By the third week of November most thoughts were on Thanksgiving turkey and the oncoming Holiday season.
Demand for lumber slowed down as is normal for the time of year, and prices softened a bit more as a result. More announcements of sawmill curtailments did nothing to improve sentiment.
Without the regular data releases, specifically for the US housing market, the lumber manufacturing industry could not know the state of housing starts since August. This makes planning for the upcoming spring home building season very difficult.
Most forestry operators took a “wait-and-see” approach; generally preferring to err on the side of caution rather
than take a plunge only to have yet another unpleasant surprise come up. As such, the by-now long term habit of just-in-time buying and not stocking lumber inventory continued.
In the week ending November 21, 2025 the price of Western Spruce-Pine-Fir 2×4 #2&Btr KD (RL) was US$390 mfbm, which was down -$20, or -5%, from the previous week when it was $410, said weekly forest products industry price guide newsletter Madison’s Lumber Reporter.
That week’s price was down -$20, or -16%, from one month ago when it was $465.
The normal seasonal apathy was enhanced by sagging lumber futures and the upcoming US Thanksgiving holiday.
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KEY TAKE-AWAYS:
- Western-SPF buyers in the us had no trouble stocking up immediate needs in a timely manner.
- Buyers were leery of committing to anything before getting through the holidays.
- Customers of Western-SPF in Canada felt zero pressure to cover their needs beyond the immediate.
- There was plenty of price, mix, and shipment options to choose from between primary and secondary suppliers.
- In Eastern-SPF, buyers who were active had a leg up in price negotiations.
- Purchasers of Southern Yellow Pine lacked urgency as they could get whatever they needed within a quick timeframe.
Madison’s Benchmark Top-Six Softwood Lumber and Panel Prices: Monthly Averages
