In a May 2 Barchart article on the wood futures market, I concluded: Lumber is in a bearish trend in May 2024, and the trend is always your best friend. The path of least resistance of physical lumber futures could depend on the Fed’s monetary policy path over the coming weeks and months. Higher rates will likely be bearish, while rate cuts could ignite an explosive upside move. Nearby July physical lumber futures were at the $527 per 1,000 board feet level on May 1 and have only edged higher to the $538.50 level on June 1. Lumber is stuck in a sideways range Since April 18, CME physical lumbe…