futuresspecs

CME · Softs · Futures

Lumber Futures (LBR)

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

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…
01

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

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays 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

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

03

Trading hours (ET / CT)

SessionEastern (ET)Central (CT)Your time
CME GlobexMon–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).

04

Margins

CME Group maintenance margin per contract, outright position · as of Sep 30, 2026
ContractMaintenance
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.

05

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)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 5,377454+4,923 +57+21 8691+10
Swap Dealers 768732+36 −16+58 9737+3
Managed Money 4156,065−5,650 −86−880 410−18
Other Reportables 1,9301,495+435 +4+743 4327+24
Nonreportables 924668+256 +41+58 5863+3
Legacy Report · open interest 9,441 (+236 w/w) · WILLCO (26 wk, commercials vs. OI): 98
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 6,1451,186+4,959 +41+79 9393+11
Non-Commercials 2,3457,560−5,215 −82−137 66−11
Nonreportables (small) 924668+256 +41+58 5863+3
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026+4,923+36−5,650+435+2569,441
Sep 15, 2026+4,866+52−5,564+431+2159,205
Sep 8, 2026+5,276+50−5,987+333+3289,945
Sep 1, 2026+5,318+29−5,775+114+31410,162
Aug 25, 2026+4,902−22−4,770−308+1989,286
Aug 18, 2026+4,649−5−4,702−34+929,260
Aug 11, 2026+3,686−3−3,719−194+2308,239
Aug 4, 2026+951−419−594−274+3367,423
Jul 28, 2026−2,235−433+1,954+301+4138,203
Jul 21, 2026−1,598−382+755+799+4266,938
Jul 14, 2026−1,239−385+352+883+3896,096
Jul 7, 2026−751−339−383+989+4846,632
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)

06

LBR profit & loss calculator

Price change– Ticks– Profit / loss–

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

07

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.