A profile of timber markets in the U.S. Southeast

This paper examines some of the fundamental intra- and inter-market relationships using data from Timber Mart-South. Based on comparing the two key parameters of growth rate and volatility of a price series, it is shown that markets in the Southeast vary widely across areas, products, and species. It is also shown that these markets can be characterized by two development stages. Prior to the late 1980s and/or early 1990s, most markets saw real price declines. Since that time, a majority of markets have witnessed a strong real price appreciation, while at the same time they have become more volatile. Also analyzed are the relationships between 1) delivered wood and stumpage prices; 2) stumpage prices in the Pacific Northwest and the Southeast; and 3) forest products and stumpage prices. The study has implications for timberland investors, procurement managers, supply modelers, and others involved in the forest sector.

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