Volatility. While the word normally applies to price, this spring we seem to be seeing “a fear of volatility” as buyers are largely staying out of the speculative game not wanting to be held to account for anything like the rise & fall last year. With building in many areas delayed, it has been one of the most sluggish springs this industry has seen. Stumpage price increases in July for B.C. could push mill breakeven costs up to $420, a long hike from the $330s today. With the market still looking oversupplied, further production cuts would be prudent if not fiscally sensible. Failing this hope remain pinned on latent construction starts. Failing this 2019 may be the Spring that never was.