Volume first, then a price per thousand board feet
Standing timber is sold by volume, not by the tree. You estimate the board feet in the merchantable logs, convert to thousand board feet (MBF), and multiply by the stumpage price for that species and grade.
The board-foot figure comes from a log rule applied to each log's small-end diameter (inside the bark) and length. Doyle, Scribner and International 1/4-inch are the three rules in common use, and they do not agree.
The three log rules read the same log differently
Each rule is a formula that predicts sawn lumber from a round log. Doyle undercounts small logs, International is closest to true yield, and Scribner sits between them. A 16-inch, 16-foot log shows the spread.
One 16″ × 16′ log, three rules. Doyle reads roughly a third lower than International, so the rule named in the contract changes the payout before any price is set.
What actually sets the price
- Species and grade. A veneer-grade black walnut or white oak butt log can be worth many times a pulpwood-grade pine of the same size. Most tract value sits in a few high-grade logs.
- Stumpage, not delivered. Stumpage is the price for the tree standing. Delivered (mill-gate) prices are far higher because they include logging and hauling that the buyer pays for.
- Tract size and access. Small, remote or steep tracts fetch less per MBF because the fixed cost of moving equipment in is spread over fewer logs.
- Defect. Rot, sweep, forks and metal cut usable volume and can drop a log two grades. The rule estimates gross volume; deduct for cull before pricing.
Common questions
What is a board foot?
A board foot is a piece of lumber 12 inches long, 12 inches wide and 1 inch thick, so 144 cubic inches. Standing timber is priced in thousand board feet, written MBF, where the M is the Roman numeral for a thousand.
Why do Doyle and Scribner give different board-foot volumes?
They are two different log rules, each a formula built long ago to estimate how much usable lumber a round log yields after the saw kerf and slab waste. Doyle penalizes small logs heavily and reads low on them; Scribner reads higher. On the same log the two can differ by 30 percent or more, so always know which rule your buyer uses.
Is standing timber worth the same as the lumber it makes?
No. What you get is the stumpage price, paid for the tree still standing. It is a fraction of finished-lumber value because the logger carries the cost and risk of felling, skidding, hauling and milling. Species, log grade, tract size and haul distance move the number more than volume does.
