Today is the last day of trading for the September 2020 lumber future. Unlike the constant front-month, which now references November delivery futures, September lumber settled at $984.50 yesterday. The physical lumber market remains extremely tight, fueled by booming demand from construction, COVID’s impact on production eating into inventories, and now the forest fires in the West. Buyers who can wait a couple of months for delivery save 32% off the price of the current front-month contract; going out to next May that number is an impressive 48%; the futures market is pushing off construction into later quarters via price. Click here to start a free trial to Bespoke Institutional and receive our nightly Closer for the next two weeks, featuring more commentary and data on macro markets.