Published on 19 Aug 2024 on Insider Monkey · via Yahoo Finance
Boise Cascade Company (BCC): The Best Among the Lumber Stocks Recommended By...
We recently compiled a list of the 15 Best Lumber Stocks To Buy Now. In this article, we are going to take a look at where Boise Cascade Company (NYSE:BCC) stands against the other lumber stocks.
The lumber market has faced considerable volatility in recent years, driven by a confluence of dynamic and interconnected factors. In 2021, lumber prices surged to unprecedented levels due to the COVID-19 pandemic disrupting supply chains, a surge in home construction boosting demand, and logistical challenges further straining the market. However, this peak was followed by a dramatic price correction as these extraordinary conditions began to stabilize. Currently, lumber prices have plummeted 75% from their May 2021 record high of $1,514 per thousand board feet to just $366, closely matching pre-pandemic levels. The futures market has mirrored this decline, with contract prices for July falling 28% to $466. The following chart by U.S. Bureau of Labor Statistics clearly depicts the change in lumber prices over a five year horizon.
