Prices for global timber have declined dramatically over the past two years with the Global Sawlog Price Index (GSPI) falling 21.6%.

Hardwood industry optimism is higher than it has been in a long time, with prices leveling out, supplies tightening back up, and buyers in most sectors and regions placing more orders.

Hardwood Publishing’s forward-looking price indices for key hardwood species reflect expectations of lower Red Oak, White Oak, Hard Maple and Soft Maple prices over the next 30 days.

The vast majority of surveyed North American exporters and foreign buyers reported very limited North American hardwood trade in June as elevated inventories push prices down.

Interfor Corp. will curtail operations at its Tacoma, WA sawmill on May 22. The company cited high log costs and productivity-related issues. Market conditions and the time it takes to complete operational improvements will factor in a restart date.

Cabinet and furniture manufacturing — key domestic markets for cherry — are growing slower than expected, or not at all, and flooring sector purchases of cherry are now very low. The excess production of both hardwoods is driving down price.

Softwood lumber exports were 5-8% higher in Canada, Russia and the Nordic countries in 2014, but lumber prices fell toward year's end on a strengthening US dollar and weaker wood markets in Europe and Asia.

U.S. hardwood Aug. lumber exports were down from the record levels set in June, due in part to Asian buyers holding out for lower prices on red oak, in particular.

Walnut and poplar exports hit a record in May with the month being the strongest ever for U.S. hardwood lumber exports overall.