Lumber prices ease from recent highs

Lumber futures eased toward $610 per thousand board feet, retreating from three-month highs of $627 seen June 30th, as abundant supply collided with sagging demand in a cooling North American housing market. US single-family starts were 7% below year-ago levels in May and homebuilder sentiment has faltered under higher mortgage rates. The traditional summer lull arrived early, with builders shifting to just-in-time purchasing and deferring orders amid looming US tariffs on Canadian softwood rather than absorb elevated costs. Nevertheless, production cuts at smaller Eastern mills, log shortages in the Southeast following severe ...