by Calculated Risk on 6/01/2021 12:45:00 PM

Here is another monthly update on framing lumber prices.  

This graph shows CME framing futures through June 1st.

Click on graph for larger image in graph gallery.

Lumber price are up 240% year-over-year.

There are supply constraints, for example, sawmills cut production and inventory at the beginning of the pandemic, and the West Coast fires in 2020 damaged privately-owned timberland.  

And there has been a huge surge in demand for lumber.

Note that the tariffs on Canadian lumber were reduced late last year from 20% to 9%, but last week, the Commerce Department released a preliminary report that might lead to raising the tariffs again.