Lumber

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Lumber

Current Lumber | Futures Prices

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Lumber Prices — Historical Chart

Chart of Lumber futures updated May 18, 2021. Click the chart to enlarge. Press ESC to close.

Lumber Trading Chart updated May 18, 2021

Disclaimer: This material is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.

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Lumber Contract Specifications

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CME Globex Product Symbol (Electronic Trading) LB

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Commodity Specifications

Each delivery unit shall consist of nominal 2x4's of random lengths from 8 feet to 20 feet. Each delivery unit shall consist of and be grade stamped #1 or #2 AND BETTER. Each delivery unit shall be manufactured in California, Idaho, Montana, Nevada, Oregon, Washington, Wyoming, or Alberta or British Columbia, Canada, and contain lumber produced from and grade stamped Hem Fir (except that Hem-Fir shall not be deliverable if it is manufactured in Canada; nor that portion of Washington including and to the west of Whatcom, Skagit, Snohomish, King, Pierce, Lewis and Skamania counties; nor that portion of Oregon including and to the west of Multnomah, Clackamas, Marion, Linn, Lane, Douglas and Jackson counties; nor that portion of California west of Interstate Highway 5 nor south of US Highway 50), Englemann Spruce, Lodgepole Pine, Englemann Spruce/Lodgepole Pine and/or Spruce Pine Fir (except that Spruce-Pine-Fir shall not be deliverable if it is manufactured in those portions of Washington, Oregon and California that are noted above).

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Trading Unit The unit of trading shall be 110,000 board feet.

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Venue CME Globex (Electronic Platform), Open Outcry (Trading Floor)

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CME Globex (Electronic Platform)

MON 9:00 a.m. - FRI 1:55 p.m. Central Time

Daily trading halts 4:00 p.m. - 5:00 p.m.

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Open Outcry (Trading Floor)

MON-FRI: 9:00 a.m. -1:05 p.m. Central Time

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Minimum Fluctuation Minimum price fluctuations shall be in multiples of $.10 per thousand board feet.

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Contract Months

Jan, Mar, May, Jul, Sep, Nov

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Settlement

Physical Delivery

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Daily Price Limit

There shall be no price limit in the spot month.

There shall be a daily price limit of $10.00 per thousand board feet above or below the previous day's settlement price.

If the contract nearest to expiration that is subject to a daily limit is quoted at the limit bid or limit offer as the last price in the designated settlement period, without regard to CME trading venue for two successive days, then the price limit shall be raised to $15.00 per thousand board feet for all contracts subject to a daily limit.

Unless the contract nearest to expiration that is subject to a daily price limit of $15.00 is quoted at the limit bid or limit offer as the last price in the designated settlement period, without regard to CME trading venue, and without regard to market direction, the price limits shall revert to $10.00 per thousand board feet on the next business day.

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Position Limits

A person shall not own or control more than:

1. 1,000 contracts long or short in any one contract month;

2. 435 contracts long or short in the expiring contract month as of the close of business on the first business day of the contract month.

For positions involving options on Random Length Lumber futures, this rule is superseded by the option speculative position limit rule.

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Accumulation of Positions

For the purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person or persons, and the positions of all accounts of a person or persons acting pursuant to an expressed or implied agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or beneficial interest, shall be cumulated.

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Exemptions

The foregoing limits shall not apply to bona fide hedging positions meeting the requirements of Regulation 1.3(z)(1) of the CFTC and the Rules of the Exchange and shall not apply to other positions exempted pursuant to Rule 559.

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Termination of Trading

Trading shall terminate on the business day immediately preceding the 16th calendar day of the contract month.

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Par Delivery and Substitutions

Delivery shall be made on track at the producing mill. The lumber shall be wrapped in paper, poly or their industry recognized equivalents and loaded on a flat car.

1. Size

A delivery unit shall be 110,000 board feet of random length 2x4's, provided the tally is within the following limits:

Length : Percent of Total Board Feed Delivered

8' : 3% to 10%

10' : 5% to 12%

12' : 10% to 20%

14' : 10% to 24%

16' : 35% to 60%

18' : 0% to 15%

20' : 0% to 15%

16' + 18' + 20' : 45% to 60%

The lumber shall be double end trimmed, surfaced four sides, eased edge and of minimum dressed dimensions, as specified in Voluntary Product Standard 20-94, American Softwood Lumber Standard, published by the United States Department of Commerce, or any subsequent revisions (hereinafter referred to as PS 20).

2. Packaging

The lumber shall be unitized; that is, steel banded. In addition, all units shall contain lumber of equal lengths, except 18 foot and 20 foot lengths which may be banded together. The units shall be individually wrapped in paper, poly or their industry recognized equivalents.

3. Quality

The lumber shall meet the requirements of PS 20 and shall comply with the requirements for inspection and reinspection of an agency recognized by the American Lumber Standards committee and/or Canadian Lumber Standards Committee.

4. Moisture Content

The moisture content of each piece shall not exceed 19% as determined by moisture meter readings in accordance with the "Standard Method of Tests for Moisture Content of Wood," Section 9, Method B of the American Society for Testing Material Standard, D2016-65.

5. Marking

All pieces shall be grade marked with the registered symbol of an agency recognized by the American Lumber Standards Committee and/or Canadian Lumber Standard Committee. All pieces shall be marked with the mill name and/or association identification number, grade, seasoning and species according to the stamping requirements of the Certified Inspection Agency, and shall meet all other requirements of state and federal law.

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Inspections

Inspection shall conform to PS 20 and any other requirements that may thereafter be promulgated under PS 20. Inspection service and compliance shall be subject to the customer lumber industry practice, as provided in PS 20.

In case of claim on grade, moisture content, tally or manufacture, the buyer shall demand reinspection through the Clearing House to an agency recognized by the American Lumber Standards Committee and/or Canadian Lumber Standards Committee as provided for under the rules of those organizations and PS 20. Findings of the reinspection shall be final and binding upon the buyer and seller.

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Rulebook 7

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Exchange Rule These contracts are listed with, and subject to, the rules and regulations of ICE

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