Core Insights - The lumber market is experiencing a downturn, with futures prices trending lower and a potential for increased price variance due to U.S.-Canada trade relations and interest rate fluctuations [1][4]. Price Trends - Active-month lumber futures were trading at $595 per 1,000 board feet on August 19, 2025, but fell to around $530 by late November, marking a 10.7% decrease [2][4]. - January 2026 lumber futures have fluctuated between $527.50 and $699.00 per 1,000 board feet throughout 2025, with a notable high of $698.50 on August 1 [4]. - The trading range for lumber prices in 2025 has been narrow compared to previous years, with 2021 and 2022 highs significantly higher than the 2025 low [5]. ETF Performance - The iShares Global Timber & Forestry ETF (WOOD) settled at $74.52 per share on August 19, 2025, but declined to $67.74 by late November, representing a 9.1% drop [6][7]. - The CUT ETF has also seen a decline since August 19, indicating a broader trend in the timber and forestry sector [2].