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Forests 2016, 7(7), 148; doi:10.3390/f7070148

Modeling Prices for Sawtimber Stumpage in the South-Central United States

1
Texas A&M Forest Service, College Station, TX 77845, USA
2
Department of Agricultural Economics and Agribusiness, Louisiana State University, Baton Rouge, LA 70803, USA
3
Department of Natural Resource Ecology and Management, Oklahoma State University, Stillwater, OK 74078, USA
4
Department of Forestry, Mississippi State University, Starkville, MS 39762, USA
*
Author to whom correspondence should be addressed.
Academic Editors: Thomas J. Straka and Timothy A. Martin
Received: 27 June 2016 / Revised: 12 July 2016 / Accepted: 13 July 2016 / Published: 20 July 2016
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Abstract

The South-Central United States, which includes the states of Louisiana, Mississippi, Texas, and Arkansas, represents an important segment of the softwood sawtimber market. By using the Seemingly Unrelated Regression (SUR) method to account for the linkage among the four contiguous timber markets, this study examines the dynamics of softwood sawtimber stumpage markets within the region. Based on quarterly data from 1981 to 2014, the findings reveal that both pulpwood and chip-and-saw (CNS) prices have a positive influence on the Texas and Arkansas sawtimber markets. Moreover, Granger-causality tests suggest that unidirectional causality runs from pulpwood and CNS markets to the respective sawtimber market. Compared to the pre-financial crisis period, sawtimber prices in these four states are 9%–17% lower in the recent years. View Full-Text
Keywords: sawtimber prices; chip-and-saw prices; pulpwood prices; seemingly unrelated regression; granger causality sawtimber prices; chip-and-saw prices; pulpwood prices; seemingly unrelated regression; granger causality
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Parajuli, R.; Tanger, S.; Joshi, O.; Henderson, J. Modeling Prices for Sawtimber Stumpage in the South-Central United States. Forests 2016, 7, 148.

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