">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=458" rel="nofollow" target="_blank">$75K HELOC</a></div>
                            <div class="bankrates-value">3.42%</div>
                        </li>
                        <li data-ticker="BR2_ZZK570">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=570" rel="nofollow" target="_blank">$100K HELOC</a></div>
                            <div class="bankrates-value">3.52%</div>
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                        <li data-ticker="BR2_ZZK438">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=438" rel="nofollow" target="_blank">$30K Home Equity Loan</a></div>
                            <div class="bankrates-value">5.14%</div>
                        </li>
                        <li data-ticker="BR2_ZZK506">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=506" rel="nofollow" target="_blank">$50K Home Equity Loan</a></div>
                            <div class="bankrates-value">4.84%</div>
                        </li>
                        <li data-ticker="BR2_ZZK457">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=457" rel="nofollow" target="_blank">$75K Home Equity Loan</a></div>
                            <div class="bankrates-value">4.84%</div>
                        </li>
                        <li data-ticker="BR2_ZZK568">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/home-equity/?pid=p:mkw&amp;prods=568" rel="nofollow" target="_blank">$100K Home Equity Loan</a></div>
                            <div class="bankrates-value">4.72%</div>
                        </li>
                </ol>
                <span class="rates-footer">National averages from <a href="http://www.bankrate.com" target="_blank">Bankrate.com</a></span>
            </div>
            <div class="bankrates-section rates-section page ratesSavings ">
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                        <li data-ticker="BR2_ZZD19">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:mkw&amp;prods=19" rel="nofollow" target="_blank">5 yr CD</a></div>
                            <div class="bankrates-value">1.56%</div>
                        </li>
                        <li data-ticker="BR2_ZZD16">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:mkw&amp;prods=16" rel="nofollow" target="_blank">2 yr CD</a></div>
                            <div class="bankrates-value">0.99%</div>
                        </li>
                        <li data-ticker="BR2_ZZD15">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:mkw&amp;prods=15" rel="nofollow" target="_blank">1 yr CD</a></div>
                            <div class="bankrates-value">0.86%</div>
                        </li>
                        <li data-ticker="BR2_ZZD34">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/savings/savings-results.aspx?pid=p:mkw&amp;prods=34" rel="nofollow" target="_blank">MMA $10K+</a></div>
                            <div class="bankrates-value">0.27%</div>
                        </li>
                        <li data-ticker="BR2_ZZD36">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/savings/savings-results.aspx?pid=p:mkw&amp;prods=36" rel="nofollow" target="_blank">MMA $50K+</a></div>
                            <div class="bankrates-value">0.37%</div>
                        </li>
                        <li data-ticker="BR2_ZZD33">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/savings/savings-results.aspx?pid=p:mkw&amp;prods=33" rel="nofollow" target="_blank">MMA Savings</a></div>
                            <div class="bankrates-value">0.29%</div>
                        </li>
                        <li data-ticker="BR2_ZZD37">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/savings/savings-results.aspx?pid=p:mkw&amp;prods=37" rel="nofollow" target="_blank">MMA Savings Jumbo</a></div>
                            <div class="bankrates-value">0.42%</div>
                        </li>
                </ol>
                <span class="rates-footer">National averages from <a href="http://www.bankrate.com" target="_blank">Bankrate.com</a></span>
            </div>
            <div class="bankrates-section rates-section page ratesAuto ">
                <ol>
                        <li data-ticker="BR2_ZZA73">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=73" rel="nofollow" target="_blank">60 Mo Used Car</a></div>
                            <div class="bankrates-value">3.72%</div>
                        </li>
                        <li data-ticker="BR2_ZZA74">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=74" rel="nofollow" target="_blank">48 Mo Used Car</a></div>
                            <div class="bankrates-value">3.73%</div>
                        </li>
                        <li data-ticker="BR2_ZZA42">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=42" rel="nofollow" target="_blank">36 Mo Used Car</a></div>
                            <div class="bankrates-value">3.8%</div>
                        </li>
                        <li data-ticker="BR2_ZZA311">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=311" rel="nofollow" target="_blank">72 Mo New Car</a></div>
                            <div class="bankrates-value">3.61%</div>
                        </li>
                        <li data-ticker="BR2_ZZA41">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=41" rel="nofollow" target="_blank">60 Mo New Car</a></div>
                            <div class="bankrates-value">3.72%</div>
                        </li>
                        <li data-ticker="BR2_ZZA39">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=39" rel="nofollow" target="_blank">48 Mo New Car</a></div>
                            <div class="bankrates-value">3.58%</div>
                        </li>
                        <li data-ticker="BR2_ZZA278">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=278" rel="nofollow" target="_blank">60 Mo Auto Refi</a></div>
                            <div class="bankrates-value">2.89%</div>
                        </li>
                        <li data-ticker="BR2_ZZA276">
                            <div class="bankrates-display"><a href="http://www.bankrate.com/funnel/auto/?pid=p:mkw&amp;prods=276" rel="nofollow" target="_blank">36 Mo Auto Refi</a></div>
                            <div class="bankrates-value">2.51%</div>
                        </li>
                </ol>
                <span class="rates-footer">National averages from <a href="http://www.bankrate.com" target="_blank">Bankrate.com</a></span>
            </div>
            <div id="creditrates-section" class="rates-section page ratesCreditCards ">
                <table>
                    <thead>
                        <tr>
                            <td></td>
                            <td>Avg. APR</td>
                            <td>Last Week</td>
                            <td>6 Months</td>
                        </tr>
                    </thead>
                    <tbody>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/low-interest-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Low Interest</a></td>
                                <td class="apr">13.14%</td>
                                <td class="apr">13.14%</td>
                                <td class="apr">12.87%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/business-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Business</a></td>
                                <td class="apr">13.93%</td>
                                <td class="apr">13.93%</td>
                                <td class="apr">13.68%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/balance-transfer-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Balance Transfer</a></td>
                                <td class="apr">15.63%</td>
                                <td class="apr">15.63%</td>
                                <td class="apr">15.36%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/student-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Student</a></td>
                                <td class="apr">15.92%</td>
                                <td class="apr">15.92%</td>
                                <td class="apr">15.64%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/airline-miles-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Airline</a></td>
                                <td class="apr">16.41%</td>
                                <td class="apr">16.41%</td>
                                <td class="apr">16.06%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/rewards-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Reward</a></td>
                                <td class="apr">16.51%</td>
                                <td class="apr">16.51%</td>
                                <td class="apr">16.22%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/cash-back-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Cash Back</a></td>
                                <td class="apr">16.67%</td>
                                <td class="apr">16.67%</td>
                                <td class="apr">16.37%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/prepaid-debit-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Instant Approval</a></td>
                                <td class="apr">18.82%</td>
                                <td class="apr">18.82%</td>
                                <td class="apr">18.57%</td>
                            </tr>
                            <tr>
                                <td class="name"><a href="http://www.bankrate.com/credit-cards/bad-credit-cards.aspx?pid=mkw" rel="nofollow" target="_blank">Bad Credit</a></td>
                                <td class="apr">23.62%</td>
                                <td class="apr">23.62%</td>
                                <td class="apr">23.46%</td>
                            </tr>
                    </tbody>
                </table>
                <span class="rates-footer">Source: <a href="http://creditcards.com/?aid=fb5dc909" target="_blank">CreditCards.com</a></span>
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              <tr><td>Volume</td><td>27736</td></tr>
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