Lumber is fun market, adheres to macd and RSI divergences, it didn't get to 286 as I wanted, but lows had divergence to buy and recent highs had divergences to sell. So my app looks for optionable lumber companies that closely mimic lumber futures, so I can hedge the futures. Like PotlatchDeltic, PCH, not huge amount of options and expensive, but few limit moves against it would seem cheap. So let it fall with Indexes and others that went up to fast. I often early like going short Indexes nearly 4 years ago, but with hedging, just a matter of time till highs/lows are found.
How closely are those companies correlated to futures prices? The unique thing about lumber compared to other commodities is that you can leave trees to grow a couple more years at essentially very little marginal cost if the spot prices are low, so I wonder how closely the timber owning companies follow the lumber futures. I haven't done any analysis on it myself, that's why I was curious if you had any insight.