on commodities

A “normal” annual softwood lumber price cycle sees prices dropping from Labour Day until early in the new year when buying starts again for the spring construction season. We are also expecting three interest rate cuts this year from the U.S. Federal Reserve. With lower mortgage rates expected, will we see increasing demand for lumber? And how are the tariffs and duties impacting those prices?

Current pricing

The price of softwood lumber (Spruce-Pine-Fir, or SPF, per thousand board feet, or mbf) dropped more than 20 per cent in August due to stockpiling in anticipation of higher prices from tariffs. Lumber prices dropped from US$695 to US$595 on weaker demand against this higher supply. A balance is not expected until the 2026 spring building season, pending economic

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