The United States is the top wood-importing country. Trade issues and tariffs could be a significant factor in determining the path of least resistance for lumber, lumber futures, and wood product prices over the coming weeks and months. …The offseason for lumber demand is on the horizon. The potential for increased price variance due to the uncertainty created by U.S.-Canada trade relations remains high, and the path of least resistance of U.S. short-term interest rates is likely to be lower. Time will tell if longer-term rates follow any Fed Rate cuts over the coming months. Lumber remains a critical construction material, and the current price levels offer a positive risk-reward profile. Accumulating lumber-related assets on a scale-down basis during periods of price weakness over the coming weeks and months could be optimal for 2026, provided the housing market improves and lumber demand rises.