As recently as October, lumber prices seemed to be moving to a new sustainable norm. It seemed as though prices in the $500 to $600 range per thousand board feet might become the new normal for the next year or so.

Or so it seemed … until the middle of November, when prices again began to rise. Yesterday closed at $979.30.

"The factors that caused the rise in lumber prices earlier in the year are still at play today," Chip Setzer, director of trading and growth at commodities platform Mickey, tells GlobeSt.com. "Weather continues to be a driving factor for both supply and demand. We've seen unseasonably warmer temperatures across the US which has allowed construction to continue well into the start of winter. This has allowed the demand for building materials to remain strong. Also worth noting is that interest rates remain low, which is continuing to fuel housing demands." Canada has also seen ongoing bad weather conditions, including major flooding affecting highway systems, that delayed and even stopped many lumber shipments into the U.S.