Recent analysis of the U.S. lumber market suggests that prices have significant upside potential over the coming months, as supply-demand fundamentals indicate a likely increase in lumber demand. While short-term declines are possible, the risk-reward profile favors higher prices into 2026. Recent lumber futures movements Nearby CME physical lumber futures were at $610 per 1,000 board feet on February 14, 2025, peaking at $635. By August 2025, nearby September CME lumber futures had eased after reaching over $700 per 1,000 board feet in late March, where the market ran out of upside ...