Prices continued to erode in the eastern spruce lumber market yesterday. Overall transactions were off Monday’s volume. There was growing pushback from the eastern mills as to what levels they would trade at. They used what new orders they did get as benchmarks, resisting lower offers. Wholesalers continued their aggressive selling, confident that trending prices would allow them to cover their growing short positions profitably. Traders were anxious for that spark to ignite the market but for the moment they saw nothing but darkness at the end of the tunnel.
Thanks for your insight, Bill.
You are most welcomed David!