CME · Softs · Futures

Lumber Futures (LBR)

CME Lumber (LBR): 27,500 board feet of softwood lumber, physically delivered – a gauge of US housing activity.

Live LBR chart on TradingView Affiliate link

COT data as of Sep 22, 2026 · Margins as of Sep 30, 2026 · Roll & expiry dates checked daily

Tick size / value: 0.50 $/mbf = $13.75
Point value: $27.50 / $1
Active contract: LBRX26 Nov 2026
Next roll: Nov 6 in 38 days
Globex right now: Checking…

Contract specifications

Exchange: Chicago Mercantile Exchange (CME Group)
Underlying: Softwood lumber (2x4s, random lengths)
Contract unit: 27,500 board feet
Minimum tick: $0.50 per 1,000 board feet = $13.75 per contract
Point value: $27.50 per $1.00 per 1,000 board feet · 2 ticks per $1
Price quotation: U.S. dollars and cents per 1,000 board feet
Contract months: January, March, May, July, September, November (F, H, K, N, U, X)
Settlement: Physical delivery
Final settlement: Delivery by rail at approved mills
Termination of trading: Business day prior to the 16th calendar day of the contract month
Globex code: LBR

Source: CME Group contract specifications · reviewed Sep 30, 2026

Roll dates, first notice & expiration

Contract	Roll date	First notice	Last trading day	Days left
LBRX26 Nov 2026 Active	Fri, Nov 6, 2026	n/a	Fri, Nov 13, 2026	45
LBRF27 Jan 2027	Fri, Jan 8, 2027	n/a	Fri, Jan 15, 2027	108
LBRH27 Mar 2027	Mon, Mar 8, 2027	n/a	Mon, Mar 15, 2027	167
LBRK27 May 2027	Fri, May 7, 2027	n/a	Fri, May 14, 2027	227
LBRN27 Jul 2027	Thu, Jul 8, 2027	n/a	Thu, Jul 15, 2027	289
LBRU27 Sep 2027	Wed, Sep 8, 2027	n/a	Wed, Sep 15, 2027	351

Roll. The date shown is five business days before the last trading day; volume usually moves to the next month around then.

First notice day. No separate first notice day – delivery is scheduled after the last trading day. Brokers require positions to be closed or rolled before expiry, usually several days earlier.

Last trading day. Business day before the 16th calendar day of the contract month.

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18

Learn more: Futures roll dates explained · First notice day vs. last trading day

Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.

Trading hours (ET / CT)

Session	Eastern (ET)	Central (CT)	Your time
CME Globex	Mon–Fri 10:00 a.m. – 4:05 p.m.	Mon–Fri 9:00 a.m. – 3:05 p.m.	–

Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).

Margins

CME Group maintenance margin per contract, outright position · as of Sep 30, 2026
Contract	Maintenance
Sep 2026 – Nov 2026 Active	$1,000
Jan 2027 – Nov 2027	$750

Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.

Learn more: Futures margin explained

COT positioning

CFTC Disaggregated Report, futures only · positions as of Tue, Sep 22, 2026 · released Sep 25, 2026

Producers / Merchants

+4,923 net contracts

+57 vs. prior week · +52.1% of OI

COT Index 26 wk 86

COT Index 3 yr 91

Movement (6 wk): +10

Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.

Swap Dealers

+36 net contracts

−16 vs. prior week · +0.4% of OI

COT Index 26 wk 97

COT Index 3 yr 37

Movement (6 wk): +3

Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.

Managed Money

−5,650 net contracts

−86 vs. prior week · −59.8% of OI

COT Index 26 wk 4

COT Index 3 yr 10

Movement (6 wk): −18

Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.

Net positions, last 3 years contracts, long minus short

Producers / MerchantsSwap DealersManaged Money

COT Index, 3-year window 0 = most net short in 3 years, 100 = most net long · shaded: extreme zones

Producers / MerchantsManaged Money

Disaggregated Report · open interest 9,441 (+236 w/w)
Group	Long	Short	Net	Δ 1 wk	Δ 4 wk	Index 26 wk	Index 3 yr	Move 6 wk
Producers / Merchants	5,377	454	+4,923	+57	+21	86	91	+10
Swap Dealers	768	732	+36	−16	+58	97	37	+3
Managed Money	415	6,065	−5,650	−86	−880	4	10	−18
Other Reportables	1,930	1,495	+435	+4	+743	43	27	+24
Nonreportables	924	668	+256	+41	+58	58	63	+3

Legacy Report · open interest 9,441 (+236 w/w) · WILLCO (26 wk, commercials vs. OI): 98
Group	Long	Short	Net	Δ 1 wk	Δ 4 wk	Index 26 wk	Index 3 yr	Move 6 wk
Commercials	6,145	1,186	+4,959	+41	+79	93	93	+11
Non-Commercials	2,345	7,560	−5,215	−82	−137	6	6	−11
Nonreportables (small)	924	668	+256	+41	+58	58	63	+3

Weekly net positions, last 12 reports (Disaggregated Report)

Report date	Producers / Merchants	Swap Dealers	Managed Money	Other Reportables	Nonreportables	Open interest
Sep 22, 2026	+4,923	+36	−5,650	+435	+256	9,441
Sep 15, 2026	+4,866	+52	−5,564	+431	+215	9,205
Sep 8, 2026	+5,276	+50	−5,987	+333	+328	9,945
Sep 1, 2026	+5,318	+29	−5,775	+114	+314	10,162
Aug 25, 2026	+4,902	−22	−4,770	−308	+198	9,286
Aug 18, 2026	+4,649	−5	−4,702	−34	+92	9,260
Aug 11, 2026	+3,686	−3	−3,719	−194	+230	8,239
Aug 4, 2026	+951	−419	−594	−274	+336	7,423
Jul 28, 2026	−2,235	−433	+1,954	+301	+413	8,203
Jul 21, 2026	−1,598	−382	+755	+799	+426	6,938
Jul 14, 2026	−1,239	−385	+352	+883	+389	6,096
Jul 7, 2026	−751	−339	−383	+989	+484	6,632

Learn more: How to read the COT report · COT overview of all contracts

How to read these numbers

Net position = long minus short contracts (spread positions excluded).
COT Index = where today's net position sits within its range over the window: 100 × (net − min) / (max − min). It is a stochastic, not a percentile. Readings above 80 or below 20 are commonly treated as positioning extremes (after Stephen Briese and Larry Williams).
Movement Index = change of the 3-year COT Index over 6 weeks. Moves of ±40 points mark unusually fast repositioning.
WILLCO (Legacy report) = COT Index of commercials' net position as a share of open interest, 26-week window.
Positions are as of Tuesday and released Friday at 3:30 p.m. ET. COT data shows positioning, not timing – it is context, not a trading signal. Open-interest-based indicators are left out for stock index futures because quarterly expirations distort open interest.

Source: CFTC Public Reporting Environment · contract market code 058644 (LUMBER - CHICAGO MERCANTILE EXCHANGE)

LBR profit & loss calculator

Learn more: Tick value and point value explained

Before commissions and exchange fees. Prices round to the nearest tick of 0.50.

FAQ

What is the tick value of lumber futures (LBR)?

One tick is $0.50 per 1,000 board feet, worth $13.75 per contract.

What does the COT Index show?

The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.