Lumber futures are approaching the 2026 spring building season near the midpoint of their multi-year trading range, with seasonal demand and interest rate expectations likely to determine the next major move. After firming earlier in the winter, nearby physical lumber futures eased slightly in late February. May 2026 contracts are trading just above $580 per 1,000 board feet, compared with levels near $600 at the end of January. Since August 2022, lumber has largely moved within a broad $450 to $712 per 1,000 board feet range, leaving current prices positioned close to equilibrium as construction activity ...
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