Ohio Hardwood Sawlog Price Trends


  • Raymond P. Duval
  • T. Eric McConnell
  • David M. Hix
  • Stephen N. Matthews
  • Roger A. Williams


Appalachian roundwood markets, hardwood log prices, Ohio forest industry, timber markets


We examined the 52-yr sawlog price trends for the 10 commercial hardwood tree species in Ohio. Data were compiled from the Ohio Timber Price Report for four log grades (Prime, #1, #2, Blocking) covering the years 1960-2011, and average annual percentage rates of change in both nominal and real sawlog prices were determined. We further compared real log grade price movements within each species. Nominal prices for all log grades of all species increased at significant annual rates. However, real price change rates varied with approximately two-thirds of the species-grade combinations not significantly differing from zero. Real Blocking log prices declined at significant annual rates for seven species. Only white oak contained log grades (Prime and #1 only) with significantly increasing real prices. Four groups were identified based on differences observed, or not observed, when comparing initial price levels of log grades and rates of change within each species. Initial price differences generally occurred between the higher (Prime and #1) and lower (#2 and Blocking) grade logs. Rate of price change differences were more a result of declining Blocking log prices than increasing high-grade log prices with the exception of white oak.


Albright SC, Winston WL, Zappe CL (1999) Data analysis and decision making withMicrosoft Excel. Duxbury Press, Pacific Grove, CA. 996 pp.nAnon (2012) Keeping the industry afloat. Hardwood Review Weekly 28(31):1, 21.nBarrett G (2012) Railroad tie demand. Hardwood Review Weekly 29(14):1, 19.nBarrett G (2013) The new year is here. Hardwood Review Weekly 29(17):1, 19.nBrian J, Chapman D (2005) Timber prices: A guide for woodlot owners in New York State. Bulletin EB 2005-0. Department of Applied Economics and Management, Cornell University, Ithaca, NY. 62 pp.nCampbell GE, White DC (1989) Interpretations of Illinois stumpage price trends. North J Appl For 6(3):115-120.nEspinoza O, Buehlmann U, Bumgardner M, Smith B (2011) Assessing changes in the US hardwood sawmill industry with a focus on markets and distribution. Bioresources 6(3):2676-2689.nFederal Reserve (2013) Selected interest rates: Treasury constant maturities 10-year. Federal Reserve Bank of St. Louis Economic Research. http://www.federalreserve.gov/releases/h15/data.htm#fn11'>www.federalreserve.gov/releases/h15/data.htm#fn11nGuttenberg S (1970) Economics of southern pine pulpwood pricing. Forest Prod J 20(4):15-18.nHickman C (2007) Restructuring of US industrial timber-land ownership—REITs and TIMOs. http://www.timbertax.org/publications/FS/TIMO_REIT_Paper_PDC.pdf'>www.timbertax.org/publications/FS/TIMO_REIT_Paper_PDC.pdfnHoover WL, Preston G (2013) 2012 Indiana forest products price report and trend analysis. Sheet FNR-177-W. Purdue Extension, Purdue University, West Lafayette, IN. 11 pp.nHowell DC (2012) Treatment of missing data: Part 1. http://www.uvm.edu/~dhowell/StatPages/More_Stuff/Missing_Data/Missing.html'>www.uvm.edu/~dhowell/StatPages/More_Stuff/Missing_Data/Missing.htmlnIrland LC, Sendak PE, Widmann RH (2001) Hardwood pulpwood stumpage price trends in the northeast. Gen Tech Rep NE-286. USDA For Serv, Newtown Square, PA. 23 pp.nLinehan PE, Jacobson MG (2005) Forecasting hardwood stumpage price trends in Pennsylvania. Forest Prod J 55(12):47-52.nLinehan PE, Jacobson MG, McDill ME (2003) Hardwood stumpage price trends and regional market differences in Pennsylvania. North J Appl For 20(3):124-130.nLuppold WG (1984) An econometric study of the US hardwood market. Forest Sci 30(4):1027-1038.nLuppold WG (1993) Decade of change in the hardwood industry. Pages 11-24 in Proc Twenty-first Annual Hardwood Symposium of the Hardwood Research Council, 24-26 May 1993, Cashiers, NC. Hardwood Research Council, Memphis, TN.nLuppold WG, Baumgras JE (1995) Price trends and relationships for red oak and yellow-poplar stumpage, sawlogs, and lumber in Ohio: 1975-1993. North J Appl For 12(4):168-173.nLuppold WG, Baumgras JE (1996) Relationship between hardwood lumber and sawlog Prices: A case study of Ohio 1975-1994. Forest Prod J 46(10):35-40.nLuppold WG, Bumgardner MS (2007) Examination of lumber price trends for major hardwood species. Wood Fiber Sci 39(3):404-413.nLuppold WG, Bumgardner MS, McConnell TE (2013) United States Forest Service, Princeton, WV. Unpublished data from assessing the impacts of changing hardwood lumber consumption and price on stumpage and sawlog prices in Ohio.nLuppold WG, Prestemon JP, Baumgras JE (1998) An examination of the relationships between hardwood lumber and stumpage prices in Ohio. Wood Fiber Sci 30(3):281-292.nLuppold WG, Thomas RE (1991) New estimates of hardwood lumber exports to Europe and Asia. Res Pap NE-652. USDA For Serv NRS, Radnor, PA. 22 pp.nMalaty R, Toppinen A, Viitanen J (2007) Modelling and forecasting Finnish pine sawlog stumpage prices using alternative time-series methods. Can J For Res 37(1):178-187.nMei B, Clutter M, Harris T (2010) Modeling and forecasting pine sawtimber stumpage prices in the US South by various time series models. Can J For Res 40(8):1506-1516.nMoineddin R, Upshur REG, Crighton E, Mamdani M (2003) Autoregression as a means of assessing the strength of seasonality in a time series. Popul Health Metr 7:1-7.nOhio DNR (2013) Historic Ohio timber price reports. Ohio Department of Natural Resources, Division of Forestry, Columbus, OH. http://ohiodnr.com/tabid/5253/Default.aspx'>http://ohiodnr.com/tabid/5253/Default.aspxnOSUE (2013) Timber price reports. OSU Extension, The Ohio State University Extension, Columbus, OH. http://ohiowood.osu.edu/TimberReport.asp'>http://ohiowood.osu.edu/TimberReport.aspnSAS (2008) SAS version 9.2. SAS Institute, Cary, NC.nUS Department of Commerce Bureau of Economic Analysis (2013a) National gross domestic product 1960-2011. http://www.bea.gov/national/xls/gdplev.xls'>www.bea.gov/national/xls/gdplev.xlsnUS Department of Commerce Bureau of Economic Analysis (2013b) Ohio gross domestic product 1963-1996. http://www.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=1#reqid=70&step=10&isuri=1&7007=-1&7093=Levels&7003=200&7035=-1&7036=-1&7001=1200&7002=1&7090=70&7004=SIC&7005=-1&7006=39000'>www.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=1#reqid=70&step=10&isuri=1&7007=-1&7093=Levels&7003=200&7035=-1&7036=-1&7001=1200&7002=1&7090=70&7004=SIC&7005=-1&7006=39000nUS Department of Commerce Bureau of Economic Analysis (2013c) Ohio gross domestic product 1997-2011. http://www.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=1#reqid=70&step=10&isuri=1&7007=-1&7093=Levels&7090=70&7035=-1&7036=-1&7001=1200&7002=1&7003=200&7004=NAICS&7005=-1&7006=39000'>www.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=1#reqid=70&step=10&isuri=1&7007=-1&7093=Levels&7090=70&7035=-1&7036=-1&7001=1200&7002=1&7003=200&7004=NAICS&7005=-1&7006=39000nUS Department of Labor Bureau of Labor Statistics (2013) Producer Price Index. http://www.bls.gov/ppi/'>www.bls.gov/ppi/nWagner JE, Sendak PE (2005) The annual increase of northeastern regional timber stumpage prices: 1961 to 2002. Forest Prod J 55(2):36-45.nZhou M, Buongiorno J (2006) Space-time modeling of timber prices. J Agr Resour Econ 31(1):40-56.n






Research Contributions