Softwood Lumber Market Rundown

Due to ongoing harsh winter weather, February drew to a close with logistics issues still a top priority. North American softwood lumber buyers and sellers alike spent time chasing down wood on the way somewhere throughout the supply chain. 

While rail cars and trucks became more available, orders continued to take longer to actually arrive than usual. Overall lumber supply was weak as customers still were reluctant to increase inventories, not wanting to get caught if prices fell. There was more time spent by both customers and suppliers on sourcing trucks and rail cars than on booking new orders.

Customers who were hunting around for the best deals tried to push back on sellers with counter-offers. In general, for the first two months of this year, the price trend line for  most items was quite even compared to the past two years. This offers a good stability for both sawmills and builders to make their plans once spring building season actually arrives.

In the week ending February 27, 2026 the price of Western Spruce-Pine-Fir 2x4 #2&Btr KD (RL) was US$466 mfbm, which was flat from the previous week, according to weekly forest products industry price guide newsletter Madison’s Lumber Reporter. That week’s price was down -$25, or -6%, from one month ago when it was $405.

Compared to the same week last year, when it was US$525 mfbm, that price was up +$7, or +2%. Compared to two years ago when it was $410, that week’s price was up +$52, or +13%.

Lumber market highlights for Feb. 2026:

• An increasingly frequent topic of conversation for sellers of Western-SPF in the U.S. was the overall lack of supply in the pipeline.
• Several sources noted how tight Canadian supply was.
• Inconsistent product mixes were evident, with scant availability of low grade and industrial items while supply of mid- and high-grade offerings were ample.
• Buyers of Canadian Western-SPF kept their inventories tight as they still felt uncertain about the direction of the market.
• Demand for Eastern-SPF weakened further as month-end approached and snowy weather continued to batter the region.
• Sawmills in the East were not aggressively looking to move significant volumes.
• Transportation issues abounded, as dealers could only offer loose guesstimates about delivery timelines.
• The recent drop-off in Southern Yellow Pine demand and takeaway resulted in wood steadily piling up in sawmill and distributer yards.
• Regardless, SYP sellers expected to see a significant spate of spring buying from treaters before long.
• Eastern Stocking Wholesalers in the tri-state area were united in their condemnation of ongoing harsh winter weather.

The Madison’s Lumber Prices Index for the week ending February 27, 2026 was: US$495 mfbm. This was down 0%, or -$1, the previous week when it was US$496 and was up 0%, or +$1, from one month ago when it was US$494.

Established in 1952, Madison’s Lumber Prices is a premiere source for North American softwood lumber news, prices, industry insight and industry contacts. The weekly Madison’s Lumber Reporter publishes current Canadian and U.S. construction framing dimension lumber and panel wholesaler pricing information 50 weeks a year and provides access to historical pricing as well.