A combination of the distress in the financial system and traders' own bleak outlook for the coming months left trading in framing lumber at an extremely low level. Prices fell unevenly as drops in those species that took hefty hits in previous weeks eased, while cuts in other species accelerated. Uncertainty about whether the House would pass a new version of the financial rescue package left financial markets jittery. Worries about credit and lack of confidence on Wall Street were widely reflected in the lumber market as well.

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Panel market

In structural panel markets, prices of OSB firmed in most regions, bucking trends in plywood, lumber, and the broader economy. OSB's better tone in the face of weakness elsewhere was a head-scratcher for some traders. Key Southern Pine plywood sheathing items finished $10-20 lower with the bulk of the discounts seen early in the week. Order files were typically a day or two at best on the westside and central zone, but a bit longer on the eastside. Western Fir plywood prices neared their lows for the year. Speculation about shutdowns intensified, driving inquiries from some eastern secondaries.

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