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Lumber prices are soft—but the demand picture may surprise you. Scott Hall of Matheus Lumber joins The Lumber Word crew to explain why his company’s lumber volume has held relatively steady, where multifamily business is growing, and what customers are already booking for 2027. Ashley Boeckholt, Gregg Riley, Matt Beymer, and Charles discuss whether SPF, US Species and SYP are finding a bottom, how mill curtailments may be supporting prices, and why freight remains a major challenge. Scott shares how he manages inventory against future commitments, why buying too far ahead can add costs, and what’s driving Texas builders toward Southern Yellow Pine studs. The conversation also covers tight construction financing, the outlook for housing demand, and a key question: has supply fallen fast enough to keep weak demand from pushing lumber prices much lower? Episode timeline 00:00 Welcome and the first Patreon Insiders livestream 01:09 Lumber market overview: seasonal weakness and discounted cash prices 02:37 Spruce outlook: mill economics and potential curtailments 04:51 Southern Yellow Pine: freight and regional price differences 08:32 Meet Scott Hall of Matheus Lumber 10:27 Multifamily demand: steady volume and shifting regional activity 13:23 Booking 2027 projects and the risks of pricing too far ahead 16:02 How builders buy lumber—and how Scott manages inventory 19:19 Inside storage: protecting lumber and panels 20:51 Species switching: Southern Yellow Pine versus Douglas fir studs 22:16 Finger-jointed studs: pricing, availability, and alternatives 25:23 Western lumber update: is Douglas fir finding a bottom? 27:03 Gregg’s bottom call on spruce 2x4s 27:53 Homebuilder pressures and financing structures 30:24 Multifamily financing: contractors putting equity into projects 31:49 Has housing demand bottomed? The outlook into 2027 36:22 Q4 buying, curtailments, and a potentially higher price floor 37:59 Mill profitability and the importance of product mix 40:01 Why Western mills produce different sizes and grades 41:55 The Man in the Arena and lessons from trading every day 43:04 Patreon appreciation and a possible AI addition to the show 46:48 Thanks to Scott and closing remarks Timestamps match the original recording. Edits or an added intro will shift them. Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

AI, data centers and lumber? They're more connected than you might think. Dustin Jalbert, Economist and Director of Wood Products & Timber at Fastmarkets, joins The Lumber Word to break down a North American lumber market where supply, imports, species and demand are all shifting at the same time. The conversation digs into falling Canadian and European imports, changing U.S. lumber availability, Southern Pine and western-species substitution, sawmill residuals and what the headline lumber numbers may be missing. Then Dustin takes us into one of the biggest economic stories affecting housing: the enormous investment flowing into AI and data centers. He explains how that boom can compete with residential construction for capital, labor and resources, influence inflation and interest rates, and ultimately affect housing and lumber demand. The episode closes with the indicators Dustin believes lumber participants should be watching — and a moving tribute from Matt to longtime lumberman Dick Opperman. Same industry. Deeper conversations.   TIMELINE 00:00 — Where is the lumber market right now? The crew opens with inventories, falling prices, freight costs and slowing seasonal demand. 05:03 — AI and lumber? A preview of what's coming Dustin explains why seemingly unrelated parts of the economy eventually intersect with lumber. ~08:00 — Canadian duties and the supply question What changing Canadian lumber duties could mean for production, curtailments and SPF returning to the U.S. market. 13:17 — Lumber imports are falling The Fastmarkets data on Canadian and offshore imports and why apparent supply doesn't necessarily equal actual consumption. 15:23 — Canada and Europe disappear from the supply picture Dustin breaks down where billions of board feet have shifted and why the numbers need context. 18:06 — Who benefits from fewer imports? U.S. producers, Doug Fir, Southern Pine and the changing competitive landscape. 19:11 — Is species substitution coming back? Matt discusses SPF, Hem-Fir, Doug Fir and how modern purchasing systems changed the industry's willingness to substitute species. 21:25 — Southern Yellow Pine's changing position Why the SYP market can tell a very different story from the lumber futures screen. 25:05 — Sawmill residuals: why chips and sawdust matter Dustin explains the economics of residuals and why they're an important part of keeping a sawmill profitable. 34:08 — MAIN EVENT: AI, data centers and housing The conversation turns to the enormous capital flowing into AI infrastructure. 35:34 — Why lumber people need to pay attention to AI Dustin explains how AI investment is contributing to broader economic growth and why that matters to lumber. ~37:00 — Data centers competing with housing Capital, labor and other resources get pulled toward massive data-center projects. 38:42 — Can AI help keep interest rates higher? Dustin connects growth, inflation, Treasury yields, fiscal deficits and the AI investment boom. 40:12 — The AI wealth effect How stock-market gains may be supporting higher-income consumers and helping create a floor under housing demand. 42:00 — Housing affordability & cash buyers Mortgage rates, demographics and why some buyers can still participate despite historically difficult affordability. 44:02 — Work from home changed housing demand Dustin discusses mobility and how remote work has permanently altered where some people can live. 46:03 — What happens next for lumber? Matt summarizes the pressures hitting the industry and the potential for volatility. 47:04 — Remembering Dick Opperman Matt gives a heartfelt tribute to a longtime lumberman, friend and mentor — and a reminder to thank the people who helped you along the way. 49:37 — What lumber people should be watching Dustin discusses closures, operating rates, downstream indicators and other data beyond daily lumber prices. 51:00 — New Fastmarkets indicators & market sentiment A look at new tools designed to better understand where market participants think conditions may be heading. 52:03 — Closing thoughts with Dustin Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Guest: Dustin Jalbert Economist/ Director, Wood Products and Timber Fastmarkets [email protected]   Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

What goes into a Random Lengths lumber price assessment? Mary Hansen of Fastmarkets Random Lengths joins The Lumber Word for a behind-the-scenes look at some of the methodology behind lumber market reporting. Mary explains the difference between a reporter and an economist, how market information is gathered through multiple channels, why confirmed transactions carry weight, and how volume, timing and market context factor into an assessment. We also dig into some of the Random Lengths data and tools subscribers may not realize they're already getting — including European 2x4's; spruce pricing, Southern Pine Prime adders, historical data, dashboard pricing and alerts — plus what Mary is currently hearing across the lumber market. Same industry. Deeper conversations. TIMELINE 00:00 — Meet Mary Hansen of Fastmarkets Random Lengths Mary's path from journalism to mortgages and eventually commodity reporting. 05:28 — What does a Random Lengths reporter actually do? Mary explains her markets, reporting days and the process of gathering market information. 07:25 — Reporter vs. economist Why reporting and assessing today's market is very different from forecasting where prices are going. 09:08 — How the Random Lengths methodology works Confirmed transactions, volume, recency, discounts, one-off trades and the hierarchy of market information. 13:05 — Turning all that information into assessments How Mary organizes the data, works through individual items and coordinates with other reporters. 16:04 — Inside a major Random Lengths reporting day What happens behind the scenes as the team works toward publication. 29:30 — What Random Lengths subscribers may be missing Ashley starts digging into information that's already available but may be overlooked. 29:52 — European 2x4 16' spruce pricing Where to find the European spruce assessment and why it matters to North American traders. 32:17 — Southern Pine Prime adders & new assessments Mary points out another piece of market data hiding in plain sight. 35:45 — Using the Fastmarkets dashboard Historical prices, exports, charts and ways subscribers can use the online data. 36:45 — Prices can hit the dashboard before the PDF A useful discovery for anyone waiting for the traditional Random Lengths publication. 40:05 — What else comes with Random Lengths? The broader suite of reports, analysis, international coverage, forecasts and market information. 42:52 — Daily Southern Yellow Pine pricing & alerts Using the dashboard and email alerts to follow daily SYP pricing. 44:45 — What Mary is hearing in today's lumber market Mill discipline, freight and diesel costs, U.S.–Canada trade and just-in-time buying. 47:08 — The relationship side of the lumber business What surprised Mary most after entering the industry.   Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Guest: Mary Hansen Editorial Team Leader Fastmarkets [email protected] Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

The lumber market is heading into Q4 with an unusual setup: inventories across the supply chain appear extremely lean, yet buyers still aren't willing to take much risk. In Episode #183, Ashley, Matt, Gregg and Charles dig into what's actually trading versus published prices, growing price disparities between mills, tightening truck availability, rail issues and the increasingly important role of freight. The group also breaks down housing starts, builder headwinds, interest rates and what declining demand could mean for mill production and lumber prices into year-end. With 2x4 looking increasingly vulnerable while several other items remain historically expensive, the conversation turns to the real question for Q4: What should you own, what should you sell, and where is the opportunity? Timeline 00:00 Housing & the Q4 Setup 02:03 Lumber Inventories Running Low 04:03 Less Lumber Than Last Year? 06:06 The Hedging Problem 08:04 Trucking Gets Ugly Again 11:07 Hem-Fir, SPF & Real Prices 13:05 Futures vs. Cash 14:23 Huge Mill Price Disparities 15:37 Are Contract Buyers Overpaying? 16:24 Southern Pine Pricing 19:04 Freight Becomes the Wild Card 22:00 Hem-Fir vs. SPF 24:13 What Changes This Market? 28:20 Rates & Housing Affordability 30:39 Are Builders Slowing Down? 32:04 The Bearish Q4 Case 34:25 Navigating Q4 35:28 Where Opportunities Still Exist 36:21 Apathy Defines the Market 36:39 What to Own & What to Sell 38:06 Marry, Date or Dump 39:03 Where Pine Prices Could Go 39:44 Final Thoughts Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

The lumber market is moving plenty of volume—but not necessarily going anywhere. This week, Ashley, Gregg and Charles are joined by Bart Charles to break down a market that is strongly sideways. The crew digs into Spruce, Hem-Fir and Southern Yellow Pine, the growing opportunity in forward pricing, tight supply in key items, and why getting aggressively long or short could be a mistake right now. With futures offering opportunities to lock in Q1 business, limited production keeping a floor under prices, and housing demand still fighting affordability, the question becomes: Where is the next real opportunity in lumber? Timeline 00:00 Bart Charles joins the show 01:49 Housing, existing-home inventory & demand 04:18 Is the lumber market “strongly sideways”? 06:19 Coastal Hem-Fir vs. Inland pricing 09:52 Breaking down Hem-Fir and Spruce 13:54 Southern Yellow Pine market update 15:13 Diesel prices, trucking & freight costs 17:03 Where does the lumber market go from here? 19:24 Gregg: The market is “sharply sideways” 21:05 Forward pricing & futures opportunities 23:01 Are buyers willing to pay Q1 premiums? 29:48 Supply reductions, demand & price risk 31:25 Mortgage rates and housing affordability 32:33 Tight inventory and replacement costs 34:28 Are traders still short lumber? 35:09 Short opportunities in Southern Pine 37:03 “Sharply Sideways” becomes the episode theme 39:33 Why getting too long—or too short—could hurt 39:51 Locking in Q1 margins 40:15 Why there’s no good inventory hedge right now 41:12 The “O’Hare Hedge” Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected] Guest Bart Charles [email protected]

Is the lumber market finally trying to put in a bottom—or is this just another bounce before seasonal weakness takes over? This week on The Lumber Word, Ashley, Gregg, and Charles break down the latest action across SPF, Southern Yellow Pine, Hem-Fir, studs, and CME lumber futures. The guys discuss the growing disconnect between September futures and the cash market, the possibility of taking delivery against September, and why some buyers may want to start covering needs rather than waiting for the perfect bottom. Charles takes a deep dive into Southern Yellow Pine, where sharp price swings, tighter production control, freight volatility, and execution risk are making the market increasingly difficult to trade. The conversation also turns to Southern timberland, falling pulpwood demand, mill closures, and what cheap Southern fiber could mean for lumber production longer term. Then Ashley raises a bigger question: Who is really the smart money in lumber today—the industry or the funds? The guys examine how large systematic and trend-following funds can stay with positions far longer than physical traders expect, ignore traditional ideas like cost of production, and potentially push lumber much farther in either direction than the industry thinks makes sense. The episode wraps with signs of bottoming in futures, narrow Southern Pine, SPF dimension and studs, the possibility of a trading bounce into September expiration, and where November futures could run into resistance. Timeline 00:00 – Opening, Lumber Word merch & potential Traders Market appearance 02:50 – Cash market update and seasonal weakness 04:20 – September vs. November futures and the cash/futures discount 06:30 – Could taking September CME delivery make sense? 08:00 – Is SPF beginning to find a trading bottom? 09:00 – Stud values and major relative-value opportunities 11:10 – Southern Yellow Pine: 4-inch strength and shrinking discount windows 12:45 – Pine volatility, freight costs and huge moves in wides 14:00 – How well is the CME Southern Pine contract tracking cash? 15:45 – Short covering or the beginning of a real market bounce? 20:00 – Why buyers with business on the books may want to start covering 22:00 – Market headwinds: tariffs, mortgage rates and housing demand 25:30 – Seasonal weakness, freight risk and the importance of execution 28:20 – "No edge, no hedge" and finding an advantage in today's market 32:15 – What is happening to Southern U.S. timberland? 33:20 – Cheap Southern fiber, pulp mill closures and long-term implications 38:45 – Industry vs. funds: Who is really the smart money? 40:00 – Why large funds can push lumber beyond industry expectations 42:10 – Cost of production, shutdown economics and lost Canadian production 43:15 – Bottoming signals across futures, Pine, SPF and studs 44:30 – November futures resistance and the September/November spread 46:00 – Closing thoughts Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

The lumber market is getting interesting again—and the signals aren’t exactly lining up. Ashley, Gregg, and Matt break down a market where demand remains “punky,” western species flailing, studs are showing slight signs of life after deep counters, and lumber futures are trading at a steep discount to cash. The big question: Is November lumber really headed toward $500—or is the futures market getting too bearish? Gregg lays out the technical case for why $500 is at least possible, while Matt sees real value developing at current levels and argues that some of the best buying opportunities may be showing up right now. Meanwhile, Ashley asks the question every trader should be asking: Where is the edge? The guys dig into forward pricing, inventory strategy, hedging when the board is at a discount, Canadian tariffs, shrinking contract business, and why 2027 could bring more open-market buying—and potentially more volatility. The takeaway? This probably isn’t the market to be a hero. Stay liquid, turn inventory, buy value, sell the overvalued stuff, and be ready when the market finally shows its hand. 1.Timeline 00:00 — Episode #180: What’s the market telling us? 01:37 — Housing demand remains “punky” 05:00 — Western species bounce and the buying starts 09:20 — Can lumber really rally into the fall? 11:45 — Is November futures getting too cheap? 14:25 — Forward lumber pricing and the opportunity for buyers 17:00 — Where is the edge in today’s lumber market? 18:10 — September/November futures positioning 19:30 — The $500 lumber bomb gets dropped 21:25 — Canadian tariffs, mill economics and supply 25:00 — Should buyers start putting out aggressive Q4/Q1 numbers? 26:45 — How do you manage inventory if lumber falls to $500? 29:00 — Carry less inventory, hedge actively and stay opportunistic 30:20 — What happens if November trades at a huge discount to cash? 33:00 — Could 2027 bring fewer contracts and more open-market buying? 37:30 — Less contract business could mean more volatility 40:15 — Looking ahead to the 2027 lumber market 44:40 — Ashley’s lesson: You can get long faster than you think 46:35 — The low-inventory strategy heading into fall 49:00 — What lumber items still have value—and liquidity? 50:20 — $500 lumber: prediction or just a possibility? 52:25 — Are studs signaling the next cash-market rally? 53:45 — Matt’s game plan: If cheap 2x4 shows up, buy it 53:55 — Southern Yellow Pine starts bouncing off the lows Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

The lumber market has cooled off — but has it found a bottom? This week on The Lumber Word, Ashley, Gregg, Matt and Charles break down a market where you can seemingly “sell as much lumber as you want and not make any money.” Eastern SPF has taken a serious haircut, studs are showing signs of life, Southern Pine has firmed from its lows, and low inventories throughout the supply chain could make the next move happen fast. The crew digs into SPF, Southern Pine, Doug Fir, studs, 2x4 and 2x6, where real business is trading, and whether the recent bounce is the beginning of something — or just another short-lived rally in a seasonally softer second half. They also tackle the bigger picture: ugly housing data, mortgage rates, Treasury debt buybacks, CME futures versus cash, forward Q4 business, and what potentially opening more federal land to logging could mean for western sawmills and timber owners. But the real conversation is about risk. Why are people selling forward business below acceptable risk? When should you walk away from an order? Is the market already too short? And after a strong first half of 2026, should traders be shrinking inventory and waiting for the next real opportunity? Matt sums it up: don’t buy or sell in a panic. Charles warns against the market’s “false sense of security.” And the crew debates whether every rally between now and year-end may be an opportunity to sell. Less inventory. Less risk. Better decisions. And don’t sell the bottom. Another unfiltered hour of lumber markets, trading strategy, housing, futures and plenty of Lumber Word banter. Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected] er market has cooled off — but has it found a bottom? This week on The Lumber Word, Ashley, Gregg, Matt and Charles break down a market where you can seemingly “sell as much lumber as you want and not make any money.” Eastern SPF has taken a serious haircut, studs are showing signs of life, Southern Pine has firmed from its lows, and low inventories throughout the supply chain could make the next move happen fast. The crew digs into SPF, Southern Pine, Doug Fir, studs, 2x4 and 2x6, where real business is trading, and whether the recent bounce is the beginning of something — or just another short-lived rally in a seasonally softer second half. They also tackle the bigger picture: ugly housing data, mortgage rates, Treasury debt buybacks, CME futures versus cash, forward Q4 business, and what potentially opening more federal land to logging could mean for western sawmills and timber owners. But the real conversation is about risk. Why are people selling forward business below acceptable risk? When should you walk away from an order? Is the market already too short? And after a strong first half of 2026, should traders be shrinking inventory and waiting for the next real opportunity? Matt sums it up: don’t buy or sell in a panic. Charles warns against the market’s “false sense of security.” And the crew debates whether every rally between now and year-end may be an opportunity to sell. Less inventory. Less risk. Better decisions. And don’t sell the bottom. Another unfiltered hour of lumber markets, trading strategy, housing, futures and plenty of Lumber Word banter. Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

The lumber market just dropped roughly $100 in three weeks - but is the selloff creating the next big buying opportunity?  In Episode #178 of The Lumber Word, industry veteran Sig Thoma joins Ashley, Gregg, and Matt for a wide-ranging conversation about what's really happening beneath the surface of the lumber market.  Inventories are getting lean, cash prices are falling well below published levels, and CME lumber futures are carrying a major discount. Sig brings a broader perspective to the conversation, including a fascinating look at a massive lumber buyer whose sheds were nearly empty - a sign that the industry may be running much leaner than many realize.  The crew dives into Southern Yellow Pine, Canadian SPF, Western species, OSB, European lumber, housing and mill profitability. Sig explains why the OSB market has effectively become two different markets, with dramatically different pricing between the U.S. South and West.  Then the conversation gets deeper.  Why aren't more sawmills using CME lumber futures to lock in profitable sales? Could increased futures participation improve price discovery across the entire lumber industry? And could a transparent U.S.-based futures market eventually become part of the argument surrounding Canadian anti-dumping duties and how lumber's true market price is established?  Sig also breaks down the housing problem: mortgage applications have fallen sharply from their June highs, new-home sales remain well below historical peaks, and affordability continues to constrain demand.  The episode finishes with a fascinating discussion about pulp capacity and something most lumber buyers rarely think about: sawmill byproducts. Chips, sawdust, shavings and residual values can materially change sawmill economics - and losing pulp outlets could ultimately influence lumber production itself.  Is this simply an August lumber correction - or is the market setting up for its next major trade?  Timeline  00:00 - Lumber drops roughly $100 & the CME discount  06:00 - Cash lumber, mill pricing & where buyers are hiding  10:40 - Sig's incredible look at extremely lean inventories  14:25 - Southern Yellow Pine economics & Canadian SPF losses  15:00 - Sig breaks down the strange OSB market  17:20 - European lumber arrivals & Eastern SPF  20:00 - Western species vs. CME futures  21:00 - Why aren't more sawmills using lumber futures?  25:00 - Forward pricing opportunities & multifamily  27:00 - Where could the lumber market finally bottom?  29:20 - What happens if you actually take CME delivery?  31:00 - Sig on futures culture & changing the lumber industry  32:20 - Housing, mortgage applications & affordability  35:50 - Southern sawmills, pulp capacity & mill economics  39:45 - Canadian lumber duties delayed  41:00 - Could CME pricing challenge the anti-dumping argument?  44:00 - Manufacturing, tariffs & deglobalization  46:30 - A wild real-world CME delivery story  48:15 - Sig closes with a classic story & market warning  Keywords  Lumber Market, Lumber Prices, Sig Thoma, CME Lumber Futures, Lumber Futures, SPF Lumber, Canadian Lumber, Southern Yellow Pine, OSB Prices, Housing Market, Mortgage Rates, Sawmills, Lumber Duties, Anti-Dumping Duties, Softwood Lumber, Lumber Trading, Building Materials, Wood Products, Lumber Industry, The Lumber Word Podcast

This week on The Lumber Word, Ashley Boeckholt, Gregg Matt, and Charles welcome Kyle Little, COO of Sherwood Lumber and Immediate Past Chair of NAWLA, for an in-depth conversation on one of the biggest changes in the lumber industry's premier trade organization. Kyle explains how NAWLA is opening its 2026 Traders Market in Anaheim, CA, November 4-6, to the broader wood products industry, making networking, education, and collaboration more accessible than ever before. The discussion also explores the association's long-term vision and why these changes could reshape industry relationships for years to come. The crew then shifts to today's lumber market—covering lean inventories, Southern Yellow Pine pricing, Western species, Canfor's Fox Creek closure, multifamily housing demand, futures positioning, and the trading opportunities emerging from historically wide species spreads. Whether you're a trader, sawmill, distributor, dealer, builder, or housing professional, this episode delivers practical market intelligence you can use immediately. Episode Timeline 00:00 – Welcome Kyle Little & NAWLA updates 03:00 – Why NAWLA is opening the Traders Market 12:00 – Wood Basics, leadership development & networking 19:15 – Current lumber market conditions 22:45 – Lean inventories and housing demand 25:00 – Southern Yellow Pine outlook 28:00 – Western species, production & wildfire discussion 33:30 – Doug Fir vs. SPF vs. Southern Pine trading opportunities 37:45 – Bullish and bearish market picks 43:00 – Best buying opportunities in today's lumber market 46:45 – Interest rates, housing & what comes next 51:00 – Sherwood Lumber updates and final thoughts Guest Kyle Little, COO, Sherwood Lumber [email protected] NAWLA: North American Wholesale Lumber Association 2026 Traders Market Information If you want to meet with the top companies and individuals in the industry, this is a must-attend! https://nawla.org/events/tradersmarket Matt Bruno: Executive Director, NAWLA [email protected] Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

The lumber market may feel quiet, but beneath the surface, major forces are shaping the second half of 2026. In Episode 176 of The Lumber Word, Ashley, Gregg, Matt, and Charles break down slowing summer activity, surprising housing data, Canadian production cuts, Southern Yellow Pine trends, and why lumber futures remain one of the industry's most underused risk management tools. Plus, the crew dives deep into species spreads, pricing opportunities, and what separates great lumber traders from everyone else. Timeline 00:00 – Summer slowdown or just a seasonal pause? 05:30 – Housing starts surprise the market: supply vs. demand 13:00 – Canadian curtailments, fiber shortages & wildfire impacts 17:00 – Southern Yellow Pine futures and managing price risk 25:00 – Why the panel is hedging lumber futures today 31:00 – Species spreads: SPF vs. Doug Fir, Hem-Fir & Southern Pine 35:00 – Why traders love the 'in the weeds' market discussion 39:00 – How great lumber traders are developed—and why training still matters

The lumber market may feel quiet—but beneath the surface, major shifts are taking place. In Episode #175 of The Lumber Word, Ashley Boeckholt, Greg Riley, Matt Beymer, and Charles DeLaTorre discuss why the current market could be setting up for its next significant move. The crew breaks down Canadian SPF, Southern Yellow Pine, Western species, and why inventory positioning may matter more than ever heading into late summer. Matt shares insights from the Inland Lumber Producers Conference, highlighting how market conditions have become highly regionalized across North America. The conversation also pays tribute to three respected industry leaders whose retirements mark the end of an era in the lumber business. Other topics include: • Is SPF 2x4 the cheapest value in North American lumber today? • Could Western Spruce reach $700 by Labor Day? • Southern Yellow Pine supply, production cuts, and inventory trends • Why mills still aren't chasing production despite stronger pricing • Forward pricing opportunities and why buyers remain cautious • Canadian shipment trends and what they signal for the second half of 2026 • The importance of mentorship, relationships, and reputation in the lumber industry Whether you're a lumber trader, sawmill executive, wholesaler, retailer, builder, or simply follow North American wood products markets, this episode delivers practical market intelligence and industry insight you won't want to miss. Simple Timeline 00:00 – Episode 175 begins and current lumber market overview 02:00 – Why SPF 2x4 appears undervalued compared to other lumber products 06:00 – Customer visits, building relationships, and selling opportunities 07:00 – Matt's recap of the Inland Lumber Producers Conference 09:45 – Honoring retiring lumber industry leaders 17:30 – Mentorship and why relationships define long-term success in lumber 18:00 – Southern Yellow Pine market update with Charles 20:00 – Western species, Douglas Fir, Hem-Fir, and current trading conditions 23:00 – Distribution inventories, buying strategies, and market positioning 25:45 – Forward pricing opportunities and why buyers remain hesitant 27:00 – Dimension lumber discussion: 2x10s, 2x12s, and seasonal production trends 33:00 – Canadian production, stud mills, and profitability 37:00 – Pulp markets, fiber supply, and residual economics 39:30 – Canadian shipment data, inventory outlook, and what's next for the lumber market.

Russ Taylor of Russ Taylor Global returns to The Lumber Word for a deep dive into one of the most fascinating lumber markets in years. The crew discusses shrinking North American production, tightening inventories, Canadian export trends, Southern Pine pricing, mill profitability, tariffs, transportation, and why supply—not demand—continues to drive prices. With production capacity permanently removed across North America and limited ability to quickly restart mills, the panel explores whether higher prices are here to stay into late 2026. If you trade, manufacture, distribute, or simply follow the lumber industry, this episode delivers market intelligence you won't want to miss. Timeline 00:00 – Soccer banter before shifting into lumber markets. 02:00 – Current SPF and Southern Pine market conditions and regional pricing. 08:00 – Russ Taylor reviews Canadian production and export data. 15:00 – Mill profitability, duties, tariffs and North American cost structures. 21:00 – Why supply constraints are outweighing demand. 28:00 – Southern Pine production, logistics and trucking challenges. 34:00 – Wood chip markets, pulp demand and byproduct economics. 35:30 – 30-, 60- and 90-day market outlook and pricing expectations. 41:00 – Canadian shipments, tariff timing and closing market outlook. Guest: Russ Taylor WWW.russtaylorglobal.com   Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected]

Episode Summary Episode #173 welcomes returning guest Mike Wisnefski of Westline Capital for an in-depth discussion on the evolving lumber market. The panel explores lessons from the Southern Pine Conference, why the CME Southern Pine futures contract could benefit from monthly expirations, and how better participation could improve liquidity. Mike shares how private equity ownership is changing sawmill decision-making, while the group examines why Western and Eastern lumber markets have tightened despite mixed economic headlines. The conversation also dives into inventory strategy, options pricing, reload capacity, trucking, and the growing importance of disciplined risk management. Finally, the hosts debate housing policy, builder demand, infrastructure, and why regional economics continue to drive long-term lumber consumption. This episode offers practical insights for wholesalers, retailers, mills, traders, and anyone following the North American lumber industry. Timeline 00:00 – Introductions, Chicago sports, and welcome back to Mike Wisnefski. 02:00 – Southern Pine Conference recap—networking, collaboration, and supply chain partnerships. 04:00 – Private equity ownership of sawmills and changing mill economics. 05:30 – Future of the CME Southern Pine futures contract and ideas for improving liquidity. 10:00 – Cash settlement, delivery points, and regional pricing challenges. 15:00 – Western lumber market strength, improving order files, and species updates. 18:00 – Dimension shortages, 2x10 pricing, and shifting production patterns. 20:00 – Eastern market tightness, European imports, and shrinking inventories. 25:00 – Housing legislation, permitting challenges, and rebuilding constraints. 31:30 – Regional migration, affordability, and long-term housing demand. 34:00 – Inventory strategy, reload economics, and why distributors are regaining value. 40:00 – Options pricing, risk management, and disciplined trading strategies. 44:00 – Closing thoughts on market structure, hedging opportunities, and the second-half outlook. Guest: Mike Wisnefski from Westline Capital Strategies Inc. [email protected]   Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]

Matt Layman returns to The Lumber Word for an in-depth discussion on one of the hottest topics in the lumber industry: the summer lumber rally. With inventories running lean, freight markets tightening, and mills extending order files, the crew explores whether lumber prices still have room to run. The conversation begins with a recap of the Southern Pine hedging seminar hosted by StoneX and Westline Capital, where attendees discussed the future of lumber risk management, liquidity challenges, and why more companies need to gain hands-on experience using futures markets. The group then shifts to the cash lumber market, breaking down strength in SPF, Southern Yellow Pine, Hem-Fir, and Douglas Fir. Matt shares what he's seeing in the Pacific Northwest, while Gregg and Ashley discuss supply constraints, delayed shipments, trucking shortages, and why buying lumber is becoming harder than selling it. They also analyze the latest housing starts data, debate whether demand is stronger than many expect, and discuss how lean inventories throughout the supply chain continue to support higher prices despite widespread economic pessimism. Plus: freight disruptions, rail delays, inventory management, futures trading lessons, Elon Musk, SpaceX, and Ashley's outlook for where lumber prices may be headed through July and beyond. If you're a lumber dealer, wholesaler, manufacturer, builder, trader, or investor looking to stay ahead of the market, this episode is packed with actionable insights. Topics Covered Lumber Market Outlook SPF Lumber Prices Southern Yellow Pine (SYP) Hem-Fir & Douglas Fir Markets Lumber Futures & Hedging Freight & Trucking Costs Rail Service Challenges Housing Starts Analysis Inventory Management Lumber Industry Economics SpaceX & Market Psychology Summer 2026 Lumber Rally Timeline 00:00 – Matt Layman Returns to The Lumber Word 03:00 – Southern Pine Futures, Hedging & Market Participation 07:00 – Risk Management: How Lumber Companies Should Think About Futures 15:00 – Trading Lessons: Winning, Losing & Market Discipline 16:00 – SPF, Hem-Fir & Douglas Fir Break Higher 21:00 – Is Southern Yellow Pine Finally Joining the Rally? 27:00 – Housing Starts: What the Headlines Missed 30:00 – Elon Musk, SpaceX & Economic Optimism 34:00 – Ashley's Bullish Case for Lumber 38:00 – Freight Bottlenecks, Rail Delays & Inventory Shortages 44:00+ – Why Buying Lumber Is Harder Than Selling It Episode Takeaway The lumber market continues to be driven by one simple reality: inventories remain too low while supply struggles to keep up. Despite negative sentiment around housing and the economy, buyers continue to chase wood, mills are extending order files, and freight remains a major constraint. The panel agrees that the path of least resistance for lumber prices remains higher until inventories are rebuilt and supply catches up.   Guest: Matt Layman www.laymansguide.com [email protected]   Advertiser Fastmarkets RISI Tiranth Amarasinghe Product Marketing Manager [email protected] www.fastmarkets.com Show Contacts: Gregg Riley: [email protected] Charles DeLaTorre: [email protected] Matt Beymer: [email protected] Ashley Boeckholt: [email protected]