This week (period) U.S. lumber price was reported at $525/thousand feet, up 1.94% from $515/thousand feet in the previous period, up 4.37% from the same period last month, and down 9.65% from the same period last year.
U.S. lumber futures breached the $525 per thousand-feet threshold to hit their highest since March 22, in part as Canada's severe spring wildfire season forced sawmills to close and wreaked havoc on the forestry industry.
Meanwhile, demand for lumber in the US has been subdued due to the adverse impact of high interest rates on the housing market.
Over the past year, the Fed has implemented ten rate hikes, driving borrowing costs to their highest level since September 2007 and deterring would-be homebuyers and builders from entering the market.