Plain old supply and demand instantaneous markets are dumb,as you say. However futures markets are just as smart as the humans who run them. If there isn't a fu

Plain old supply and demand instantaneous markets are dumb,as you say. However futures markets are just as smart as the humans who run them. If there isn't a futures market for lumber (or microprocessors, or RAM, or whatever else has big fluctuations in price) then whoever starts one is in line to make a killing. Manufacturers want to be able to sell at stable prices so that they can do long term investments in efficiency.