Despite inflationary pressures, we are continuing to see excellent prices for quality hardwoods when selling through our bidding process. Below are several examples of actual bid results for a variety of sale conditions and locations.
A recent timber sale (“Timber Sale A”) in central New York produced the following results of a thinning harvest on approximately 70 acres. The predominant species in this sale included white ash, soft maple, and hard maple, and some red oak. FORECON cruised and marked this, and the result was a sale of approximately 75,300 board feet (Doyle Log Rule) in total, having most of the volume in white ash (21,800 bf), followed closely by soft maple (18,800 bf) and hard maple (18,600 bf), along with red oak (6,200 bf) and a few other minor species making up the difference. A bid prospectus containing a list of the tree-count and volumes-by-species, along with terms of the sale and sale maps, was mailed out to prospective bidders. The results were as follows:
There were 3 bidders responding to this sale, with the high bid 1.16 times higher than the low bid, and with 2 bids below the average and 1 above. It was estimated that the white ash came in at about $510/MBF; soft maple about $380/MBF; hard maple about $890/MBF (Doyle); and red oak about $700/MBF (Doyle).
Another thinning harvest of note (“Timber Sale B”) in southwestern New York had two very competitive mills bid on a 45-acre sale. FORECON cruised and marked this timber sale, an offering which contained about 95,600 board feet (Doyle Log Rule) in total, with the majority of volume in red oak (56,300 bf), with smaller amounts of hard maple (12,900 bf), soft maple (12,500 bf), and white ash (11,200 bf) making up a majority of the difference. A bid prospectus containing a list of the number of trees and volumes by species, along with terms of the sale and sale maps, was also mailed out to prospective bidders. The results for this sale were as follows:
This sale had 2 bidders participate, and the high bid was 1.09 times higher than the lowest bid, with 1 bid above the average, and 1 bid below. It was estimated that the red oak sold for about $720/MBF, hard maple for $1,380/MBF, soft maple for about $580/MBF, and white ash for about $460/MBF.
Our third highlighted sale (“Timber Sale C”), located in northwestern Pennsylvania, shows very competitive bidding on a sale area of about 47 acres. FORECON cruised and marked this timber sale, an offering which contained about 52,800 board feet (Doyle Log Rule) in total and had a majority of its volume in soft maple (26,800 bf), followed by black cherry (20,900 bf), a small amount of hard maple (4,400 bf), along with a few other minor species making up the difference. A bid prospectus containing a list of the number of trees and volumes by species, along with terms of the sale and sale maps, was also mailed out to prospective bidders. The results for this sale were as follows:
This sale had seven bidders participate, and the high bid was 3.2 times higher than the lowest bid, with 3 bids above the average, and 4 bids below. It was estimated that the soft maple brought about $520/MBF (Doyle); black cherry about $960/MBF; and hard maple about $1,030/MBF.
Our fourth sale (“Timber Sale D”) for this issue was also located in northwestern Pennsylvania and likewise brought very competitive results on a 106-acre sale area. FORECON cruised and marked this timber sale, an offering which contained about 263,500 board feet (Doyle Log Rule) in total and had a majority of its volume in soft maple (86,500 bf), followed by hard maple (62,800 bf), black cherry (56,900 bf), tulip poplar (16,900 bf), and red oak (15,100 bf), along with a few other minor species making up the difference. A bid prospectus containing a list of the number of trees and volumes by species, along with terms of the sale and sale maps, was also mailed out to prospective bidders. The results for this sale were as follows:
This sale also had seven bid participants, and the high bid was about 1.56 times higher than the lowest bid, with 3 bids above the average, and 4 bids below. It was estimated that the soft maple brought about $670/MBF (Doyle); hard maple about $1,210/MBF; black cherry about $1,080/MBF, tulip poplar about $670/MBF; and red oak about $840/MBF.
Again, these are just several recent timber sale examples, and as always, please keep in mind that results depend on a variety of circumstances; quality and species of timber, access conditions, and prospectus terms are just some of them. The timber markets in our region remain very active and we will continue to bring more insight into bidding results in subsequent posts.
Our foresters would be very happy to speak with you about the markets, including prices for quality hardwoods, and more importantly, your goals and objectives for your land. Please understand that, despite these very busy times, we will do our best to accommodate your needs as soon as we can. As always, thanks for your patience!