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(March 1, 2002) LUMBER: Lumber closed sharply lower after early gains were wiped out on reports of a pending settlement between U.S. and Canada on their trade dispute. Such a settlement could impact the supply/demand picture and prompt further selling if the "agreement" does not include import duties satisfactory to the lumber trade. May closed at $301.10 per thousand board feet down $9.40 even as the housing industry in the U.S. continued to show strength and the economic data this week provided some inclination that the economy had turned around. We of course do not believe that scenario and would continue to look at the short side of lumber.

John L. Caiazzo
www.acuvest.com
E-mail: futures@acuvest.com

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