Key Takeaways
- North American lumber markets were generally quiet in January, although SPF #2&Btr gained nearly 10% compared with the end of 2025. Upward momentum slowed toward month-end as severe winter weather tempered buying activity.
- Despite recent price gains in North America, exports to Japan remain attractive relative to domestic sales, which could encourage Canadian mills to soften prices slightly early in the year. Further reductions in Canadian J-grade lumber have narrowed the gap with European competitors, and in some cases, eliminated it entirely.
- Looking ahead, while the market may hold steady, a stronger Japanese yen—if it persists or strengthens—could restore some purchasing power for J-grade buyers, who have struggled with a weak yen in recent years. Sentiment is cautiously optimistic, though ongoing global political and economic uncertainties make near-term developments hard to predict.
Western SPF J-Grade 2″x4″
- January 2026: $585-$600
- MoM: ▲$10 (▲1.7%)
- YoY: ▲$50 (▲7.9%)
*C&F JPN, USD per Thousand Board Feet
Western SPF #2&BTR 2″x4″
- January 2026: $460
- MoM: +$38 (+9.0%)
- YoY: +$15 (+3.4%)
*FOB Mill in Canada, USD per Thousand Board Feet
Western SPF #3/Utility 2″x4″
- January 2026: $275
- MoM: +$48 (+17.5%)
- YoY: ▲$7 (▲2.1%)
*FOB Mill in Canada, USD per Thousand Board Feet
