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Title: Relative price trends for hardwood stumpage, sawlogs, and lumber in Ohio
Author: Baumgras, John E.; Luppold, William G.
Publication: In: Gillespie, Andrew R.; Parker, George R.; Pope, Phillip E.; Rink, George: eds. Proceedings of the 9th Central Hardwood Forest Conference; Gen. Tech. Rep. NC-161. St. Paul, MN: U.S. Department of Agriculture, Forest Service, North Central Forest Experiment Station: 381-389
Abstract: During the 1980's, the hardwood lumber industry experienced a rapidly changing domestic and international hardwood product market. These changes have significantly affected prices of hardwood lumber, and subsequently affected prices of hardwood sawlogs and stumpage. To illustrate these changes, this paper examines deflated prices and price trends for hardwood lumber, and Ohio sawlogs and stumpage from 1975 to 1991. Differences between log price trends, and the trends in stumpage and lumber prices also are examined. Results show increasing real prices for red and white oak sawlogs and red oak lumber; high-quality sawlogs showed the largest gains. Real prices of sawlogs and lumber declined for non-select species such as yellow-poplar and hard maple. The analysis of price relationships also indicated that the relative gains in red oak and yellow-poplar stumpage prices exceeded those of sawlog prices. For red oak, sawlog prices also increased at a greater rate than lumber prices. These results indicate that stumpage prices have increased because of transferred efficiencies in milling and harvesting, as well as the growing domestic and international demand for high-quality oak lumber and veneer.
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