The CME’s physical lumber futures have been in a bullish trend since the July 2024 low of $455.50 per 1,000 board feet. The weekly chart indicates that lumber futures have formed higher lows and higher highs, reaching a peak of $699 per 1,000 board feet in March 2025. While the price has dropped below the $600 level, the pattern of higher lows remains intact in June 2025. …Seasonality suggests that a lumber rally may need to wait until 2026… Lumber tends to be a seasonal commodity, with prices peaking during late winter and early spring as the weather improves and construction activity increases. In 2021, the old random-length lumber futures rose to a record high of $1,711.20 per 1,000 board feet in May, and in 2022, reached a lower high of $1,477.40 in March. …Keep an eye on interest rates as declines could ignite pent-up demand for new homes, which could light a bullish fuse under the lumber futures arena.