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The LBM Daily Newsletter: August 28, 2008.
THE DAILY BUZZ
 
Legal Questions Raised by California Logging Venture
 
A California salvage-logging venture has turned into a court battle that is going all the way to the Supreme Court. The timber sale, begun five years ago, has long since been canceled, but the legal questions it brought up still remains, and has California environmental officials pitted against the Bush administration.

"It's ... whether or not the public has a right to be involved," Jim Bensman, an environmentalist named in the case, said last week. "The number one priority for the Bush administration, aside from logging, has been to reduce public accountability."

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THE DAILY MARKET REPORT
 
Futures and Options: 'Short Covering'
 
ContractCloseChangeVolumeOpen Int
SEP08257.80+1907252095
NOV08246.50+3408388460
JAN09259.70+120572218
MAR09262.50+3016415
MAY09267.90-902110
JLY09268.60+102
SEP09279.30-20
 
Lumber Futures closed in positive territory for the second straight session on short covering. Prices started the session higher on mixed short covering amid a lack of selling. Continued buying following the higher open and the better than expected New Home Sales report pushed prices up led by the lead discounted November contract. The market stalled on a lack of follow through and slipped back in very light volume on short term trade profit taking long liquidation erasing most of the gains. Two sided spread occupied most of the early trade lending support in September on featured fund trade buying September selling November.

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Widman's Market Report & Barometer
 
The Widman Price Forecasting Service includes the Widman Market Report & Barometer, each published twice per month. These publications provide reports and research for the North American Softwoods Market, including price forecasting, indicators and insights.
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TODAY'S NEWS
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INTERNATIONAL  >
There are 8 new articles in this category today.
Brazil: MMX Metálicos Corumbá Acquires Planted Pine Forest in Mato Grosso do Sul
Fund Managers Cry Foul about Brazil Pulp Takeover
Australia: Timber Plantation Planned for Traveston
 
FINANCIAL  >
There are 5 new articles in this category today.
Greif, Inc. Declares Third Quarter 2008 Dividends
AbitibiBowater Shares Decline as Pulp Prices Fall
Large Homebuilder May Near Bankruptcy
 
ENVIRO & LEGISLATION  >
There are 2 new articles in this category today.
California Logging Venture is Next Supreme Court Environmental Showdown
CA: Promise of Sustainable Forestry Ends Tree-Sitter Protest
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INDUSTRY NEWS  >
There are 3 new articles in this category today.
Ainsworth Announces Permanent Closure of OSB Mill in Grand Rapids, Minnesota
Playing Fields Could Replace Lumber Mill
Diesel Gives Truckers a Break, But for How Long?
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ECON & HOUSING  >
There are 9 new articles in this category today.
U.S. Home Prices Flat in June vs May -OFHEO
US July New Homes Sales Rise; June Revised Down
Cramer Calls the Housing Bottom