Key Takeaways
- Market activity softened modestly with the start of the holiday season across many framing lumber markets in North America. Holiday absences reduced staffing, but inquiry levels remained relatively steady, helping to stabilize market tone toward year-end.
- After falling by roughly 20% from mid-October through late November, SPF #2&Btr prices reversed in December and posted a steady improvement through the month. Prices recovered by about 10%, and while levels remain low, the change in direction has shifted attention toward early-year market trends.
- The prolonged weakness in #2&Btr earlier in Q4 weighed on Q1 2026 J-Grade negotiations. As #2&Btr pricing began to improve in December, Q1 J-Grade ultimately settled at around 5% below Q4 levels, suggesting the late-year recovery may have helped limit further downside.
Western SPF J-Grade 2″x4″
- December 2025: $595-$605
- MoM: ▲$15 (▲2.5%)
- YoY: ▲$40 (▲6.3%)
*C&F JPN, USD per Thousand Board Feet
Western SPF #2&BTR 2″x4″
- December 2025: $422
- MoM: +$37 (+9.6%)
- YoY: ▲$16 (▲3.7%)
*FOB Mill in Canada, USD per Thousand Board Feet
Western SPF #3/Utility 2″x4″
- December 2025: $275
- MoM: +$5 (+1.9%)
- YoY: ▲$55 (▲16.7%)
*FOB Mill in Canada, USD per Thousand Board Feet
