Lumber futures traded above $680 per thousand board feet, approaching the two-and-a-half-year peak of $685 recorded on March?24th, driven by a squeeze on supply meeting unfaltering construction demand. On the demand front, US housing starts held surprisingly steady at an annualized 1.6?million units in June even as existing-home sales slipped 2.7% to a nine-month low, ensuring that framing requirements remained robust. At the same time, US softwood lumber tariffs on Canadian imports continue to add roughly 9% to landed costs, while Pacific Northwest mills have withdrawn nearly 20% of regional capacity for mid-season maintenance, sharply curtailing shipments to distributors. Internationally, imports from Europe and New?Zealand are throttled by 25% duties on Russian lumber and persistent ocean-freight bottlenecks, collectively depleting distributor inventories to their lowest levels in more than two years and reinforcing today’s sharp advance in futures prices. [END]