CME lumber futures close lower on profit taking .
CHICAGO 1996-08-28
Profit taking continued to weigh on CME lumber futures but prices ended only slightly lower as strong cash markets underpinned futures , traders said .
The same pattern of the past few days persisted with futures declining early on the profit taking before firming late .
There was cash-related buying late from people who want to take delivery of the September contract , they said .
Cash sources noted that although the cash market is generally quiet , prices remain firm on demand for prompt delivery wood , they added .
Random Lengths quoted cash spruce at $ 419 per tbf , up $ 5 from last Friday and $ 7 over the last midweek quote .
Reduced concern over Hurricane Edouard prompted some of the early profit taking .
Expectations the storm would turn more to the north partly eased concerns , they said .
Lumber closed $ 2.20 to $ 0.20 per tbf lower with September off $ 0.70 at $ 413.20 and November off most at $ 369.00 per tbf .
-- Jerry Bieszk 312-408-8725