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Restoration Forest Products, a lumber company based in Arizona, has filed for bankruptcy due to the impact of the pandemic on construction and the loss of a critical government contract. The company has listed liabilities of $367 million and assets of at least $100 million. As part of its bankruptcy plan, Restoration Forest Products intends to reduce its debt by over $300 million and has secured $95 million in financing from Invesco. The company emphasizes its focus on sustainability and has previously raised funds through sustainability-linked bonds. Bondholders are projected to recover between 20% and 35% of their investment. [Extracted from the article]

Restoration Forest Products, a lumber company based in Arizona, has filed for bankruptcy due to the impact of the pandemic on construction and the loss of a critical government contract. The company has listed liabilities of $367 million and assets of at least $100 million. As part of its bankruptcy plan, Restoration Forest Products intends to reduce its debt by over $300 million and has secured $95 million in financing from Invesco. The company emphasizes its focus on sustainability and has previously raised funds through sustainability-linked bonds. The bankruptcy plan and financing are subject to court approval. [Extracted from the article]

Wall Street traders can expect relatively flat bonuses this year, with some exceptions. JPMorgan Chase and Citigroup are likely to have similar bonus pools to last year, while Goldman Sachs and Bank of America may increase payouts by a few percentage points. The Covid-19 pandemic initially led to increased trading and dealmaking in 2020, resulting in higher bonuses. However, the subsequent decline in client activity and rising interest rates have dampened bonuses in recent years. Despite the overall flat bonus season, top performers are still expected to receive higher payouts. [Extracted from the article]

LL Flooring Holdings Inc.'s founder, Tom Sullivan, has made a new buyout offer for the retailer formerly known as Lumber Liquidators. The offer is for $3 a share in cash, which is almost half of his previous bid, due to the company's declining financial condition and stock price. Sullivan's offer is not contingent on financing and he believes it provides immediate liquidity and value for shareholders. LL Flooring shares have dropped 50% this year, and Sullivan's F9 Investments LLC owns about 8.8% of the company. LL Flooring has received another unsolicited proposal to acquire the company for $5.85 in cash from Live Ventures Inc. Sullivan, who left the company in 2015 after a controversy over tainted flooring from China, also plans to nominate himself and two others as members of the LL Flooring board at the annual meeting next year. The company recently reported that it is closing eight under-performing stores due to the uncertain macroeconomic environment. [Extracted from the article]

"For years, the United States has imposed unfair, unjust and illegal duties on Canadian softwood lumber, hurting Canadian industry and creating rising housing costs in both our countries", she said in a statement provided to Bloomberg on Thursday. (Bloomberg) -- Canada is launching challenges to the latest US duties on softwood lumber, arguing the "unjustified" tariffs are harming a key Canadian sector and driving up housing costs in both countries. [Extracted from the article]

(Bloomberg) -- Local plumbers and lumber-yard owners across the US are feeling a bit like tech entrepreneurs of late - juggling multiple offers from private equity-backed firms that increasingly are targeting mom-and-pop businesses. In the Atlanta area, Jay Cunningham says he gets several pitches a week from PE-backed firms wanting to buy his Superior Plumbing - one of the few sizeable local firms that hasn't already been snapped up by investors - or from investment bankers wanting to bring Superior to market. Owners who might otherwise have considered a sale - whether they're publicly traded companies, or private equity - are holding onto companies in their portfolios instead. [Extracted from the article]

The store said it would have been "reasonable to assume that the acquisition of the subject premises by a publicly known real estate developer presented a substantial risk that the future landlord would seek to demolish the subject premises to make way for redevelopment, and that Midtown Lumber would lose its home of 60 years." (Bloomberg) -- A small lumber store in Manhattan claims its former landlord conspired with billionaire developer John Catsimatidis to prevent the retailer from acquiring the building it occupied for six decades so that the structure could be demolished to make way for a high-end residential project. That clause, the lumber store says in its complaint, is crucial to Catsimatidis' plan to vacate the premises, merge them with a property he owns at 280 Eighth Avenue and construct a new, high-end residential building on the site. [Extracted from the article]

(Bloomberg) -- The chill in North America's housing market has lumber traders saying the commodity's recent rally may not have much more room to run. Rising interest rates are having a negative effect on the North American housing market, and rates are expected to rise for most of 2023 as the Federal Reserve tries to suppress inflation, RBC Capital Markets analyst Paul Quinn said in a note. [Extracted from the article]

Rising interest rates are having a negative effect on the North American housing market, and rates are expected to rise for most of 2023 as the Federal Reserve tries to suppress inflation, RBC Capital Markets analyst Paul Quinn said in a note. (Bloomberg) -- The chill in North America's housing market has lumber traders saying the commodity's recent rally may not have much more room to run. [Extracted from the article]

President Joe Biden and cabinet officials were in touch with freight-rail companies and unions on Monday in an effort to avert a strike, according to a White House official. A strike would threaten shipments of grains, fertilizer and energy when global food prices are elevated and inflation ripples through economies. (Bloomberg) -- Commodities groups are sounding the alarm as a potential railway strike threatens to cripple transportation of vital goods from food and lumber to coal. [Extracted from the article]

President Joe Biden and Cabinet officials were in touch with freight-rail companies and unions on Monday in an effort to avert a strike, according to a White House official. (Bloomberg) -- Commodities groups are sounding the alarm as a potential railway strike threatens to cripple transportation of vital goods from food and lumber to coal. A strike would threaten shipments of grains, fertilizer and energy when global food prices are elevated and inflation ripples through economies. [Extracted from the article]

A strike would threaten shipments of produce, grains, energy and fertilizer when food inflation has soared. Freight railroads and labor unions worked through the weekend to try to avoid a strike that could cost the US economy more than $2 billion a day, though there isn't much sign of progress ahead of a Sept. 17 walkout. (Bloomberg) -- Commodities groups are sounding the alarm as a potential railway strike threatens to cripple transportation of vital goods from food and lumber to coal. [Extracted from the article]

AGR, BASIC, BLD, BUSINESS, CMD, COS, CST, INDUSTRIAL, INDUSTRIES, MARKETS Keywords: AGR; BASIC; BLD; BUSINESS; CMD; COS; CST; INDUSTRIAL; INDUSTRIES; MARKETS EN AGR BASIC BLD BUSINESS CMD COS CST INDUSTRIAL INDUSTRIES MARKETS Lumber futures slid to the lowest in more than nine months after sawmills ramped up production and demand from builders stabilized. [Extracted from the article]

Weyerhaeuser joined Resolute, West Fraser Timber Co. Ltd., and Canfor Corp. in posting second-quarter earnings that beat expectations, with higher lumber prices helping the company reach record profit in the period. Keywords: CFP@CN; HD; IFP@CN; IP; LOW; RFP; WFG@CN; WY; ALLTOP; BASIC; BLD; BUSINESS; CANADA; CATOP; CMD; CONS; CONSD; COS; CST; FIN; INDUSTRIAL; INDUSTRIES; INTERNET; MARKETS; NORTHAM; REL; RELTOP; TEC; US; WORLD EN CFP@CN HD IFP@CN IP LOW RFP WFG@CN WY ALLTOP BASIC BLD BUSINESS CANADA CATOP CMD CONS CONSD COS CST FIN INDUSTRIAL INDUSTRIES INTERNET MARKETS NORTHAM REL RELTOP TEC US WORLD Do-it-yourself home renovations are expected to regain popularity after taking a summer break, helping soften the blow of an expected earnings slowdown for lumber producers in the second half of the year. [Extracted from the article]

Lumber makers Resolute and West Fraser Timber Co. Ltd. have posted second-quarter earnings that beat expectations this week, mostly on the back of the record prices. Keywords: IP; RFP; WFG@CN; BASIC; BLD; BUSINESS; CANADA; CMD; CONS; CONSD; COS; CST; INDUSTRIAL; INDUSTRIES; INTERNET; MARKETS; NORTHAM; TEC; WORLD EN IP RFP WFG@CN BASIC BLD BUSINESS CANADA CMD CONS CONSD COS CST INDUSTRIAL INDUSTRIES INTERNET MARKETS NORTHAM TEC WORLD Do-it-yourself home renovations are going to soon regain popularity, which is good news for lumber companies. [Extracted from the article]

Keywords: CFP@CN; ALLTOP; BASIC; BLD; BUSINESS; CANADA; CATOP; CMD; CMDTOP; COS; GEN; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; TOP; TRN; WORLD; WWTOP; WWTOPEU EN CFP@CN ALLTOP BASIC BLD BUSINESS CANADA CATOP CMD CMDTOP COS GEN INDUSTRIAL INDUSTRIES MARKETS NORTHAM TOP TRN WORLD WWTOP WWTOPEU Lumber futures rose, posting the biggest percentage gain in more than a year on concern that wildfires in western Canada will reduce supply and spur more curtailments at sawmills. Tumbling lumber prices are also "pieces of Canfor's equation", Wilde said, noting the steep two-month collapse in pricing as do-it-yourself renovation demand has dropped by a reported 40% at big-box retailers. [Extracted from the article]

The wildfires are not completely bullish for the lumber market, said Westline Capital Strategies Inc. Chief Executive Officer Greg Kuta, whose Ohio-based firm specializes in lumber-trading strategies. Keywords: CFP@CN; ALLTOP; BASIC; BLD; BUSINESS; CANADA; CATOP; CMD; CMDTOP; COS; GEN; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; TOP; TRN; WORLD; WWTOP; WWTOPAM; WWTOPEU EN CFP@CN ALLTOP BASIC BLD BUSINESS CANADA CATOP CMD CMDTOP COS GEN INDUSTRIAL INDUSTRIES MARKETS NORTHAM TOP TRN WORLD WWTOP WWTOPAM WWTOPEU Lumber futures rose the most in more than a year on concern that wildfires in western Canada will reduce supply and spur more curtailments at sawmills. [Extracted from the article]

US home construction in the United States declined in July to the slowest pace since early 2021. Residential starts dropped 9.6% last month, with starts of one-family homes being the weakest in over two years. This decline is attributed to a pullback in demand and an increase in inventory. Factors such as high mortgage rates, elevated inflation, and a deteriorating economic picture are tempering sales and leaving builders with a significant number of unsold properties. Additionally, homebuilder sentiment has been sliding for eight consecutive months, and transactions at Home Depot have continued to fall. While prices for commodities like lumber have eased, builders are still struggling to fill open positions. The government's report also showed a decrease in single-family housing starts and permits for one-family dwellings. [Extracted from the article]

(Bloomberg) -- Supply cuts from a top Canadian producer are sending lumber prices on a rally even as rising interest rates put a chill on housing markets. Rising lumber prices affect real estate markets in the US as well as Canada. [Extracted from the article]

The lumber-tariff challenge would be the latest to use adispute-resolution mechanism in the USMCA agreement between thethree nations, previously known as Nafta. (Bloomberg) -- Canada's government said it will challenge USduties on softwood lumber, saying the tariffs have caused"unjustified harm" to the industry and workers. [Extracted from the article]

WFG@CN, BUSINESS, CMD, COS, CST, GOV, INDUSTRIAL, INDUSTRIES, NORTHAM, WORLD Keywords: WFG@CN; BUSINESS; CMD; COS; CST; GOV; INDUSTRIAL; INDUSTRIES; NORTHAM; WORLD EN WFG@CN BUSINESS CMD COS CST GOV INDUSTRIAL INDUSTRIES NORTHAM WORLD (Bloomberg) A lingering trade dispute between the US and Canada is expected to keep tariffs on softwood lumber in place, adding to soaring inflation costs. [Extracted from the article]

(Bloomberg) -- Lumber futures slid to the cheapest since September as rising interest rates put a damper on the housing market. Higher interest rates and soaring home prices are starting to put the brakes on home sales, according to Bloomberg Intelligence. [Extracted from the article]

Lumber prices may fall in the range of $400 per 1,000 board feet in thenext two months before producers curb production to remove excesssupply, Mason said. Lumber markets are probing for a floor", said Kevin Mason,managing director of ERA Forest Products Research, noting concerns aboutcollapsing home sales and rising interest rates are pushing prices lower. [Extracted from the article]

(Bloomberg) -- Millennial home buyers and the work-from-home trend will keep lumber demand robust despite surging inflation, according to major Canadian producer Resolute Forest Products Inc. In addition, the U.S. doesn't have enough inventory to meet demand as millennials enter their prime years for purchasing a home, he said. [Extracted from the article]

(Bloomberg) -- Lumber prices are slipping to levels seen four months ago as soaring inflation curbs the appeal of do-it-yourself renovators to take on costly new home-improvement projects. The DIY sector is the largest lumber market segment, accounting for about 40% of consumption, according to Taylor. [Extracted from the article]

Lumber prices, which reached a record high in May, had soared anew in recent weeks as deliveries to customers slowed. (Bloomberg) -- Lumber headed for its biggest weekly loss since July as transportation snarls that sparked a rally start to ease. [Extracted from the article]

CFP@CN, AGR, ALLTOP, BUSINESS, CANADA, CATOP, CMD, CMDTOP, COS, INDUSTRIAL, INDUSTRIES, NORTHAM, TOP, TRN, WORLD, WWTOP, WWTOPAM, WFG@CN R7ER6CT1UM10 (Bloomberg) -- Lumber futures rose to the highest in a month as some of Canada's biggest producers reduce output and transportation snags disrupt shipments to customers. Keywords: CFP@CN; WFG@CN; AGR; ALLTOP; BUSINESS; CANADA; CATOP; CMD; CMDTOP; COS; INDUSTRIAL; INDUSTRIES; NORTHAM; TOP; TRN; WORLD; WWTOP; WWTOPAM EN CFP@CN WFG@CN AGR ALLTOP BUSINESS CANADA CATOP CMD CMDTOP COS INDUSTRIAL INDUSTRIES NORTHAM TOP TRN WORLD WWTOP WWTOPAM Lumber futures rose to the highest in a month as some of Canada's biggest producers reduce output and transportation snags disrupt shipments to customers. [Extracted from the article]

Keywords: WFG@CN; AGR; ALLTOP; BASIC; BLD; BUSINESS; CANADA; CATOP; CMD; CMDTOP; COS; GEN; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; TOP; TRN; WORLD EN WFG@CN AGR ALLTOP BASIC BLD BUSINESS CANADA CATOP CMD CMDTOP COS GEN INDUSTRIAL INDUSTRIES MARKETS NORTHAM TOP TRN WORLD (Bloomberg) -- Massive flooding late last year that washed away rail tracks and shut highways in Western Canada forced one of the nation's biggest lumber producers to curtail output. WFG@CN, AGR, ALLTOP, BASIC, BLD, BUSINESS, CANADA, CATOP, CMD, CMDTOP, COS, GEN, INDUSTRIAL, INDUSTRIES, MARKETS, NORTHAM, TOP, TRN, WORLD. [Extracted from the article]

(Bloomberg) -- Lumber is on a tear again, bringing back the specter of increasing construction costs. "Prices are well above trend pricing, as well as our own price forecasts", Mark Wilde, an analyst at BMO Capital Markets in New York, said Wednesday in an email. "We are also just heading toward spring construction season and housing market activity, so it wouldn't surprise me to see prices rally further."Wood prices have been volatile since the pandemic began and they touched record highs during a Covid-19 fueled building boom, then collapsed because sawmills ramped up production and high prices stifled demand. [Extracted from the article]

(Bloomberg) -- Shipping woes are adding to the high price of lumber, according to one of Canada's leading producers.A shortage of trucks and rail cars is boosting costs and causing delays in sending lumber to buyers in Canada and the U.S., said Remi Lalonde, chief executive officer of Montreal-based Resolute Forest Products. Most lumber buyers prefer to receive their shipment by truck, but companies are forced to use whatever mode of transport is available to ship timber, even if comes with a higher price tag and longer shipping times, he said. [Extracted from the article]

Swings in the lumber market have added more than $18,600 to the price of a new home since late summer, and the industry is urging the U.S. to negotiate with Canada on a new softwood lumber agreement to eliminate duties, he said. (Bloomberg) -- The U.S. is setting duties on Canadian softwood lumber that would effectively lower the punitive tariffs on most producers as the long-simmering trade dispute drags on. [Extracted from the article]

Labor shortages and transportation woes have made it harder to get building supplies, prompting builders to delay or cancel projects, said David Logan, director of tax and trade policy analysis for the industry group. (Bloomberg) -- Supply chain chaos and lofty prices have sparked a reversal for lumber. [Extracted from the article]

And with Shanghai Futures Exchange stockpiles near a record low, nickel's tight supply dynamics have made it the star performer during a broad rally in base metals markets this month, with prices up 9.1%. Zinc and aluminum production has also been hit hard during Europe's energy crisis, and a fresh spike in regional power prices is bringing supply worries back to the fore across metals markets. (Bloomberg) -- Nickel rallied to the highest in more than a decade as dwindling exchange inventories leave traders bracing for a historic supply squeeze. [Extracted from the article]

That points to insufficient immediate supplies after Indonesia said it's considering a plan to impose an export tax on some nickel products. Investors are also parsing data released Friday that showed China's record-breaking export strength continued into December, pushing the annual trade surplus to a new high. (Bloomberg) -- Nickel traded near the highest intraday level in over a decade on signs of a historic supply squeeze. [Extracted from the article]

(Bloomberg) -- Copper extended a retreat from the highest close in almost three months after hawkish comments from Federal Reserve officials hit sentiment across asset classes and a seasonal drop in China's demand gathered pace. Liquidity tightening in the U.S. and waning China copper demand will limit further gains in copper prices, Citic Futures Co. said in a note on Friday. Chinese copper inventories are expected to build this month following a surge in domestic refined copper output, it said. [Extracted from the article]

(Bloomberg) -- Lumber prices are soaring to levels not seen in seven months as the lingering effects of flooding in Western Canada disrupt supplies and shipments. Soaring lumber prices in the past four months have boosted the price of an average new single-family home by more than $18,600, according to the National Association of Home Builders. Lumber futures jumped 3.8% to the exchange limit of $1,219 per 1,000 board feet in Chicago Thursday, touching the highest price since June 7. [Extracted from the article]

"This will end in tears, as all supply constraint rallies do, unless the demand fundamentals can justify these prices over the long run", said Greg Kuta, chief executive officer of Westline Capital Strategies, which specializes in lumber-trading strategies. Lumber futures are typically quiet ahead of the winter holiday season but this unseasonal rally follows a similar rise last December, when the pandemic and low borrowing rates spurred strong demand from home building and do-it-yourself renovations. (Bloomberg) -- Strong building demand and renewed supply challenges have sent lumber prices surging to the highest in six months. [Extracted from the article]

Typically, backwardations tend to be fairly short-lived, as high spot prices encourage producers and traders to deliver cargoes into exchanges, replenishing supplies and helping to push spot prices back below futures. The premiums that consumers pay over LME prices to obtain physical shipments of tin remain at sky-high levels, indicating that supply remains tight and record prices aren't yet putting a dent in demand. Front-month LME tin prices have now been trading at a premium to the second-month contract for more than 250 consecutive trading days, the longest-running backwardation in at least 24 years, according to data analyzed by Bloomberg. [Extracted from the article]

Lumber prices are expected to reach their highest levels since June due to heavy rains and flooding in British Columbia, Canada. The flooding has led to road closures and reduced lumber shipments from the world's largest producer. West Fraser Timber Co. Ltd. reported a significant drop in weekly lumber shipments, prompting other mills in the region to potentially make similar decisions. The transportation bottlenecks caused by the flooding are impacting lumber operations, leading to larger-than-expected production cuts. [Extracted from the article]

(Bloomberg) -- Washed out roads and blocked rail tracks in Canada's westernmost province are fueling a lumber price rally as key supplies risk being stuck just as home builders start piling up materials. The threat of reduced supplies comes at a time of year when lumber prices typically start to rise again, as builders start to accumulate the materials they will need in the peak spring season. [Extracted from the article]

(Bloomberg) -- Listen to Odd Lots on Spotify Listen to Odd Lots on Apple Podcasts Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. So, for this episode, we invited back Stinson Dean, the founder and CEO of Deacon Lumber, to explain what happened, and what lessons there are for the rest of the commodities complex. [Extracted from the article]

Keywords: RFP; AGR; ALLTOP; BASIC; BLD; BUSINESS; CATOP; CMD; CMDTOP; COS; GOV; INDUSTRIES; MARKETS; TOP; WWTOP; WWTOPAM EN RFP AGR ALLTOP BASIC BLD BUSINESS CATOP CMD CMDTOP COS GOV INDUSTRIES MARKETS TOP WWTOP WWTOPAM As if things weren't volatile enough in the lumber market, a Canada-U.S. trade tussle will make things worse. Further tariffs on Canadian softwood lumber entering the U.S. will affect the market due to the "significant increase" in duties companies must pay, according to Resolute Forest Products Inc. Chief Executive Officer Remi Lalonde. [Extracted from the article]

(Bloomberg) -- High lumber prices are back, even as theindustry steps into what is normally a seasonal lull. Interest ratesare likely to rise, and home prices and inflation areclimbing, said Greg Kuta, chief executive officer ofWestline Capital Strategies Inc., which specializes inlumber-trading strategies. [Extracted from the article]

Interest ratesare likely to rise, and home prices and inflation areclimbing, said Greg Kuta, chief executive officer ofWestline Capital Strategies Inc., which specializes inlumber-trading strategies. (Bloomberg) -- High lumber prices are back, even as theindustry steps into what is normally a seasonal lull. [Extracted from the article]

"In addition, policymakers must continue to aggressively explore solutions to ease building material supply chain disruptions that are causing project delays and putting upward pressure on home prices", Fowke said. (Bloomberg) -- U.S. homebuilders are calling on the Biden administration to temporarily lift tariffs on China and Canada to ease supply-chain bottlenecks that are hurting housing affordability. [Extracted from the article]

Tropical Storm Nicholas is causing heavy rainfall in Houston due to its slow speed of about six miles per hour. The storm's sluggish pace, combined with the moisture in the warm waters of the Gulf of Mexico, is resulting in significant rainfall and flooding. The storm is essentially stuck over the Houston area, dropping nearly 10 inches of rain and causing the bayou to rise by over 11 feet. Additionally, winds from the east are increasing water levels in the city. The storm is also affecting Louisiana, Alabama, and Mississippi, with 4 to 8 inches of rain expected in those areas. [Extracted from the article]

(Bloomberg) -- U.S. lumber futures jumped almost 8% to the exchange-imposed limit on concern that damage from Hurricane Ida will hinder deliveries in the U.S. South just as some North American mills pull back on production. "More buyers were convinced that the market had bottomed and did their best to buy in yesterday", William Giguere, who buys and sells eastern spruce with mills for Sherwood Lumber in Massachusetts, said in a note. [Extracted from the article]

Exports of lumber and other sawmill products dropped 24% on lower prices. (Bloomberg) -- Canada's trade surplus with the rest of the world narrowed in July as lumber exports plunged. [Extracted from the article]

(Bloomberg) -- Plunging lumber prices may have sent shares of producers tumbling in recent weeks, but analysts and traders say that if history is any guide, stocks are set for a rebound as the homebuilding season picks up into year-end. Shares of lumber producers are trading at a "meaningful discount" and the worst of the selloff is likely in the past, Quinn wrote in a separate report. [Extracted from the article]

(Bloomberg) -- At least one mill in Western Canada has been forced to curtail production because of plunging lumber prices and soaring log costs. Conifex Timber Inc. said it will temporarily slow production at its sawmill in Mackenzie, British Columbia, due to an "unprecedented collapse in lumber prices.". [Extracted from the article]