Cautious and conservative would be the best way to describe the current overall tone of the lumber and plywood/panel markets. You could probably even extend this feeling towards many of the building materials that usually see a considerable first quarter uptick in business to prepare for the busy season. In many product lines, supply is becoming more plentiful and lead times are shrinking slowly but surely. On the lumber side numbers continue creeping lower, but buyers are hesitant to load the boat as there is no urgency to do so. There is plenty of stock to be had all throughout the supply chain, beginning with the mills and reaching the reloads and distribution yards. Buyers are hesitant in committing to any level of volume as there is no clear indication of a bottom forming. OSB and panels aren’t experiencing the same level of price erosion, but then again they’re not selling much. Most retailers are relying on their contracted wood to get them by and resisting most offers to invest at current levels. Overall business is neither robust nor horrible, which is making most purchasers content to almost a hand-to-mouth buying strategy. As mentioned, the supply and availability of many building materials is in better shape than we’ve seen in some time. This could lead to some price deflation, especially if there isn’t a healthy round of purchasing prior to the weather perking up. And even so, manufacturers may start to build inventory after an initial buying round heading into the summer when we could see more pressure put on pricing. The industry is still predominantly optimistic for the first 3 quarters, but it’s a fairly tame optimism.