Of course. But lots of things are going up in price [1]. Lumber makes the best anecdote because it's a tangible commodity that everybody has bought at some po

Of course. But lots of things are going up in price [1]. Lumber makes the best anecdote because it's a tangible commodity that everybody has bought at some point (and many buy semi-regularly), and it can't be blamed on semiconductor shortages. Not even with Deere's silly LTE-enabled feller-bunchers. Also, unlike so many other industries, it makes no sense for forestland owners to take a hit to their profits in order to not "lose customers". Firstly, it's a commodity. But more importantly, they need to use those dollars they earn at the sawmill today to plant, manage, and maintain roads (expensive!) to a crop that won't come to market for another fifty years. This is especially true when they decide (always with trepidation) to accelerate the cycling of a few years' worth of land, as Rayonier has just done during the past month. Accelerating X years of harvest means making a bet that you know what the next X years of inflation look like. The futures markets' liquidity depth is nowhere near sufficient to hedge the amount of harvest acceleration that homebuilders are clamoring for. That's why they are a canary in the coalmine for sudden and non-transient inflation. I'm sure Janet Yellen will downvote this comment. [1] https://nyts.link/https:/www.wsj.com/articles/whirlpool-considering-more-price-increases-if-inflation-exceeds-forecasts-11626987883 https://nyts.link/https:/www.wsj.com/articles/whirlpool-cons...