CHICAGO, Sept 23 (Reuters) - Chicago Mercantile Exchange lumber futures closed unchanged to a little lower on Wednesday amid very light trade as the market awaited fresh direction from the housing market.
* Friday's new home sales report is expected to show that housing had picked up in August in response to tax incentives.
* A Reuters survey of 71 economists forecast sales of new single family homes increased to an annual rate of 440,000 units in August from 433,000 units in July, which was the highest in 10 months. It would be the fifth straight month of advance in sales.
* Cash lumber prices were steady and provided little trading incentive.
* November lumber closed down $1.10 at $174.70 per thousand board feet and January unchanged at $197.00.
* Random Lengths on Wednesday quoted cash spruce at $188 per tbf, unchanged from Friday and up $9 from last week.
* 'The sluggish trading pace at the start of the week left most prices susceptible to counters,' Random Lengths said in the midweek report.
* 'Few mills fielded enough inquiries to approach customers with firm quotes. Those with prompt loadings that had to be moved sometimes priced sharply lower,' they said.
* 'Rain inundating some areas in the South slowed consumption in several key markets to a near-standstill, although it also threatened raw material supplies,' the reporting agency added.
* In other news, the Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying activity had picked up after a severe downturn, but renewed its pledge to keep rates exceptionally low for an extended period to support a fragile recovery. The Fed also said it would slow purchases of mortgage debt to extend that program's life until the end of March.
(Reporting by Jerry Bieszk; Editing by Marguerita Choy)
((jerry.bieszk@thomsonreuters.com; 312-408-8725; Reuters Messaging: jerry.bieszk.reuters.com@reuters.net)) Keywords: MARKETS LUMBER CME (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Friday's new home sales report is expected to show that housing had picked up in August in response to tax incentives.
* A Reuters survey of 71 economists forecast sales of new single family homes increased to an annual rate of 440,000 units in August from 433,000 units in July, which was the highest in 10 months. It would be the fifth straight month of advance in sales.
* Cash lumber prices were steady and provided little trading incentive.
* November lumber closed down $1.10 at $174.70 per thousand board feet and January unchanged at $197.00.
* Random Lengths on Wednesday quoted cash spruce at $188 per tbf, unchanged from Friday and up $9 from last week.
* 'The sluggish trading pace at the start of the week left most prices susceptible to counters,' Random Lengths said in the midweek report.
* 'Few mills fielded enough inquiries to approach customers with firm quotes. Those with prompt loadings that had to be moved sometimes priced sharply lower,' they said.
* 'Rain inundating some areas in the South slowed consumption in several key markets to a near-standstill, although it also threatened raw material supplies,' the reporting agency added.
* In other news, the Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying activity had picked up after a severe downturn, but renewed its pledge to keep rates exceptionally low for an extended period to support a fragile recovery. The Fed also said it would slow purchases of mortgage debt to extend that program's life until the end of March.
(Reporting by Jerry Bieszk; Editing by Marguerita Choy)
((jerry.bieszk@thomsonreuters.com; 312-408-8725; Reuters Messaging: jerry.bieszk.reuters.com@reuters.net)) Keywords: MARKETS LUMBER CME (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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