I Can’t Tell You Why
By Marshall Thomas, President of F&W Forestry Services, Inc.
Before I get into the “why” question, I want to talk a little bit about the newsletter. Since we stopped publishing a printed version, we have really embraced the electronic format. I think our news is on target (put together by our long-term newsletter publisher, Bates Associates), but now almost every article ends with source links. You’re not just getting the news, you are getting the sources.
And in this issue we are introducing something I find really exciting. As F&W has grown, it has become more difficult to talk about markets in this brief introductory article. So we decided to let our regional managers report on their areas—but it was hard to get them to standardize their responses (foresters aren’t really conformists). Our COO, Jeff Jordan, put AI to work and had it summarize the managers reports into the table on page 3. I think it is both an informative and brief summary of the markets across our operating footprint. Be sure to take a look at it. You can also read the extended version of their responses on our website.
Now back to our usual discussion.
There is growing momentum to create new markets for our wood. See the articles on the Renewable Fuel Standard (page 2) and the new international woody biomass coalition (page 7). This is important and we need new markets, because all indications are that pulp mills in the U.S. are on the way out—and I can’t tell you
why. And no one I ask can tell me why. I get general statements about international competition and changing markets, but I never hear anything actionable.
It takes a long time for new markets to develop, and if all they do is replace a dying pulp industry, what have we gained? The best thing for forest landowners in the U.S. would be to figure out why our pulp mills are closing and get to work on legislation, taxes, and whatever else our biggest customers need to compete in world markets.
Pulp production worldwide is not going down. It is shifting from the U.S. to other countries. We know why developing countries want pulp mills—they need the capital and they need the jobs. And we are letting them take the capital and the jobs from us, along with the wood markets. But then there is Finland, a developed country just like the U.S. Over the last 20 years they have opened two new pulp mills, replacing old ones. They have completed major rebuilds on another four to six—new core processes inside existing mills, at costs ranging from €200 million to €1 billion—and significant refurbishments on another 15 to 25 facilities. Finland is maintaining its pulp production by modernizing its facilities. We aren’t.
New markets are important. But we also need to focus on protecting our current markets. We need to know what the pulp and paper industry needs to thrive in the U.S., as it is doing elsewhere in the world, and we need to get to work on that—alongside pursuing new markets.
Pulp and paper is fighting us on the new markets.
(continued on page 2)
Forest Coalition Urges Modernization Of RFS
A broad coalition representing forestry, agriculture, rural businesses, and conservation organizations is urging federal policymakers to modernize the Renewable Fuel Standard (RFS) to allow more types of woody biomass to qualify as renewable fuel feedstocks.
Earlier this year, the coalition sent two letters—one to congressional leaders and another to the Environmental Protection Agency—calling for updates to the program’s outdated biomass definitions, which they say prevent forests from participating in emerging biofuel markets.
The RFS is a federal program that requires transportation fuels
sold in the United States to contain a minimum volume of renewable fuels, such as ethanol, biodiesel, and sustainable aviation fuel (SAF). Although Congress originally intended for forest-based biomass to be eligible under the program, post-2007 regulatory interpretations significantly narrowed the definition of qualifying wood feedstocks. As a result, much of the material produced during normal forest management—such as smalldiameter trees from thinnings, logging residues, and sawmill byproducts— face regulatory restrictions that make it nearly impossible in practice to generate renewable fuel credits.
create new demand for this material by allowing wood-based feedstocks to be used in the production of advanced biofuels, including sustainable aviation fuel (SAF). Airlines and energy companies are increasingly investing in SAF to meet emissions reduction targets, and wood fiber represents a significant untapped resource for future fuel production.
For further information on material in this report or to discuss your forestry needs, contact the nearest F&W office or the Albany headquarters at:
PO Box 3610, Albany, GA 31706-3610
229.883.0505 / fax 229.883.0515 www.fwforestry.com
Marshall Thomas, President
Jeff Jordan, Chief Operating Officer
Jody Strickland, Chief Business Officer
Sonya Farmer, Chief Financial Officer
Stephen Logan, Chief Information Officer
Brent Williamson, Forest Operations
Regional Market Conditions Contributors:
Southeast: T.R. Clark (LaFayette, AL), Bryan Croft (Orange Park, FL), Elvis Cook (Marianna, FL), Doug Hall (Albany, GA), Chad Hancock (Albany, GA), Robby Gordon (Macon/Eatonton, GA), Wade McDonald (Statesboro, GA), Matthew Malone (Fountains Inn, SC)
West Gulf: Eric Sumner (El Dorado, AR), Jason Potts (Corinth, MS), Chuck Beck (Antlers, OK), Chris Bartley (Huntsville, TX)
Central Hardwoods: Rick Sluss (Clinton, TN)
Mid Atlantic: Glen Worrell (Charlottesville, VA)
Northeast: Harold Burnett (Winthrop, ME), Charlie Stabolepszy (Montpelier, VT), Tom Gilman (Tupper Lake, NY), Lukas Myers (Herkimer, NY), John Helmers (New Oxford, PA)
Inland Northwest: Garrett Kleiner (Sandpoint, ID)
Northern California: John Vona (Redding, CA)
The F&W Forestry Report is produced by: Bates Associates
770.451.0370
batespr@bellsouth.net
©2026 F&W Forestry Services, Inc.
Updating the definition would unlock major opportunities for forest landowners and the broader forestry supply chain. Across the U.S., longstanding markets for pulpwood and residual fiber have weakened in recent years due to mill closures and industry restructuring. These changes have left millions of tons of low-value wood without viable markets, putting pressure on landowners and rural forest economies.
“Healthy, productive, and resilient forests depend on strong and diverse markets,” said Scott Jones, Chief Executive Officer of the Forest Landowners Association. “Modernizing the Renewable Fuel Standard would provide much-needed market certainty, strengthen rural economies, and help ensure America’s forests remain forests, even in the face of natural disasters, market disruptions, and unfair trade practices.”
Expanding the RFS definition could
Such a change could create an important market for smaller trees from thinnings that are essential to maintaining healthy, productive forests. Under current rules, thinnings from plantations are technically eligible only if the stand contains no naturally regenerated trees—a condition nearly impossible to meet. Additional restrictions on plantation establishment dates and prior land use effectively lock most thinning operations out of the program.
Industry advocates also emphasize the potential benefits for rural communities. Modernizing the RFS could encourage new investment in biofuel production facilities, strengthen forestry supply chains, and support jobs in logging, trucking, and forest management.
More than 500 organizations and forestry businesses, including F&W, signed the coalition letters, reflecting broad industry support for reform.
COALITION LETTER TO THE EPA QUICK LINKS
COALITION LETTER TO CONGRESS
Marshall Thomas (continued from page 1)
They understandably don’t want additional competition for wood when they are struggling to make money as it is. So we are at odds with our best customer, and they are at odds with their suppliers. Surely there
is some common ground where we could cooperate on getting what we all want—a healthy industry, healthy markets, and healthy forests. You can’t have one without the other two.
Regional Timber Market Conditions
FOREST WATCH: REGIONAL OVERVIEW
F&W Forestry’s inaugural regional timber market commentary (Q1, 2026) reveals broadly challenging conditions across the U.S., with a few pockets of resilience. Common themes nationwide include mill closures, fuel price volatility, tight quotas, and weak pulpwood and hardwood demand. Yet our managers consistently point to the same truth that has defined timberland through every down cycle: Well-managed forests continue to grow, new mill investments are being made, and patient, strategic landowners will be positioned to capture the recovery when it comes. Click HERE to read the full commentary.
MARKET PULSE: ALL REGIONS
11 managers report soft/ volatile markets, 3 were mixed, and 7 were stable
Southeast (AL/FL/GA/SC)
West Gulf (AR/MS/OK/TX)
Central Hardwoods (TN)
Mid Atlantic (VA)
Northeast (ME/NY/PA/VT)
Inland Northwest (ID)
Northern California
Mixed–Stable with some softening/ volatility
12 report normal while 9 are declining Holding or selling selectively; few distressed Most see stabilization or recovery by late 2026
Pine chip-n-saw/ sawtimber
Volatile Pine sawtimber
Softening White oak, chestnut oak, and walnut
Mixed Fluctuates between sawtimber and pulpwood
Mixed–Stable Sugar maple, white ash, white oak, chestnut oak, red pine poles
Multiple pulp and hardwood mill closures; hardwood market severely limited
Dry weather keeping mills full; mills on quota; ice stormdamaged wood flooding market in Mississippi
Crosstie/pallet markets soft; tariffs and housing starts key to hardwood rebound
Fuel cost pressure from Iran conflict; mills unwilling to adjust, loggers absorbing hauling costs
Pulpwood under pressure due to lack of markets; spring mud season pauses logging 8–10 weeks
Softening Sawtimber High mill inventories; rising fuel prices; wildfire risk
Softening Saw-/veneer logs Roseburg Weed closure removed ~60 MMBF; Douglas fir prices down
LANDOWNER ADVICE THIS QUARTER
New sawmill Washington, Ga; renewable diesel Orangeburg, S.C.; reindustrialization signals positive long-term
Weyerhaeuser strand facility (Ark.) opening late 2027; first thinnings being contracted now to keep crews active
Export markets expected to improve; white oak and chestnut oak demand strong; sawmills cautiously optimistic for H2 2026
Landowners have accepted new market norms; positioned to move once fuel outlook stabilizes
Strong pricing for quality hardwood sawlogs; potential loss of another pulpmill
Market is stable enough to focus on fuel reduction and forest health harvests normal
SPI Eugene mill expected to pull from southern Oregon, improving Northern California log demand
“If you have the right species mix of timber it will sell very well. If you don’t, hold it and wait to see what happens later this year.”
—Rick Sluss, Clinton, Tenn.
ALSO NOTABLE THIS QUARTER
New capacity: Plantation Pine Products re-opening at Metcalf, Ga.; new renewable diesel facility in Orangeburg, S.C.
New capacity: Weyerhaeuser TimberStrand facility, near Monticello, Ark., expected to be operational by late 2027
New capacity: Sierra Pacific Industries planning largest North American sawmill in Eugene, Ore.—650 MMBF annual output expected
Watch: Fuel cost pressure from Iran conflict—downward impact on stumpage prices expected First Quarter 2026
States Begin Rolling Out Disaster Grants
Congress took a major step toward helping agricultural and timber producers recover from natural disasters when it allocated $30 billion in disaster recovery funding to the U.S. Department of Agriculture (USDA) in December 2024. The funding is intended to assist producers impacted by catastrophic weather events in 2023 and 2024, including widespread damage caused by Hurricane Helene across the Southeastern U.S., where forestry and agriculture are central to rural economies.
Hurricane Helene ranks among the most destructive storms in recent U.S. history. The hurricane caused an estimated $78.7 billion in total damages, including more than $1.9 billion in timber losses, making it the seventh costliest disaster in the United States since 1980.
To deliver the disaster aid, USDA is utilizing block grants to affected states, allowing each state to design relief programs addressing losses involving timber, crops, livestock, and agricultural infrastructure. The grants are intended to complement existing USDA assistance programs rather than duplicate them, enabling states to target gaps where other federal programs may not provide coverage.
Between July and September 2025, USDA announced block grant allocations for six states heavily impacted by Hurricane Helene: Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia. However, states have taken several additional months to finalize agreements with USDA and develop their program guidelines before opening applications.
VIRGINIA LEADS
Virginia became the first state to deliver on disaster assistance. The Virginia Department of Agriculture and Consumer Services (VDACS) opened applications last September for the
$60.9 million in disaster assistance covering 27 designated localities in Southwest and Southside Virginia, regions that serve as the backbone of the Commonwealth’s agriculture and forestry economy.
VDACS received 494 applications during the enrollment period. Initial payments began in January and focused on agricultural operations that experienced income losses due to market disruptions caused by the storm. VDACS said additional payments addressing timber losses, infrastructure damage, perennial crop losses, and plasticulture damage will follow as applications complete the verification process.
FLORIDA FUNDING POOL
Florida Agriculture Commissioner Wilton Simpson announced that the Florida Block Grant Disaster Relief Program began accepting applications on Feb. 25, marking the next phase of disaster relief grants. The program has more than $675 million in federal funding available to agricultural and timber producers affected by the 2023 and 2024 hurricane seasons. Eligible producers may apply for assistance related to timber damage, infrastructure damage, market losses, and citrus losses. According to the Florida Department of Agriculture, the funding represents approximately 35 percent of the state’s total agricultural losses from those hurricane seasons.
Applications are being reviewed on a first-come, first-served basis, with the application window remaining open until Aug. 25, or until funds are exhausted. Commissioner Simpson has also requested federal approval to extend the program to provide immediate relief for producers affected by the historic 2026 ice storm.
GEORGIA LAUNCHES PROGRAM
In early March, Georgia Agriculture
Commissioner Tyler J. Harper announced that producers and forest landowners may apply for grant assistance through the Georgia Hurricane Helene Block Grant Program beginning March 16.
Georgia is receiving $531 million in disaster funding, and the application window will remain open for six weeks, closing April 27.
Eligible losses include timber damage, infrastructure losses, poultry production losses, cattle reproductive losses, milk production losses, and damages to pecan, blueberry, citrus, and nursery crops, as well as losses related to plasticulture and bareground production systems. Timber payments will generally be calculated based on the pre-hurricane value of damaged timber stands, while croprelated assistance will account for future production losses caused by destroyed trees, bushes, or plants. Minimum loss thresholds will apply.
OTHER STATES PENDING
While Virginia, Florida, and Georgia have moved forward with their programs, at press time North Carolina, South Carolina, and Tennessee are still awaiting final USDA approval before opening applications for their disaster block grant programs.
For landowners and agricultural producers across the Southeast, these programs represent one of the largest sources of recovery funding following Hurricane Helene. For more information about state-specific programs, click the state links below:
International Paper To Split Into Two Companies
International Paper (IP) announced in January that it plans to separate into two independent, publicly traded companies—one focused on North America and the other on Europe, the Middle East, and Africa (EMEA).
The move comes one year after IP completed its acquisition of Londonbased DS Smith and reflects what leadership described as the next step in its transformation strategy.
Following the separation:
• International Paper will consist of the North American Packaging Solutions business, including legacy IP and DS Smith assets.
• The EMEA Packaging business will include legacy DS Smith and IP operations across 30 countries.
In 2025, the North American segment generated approximately $15.2 billion in net sales, while EMEA produced about $8.5 billion.
IP emphasized that the two regions operate in distinct competitive environments. North America
features a highly integrated supply system and consolidated market structure, while EMEA is more localized and fragmented.
Management believes separating the businesses will allow each to pursue growth, cost optimization, and capital investment strategies better aligned with regional dynamics.
The transaction is expected to be structured as a spin-off of the EMEA business, with IP retaining a meaningful ownership stake. The new EMEA company is expected to list on both the London and New York stock exchanges. Completion is targeted within 12–15 months, subject to regulatory approvals.
For forest landowners—particularly in the U.S. South—the announcement comes amid a broader wave of restructuring across IP’s North American operations. Over the last 18 months, the company has closed several major facilities, including the Savannah and Riceboro mills in coastal Georgia, which together
removed roughly 4.6 million tons of total wood use from Southeast Georgia. The company also shuttered its Georgetown, S.C., pulp and paper mill, which had been a major regional buyer of pulpwood and employed more than 600 workers.
For timber markets in the Southeast, these closures have had noticeable ripple effects. These mills historically consumed significant volumes of pulpwood and residual fiber, meaning the loss of that demand has tightened local markets for small-diameter timber and increased competition among remaining mills for fiber supply.
Against that backdrop, the proposed corporate split represents the latest step in IP’s effort to streamline its footprint and concentrate investment in its core packaging business—decisions that will continue to shape fiber demand and forest markets across the South in the years ahead.
Southern Forestry Practices Costs & Trends Now Online
The results of the latest survey on the Costs and Trends of Southern Forestry Practices are now available online, providing an updated snapshot of the costs associated with establishing, managing, and maintaining forests across the U.S. South. Conducted for more than 70 years, the survey remains a widely used benchmark for forest landowners, managers, and policymakers.
Key highlights from the latest survey results include:
• Costs increased across most forestry practices, reflecting ongoing inflation, labor shortages, and increased fuel and input prices.
• Significant increases in laborintensive activities, such as timber cruising and planting, underscore continued pressure on professional forestry service providers.
• Mechanical site preparation costs showed modest declines, though reported acres declined sharply, suggesting shifts in management activity rather than broad cost reductions.
• Prescribed burning and chemical treatments continue to be among the most cost-effective management tools, though cost variation among regions remains significant.
The results from the 2024 survey are available through an interactive
database, allowing users to explore costs by practice, region, and ownership type, and to compare trends over time. The biennial survey is sponsored by the Alabama Cooperative Extension System, the College of Forestry, Wildlife and Environment at Auburn University, and the Forest Landowners Association. The next survey is scheduled to be conducted later this spring.
Reforestation Activity Adjusts To Market Signals
Insights from F&W’s 2025–2026 Reforestation Survey
After several years of elevated activity tied to the strong pandemicera timber markets, the 2025–2026 planting season reflects a recalibration across much of F&W’s operating footprint. According to F&W’s annual survey of regional managers, overall planting activity was generally steady to slightly lower compared to last season, with decisions increasingly influenced by timber market conditions—particularly pulpwood dynamics and longer-term return expectations.
While there were regional differences, the prevailing theme was moderation rather than expansion. In several Southern offices, planting acreage remained “about the same,” while others reported modest declines tied to slower harvest activity.
One area where tree planting was up over last year was Northern California. Tom Young, the Silvicultural Investments Manager based in Hilt, Cal., said wildfires over the past five years are driving reforestation activity, and the availability of state grants has enabled landowners of all sizes to plant their forests.
Overall, managers pointed to slowing timber sales as a driver of slightly lower planting volumes. Where harvest levels decline, reforestation activity naturally follows. The planting cycle remains closely linked to the volume of final harvests entering the pipeline.
The annual survey, which gathers data and insights from regional managers, focuses primarily on the South and West Coast, where tree planting is a common forestry practice. In Idaho, manager Garrett Kleiner noted that many harvests focus on forest health improvements rather than full clearcuts. As a result, some treatments do not require replanting, though species selection and resilience remain priorities where planting occurs. In the Northeast and Central regions, which are dominated
by hardwood species, reforestation occurs primarily through natural regeneration.
DENSITY DECISIONS
The most meaningful marketdriven adjustment this season was in planting density. Several managers reported incremental reductions in trees planted per acre (TPA), often citing long-term market positioning and thinning economics.
The underlying factor appears to be pulpwood market uncertainty caused by the closure of several pulp mills in the last few years. Because early thinnings are heavily dependent on pulpwood demand, weaker or unpredictable pulp markets can undermine the economic case for higher planting densities. By planting fewer trees per acre—and relying on superior genetics and higher survival rates—managers are adjusting stands to potentially reduce reliance on early commercial thinning.
“We continue to inch down on our deployment of stocking levels primarily due to the loss of pulpwood markets,” reports T.R. Clark, manager of the LaFayette, Ala., office.
In Orange Park, Fla., Manager Bryan Croft said loblolly densities were reduced from 550 TPA to 480 TPA based on the expectation that first thinnings may become more difficult to complete as fiber markets contract, noting it may go even lower in the future.
Likewise, Glen Worrell of the Charlottesville, Va., office, said he continues to reduce planting density, anticipating difficulty in moving pulpwood in the future. He also said the reduction is due to better survival rates associated with the increased use of container seedlings.
Matt Malone in Greenwood, S.C., and Jason Potts in Corinth, Miss., also reported reducing planting density in response to anticipated
market conditions.
Not all offices made changes; some reported “No change” in planting density. However, the directional shift in multiple regions suggests density is increasingly being evaluated through a market-risk lens rather than solely a silvicultural one.
CONTAINERS THE NORM
Another clear economic signal is the continued dominance of containerized seedlings. Managers across regions reported high or near-complete reliance on containers, primarily due to better genetics, survival rates, and growth performance.
While container seedlings carry a higher upfront cost, managers appear to view improved survival and early stand uniformity as a risk-mitigation strategy—particularly when planting at reduced densities. Higher survival reduces the likelihood of replanting costs and supports confidence in density adjustments tied to market conditions.
Bareroot seedlings remain in use, but the broader trajectory suggests containerization has moved from an emerging trend to a standard practice in many regions.
SPECIES MIX STABLE
Unlike density, species selection appears less responsive to short-term market fluctuations. Loblolly pine remains dominant across the Southern footprint, with longleaf and slash incorporated where site conditions warrant. In Idaho and California, regional species, including Douglas fir, Western larch, and Ponderosa pine, continue to define planting decisions.
There were no widespread reports of dramatic shifts in species preference, suggesting that site productivity and long-term management goals continue to outweigh short-term price movements in species selection decisions.
(continued on page 7)
New Woody Biomass Alliance
A new alliance is bringing together the full woody biomass ecosystem under one roof. The Advanced Woody Biomass Alliance (AWBA) launched in March as a global organization uniting producers, processors, endusers, and other stakeholders around a shared mission: expanding the use of woody biomass as a renewable carbon solution sourced from working forests.
Building on the foundation of the U.S. Industrial Pellet Association (USIPA), AWBA reflects how the sector is moving beyond traditional wood pellet markets toward a more diversified set of applications— including advanced fuels, industrial processes, and carbon management. The goal is to drive greater coordination across industries that
Reforestation
EARLY PLANTING
have historically operated separately, from forestry and logistics to energy and manufacturing. The Alliance counts nearly 50 organizations as members.
The Alliance aims to strengthen policy engagement, improve market confidence, and accelerate investment in emerging biomass applications. With global demand rising for low-carbon energy and materials, woody biomass is increasingly being positioned as a scalable and dispatchable resource that can complement other renewable technologies.
For forest landowners and the broader supply chain, this development underscores the potential for expanded markets— particularly for lower-grade material
(continued from page 6)
Pre-season planting was limited this year in most regions, with managers who regularly conduct early planting citing weather constraints such as dry fall conditions as a limiting factor.
In California, approximately 10 percent of plantings occurred in the fall due to some reforestation areas being located at higher elevations that receive large amounts of snow that may not melt until June.
Overall, however, early planting did not emerge as a major strategic adjustment this season.
CHALLENGES
For the most part, managers reported no difficulties in getting tracts site prepped and planted. However, one noted that H-2B labor costs are rising faster than in previous years, and another said weather factors created challenges when conducting prescribed burns.
In South Carolina, Matt Malone reported challenges related to mechanical site prep (bedding) and contractor availability this season.
LAND USE CHANGES
While most harvested tracts were replanted, managers reported isolated cases of delayed reforestation or land-use change. In some instances, landowners delayed planting “in hopes of a stronger market.” Elsewhere, acreage shifted to agriculture or pasture.
These examples were not widespread but reflect how market outlook influences timing decisions.
INDICATORS FOR NEXT SEASON
Looking ahead, managers consistently identified pulpwood markets as a primary variable influencing next season’s decisions. Comments referenced pulpwood markets directly as a potential driver of planting density adjustments and
traditionally destined for pulp or energy use. As new end uses gain traction, demand for sustainably sourced fiber could increase, supporting forest management and providing additional revenue streams in rural economies.
To coordinate action on key issues, AWBA has established four member-led working groups that meet monthly: a Policy & Sustainability group focused on renewable carbon policy and forest management standards; a dedicated EUDR group helping members navigate the EU’s Deforestation Regulation; a Safety group sharing best practices across production and storage; and a Transportation group addressing logistics across rail, truck, and maritime systems.
overall acreage.
The repeated focus on pulpwood is notable. While sawtimber markets remain important for long-term returns, thinning economics—and thus pulp demand—continue to shape near-term silvicultural decisions.
The 2025–2026 planting season reflects a disciplined response to evolving market conditions rather than a retreat from reforestation. Planting volumes have moderated in line with harvest activity, densities are being carefully evaluated through the lens of thinning economics, and containerized seedlings are being deployed as a riskmanagement tool to protect long-term stand performance.
As markets continue to recalibrate, reforestation remains a core investment strategy—but one increasingly guided by pulpwood dynamics and return expectations rather than momentum from prior peak years.
$32M Grant To Support Forest Management In New England
Forest landowners across New England may soon see new opportunities for both forest management improvements and expanded wood markets following a $32 million award from the U.S. Department of Agriculture (USDA) to the New England Forestry Foundation (NEFF). The funding comes through USDA’s new Advancing Markets for Producers (AMP) program and will support forestry projects across the region through March 2028.
A key component of the initiative is direct financial incentives for forest landowners who implement qualifying forest management practices designed to improve long-term forest health, timber productivity, and ecological integrity. Approximately
65 percent of the funding will be distributed directly to landowners, foresters, and logging contractors to support activities such as timber stand improvement and other management treatments. The program is expected to support improved management on roughly 50,000 acres across Maine, New Hampshire, Vermont, Massachusetts, and Connecticut.
For many landowners, investments in stand improvement or other management activities can be difficult to justify during periods of weak wood markets. Programs like AMP are designed to help bridge that gap by offsetting costs while positioning forests for stronger long-term productivity and value.
Beyond forest management
INLAND NORTHWEST TIMBER PRICES
incentives, the initiative also focuses on expanding regional wood markets. NEFF and its partners will work to strengthen connections between landowners, loggers, mills, and developers while promoting greater use of wood in construction— particularly emerging applications such as mass timber used in residential and commercial buildings. Together, these efforts are intended to improve forest stewardship while strengthening the economic foundations of the region’s forest sector. For landowners, the program represents both an opportunity to access financial support for forest management and a longer-term effort to build stronger markets for New England wood.
LAFAYETTE, AL
ORANGE PARK, FL
MARIANNA, FL
ALBANY, GA
MACON, GA
STATESBORO, GA
FOUNTAIN INN, SC
CLINTON, TN
PARIS, TN
EL DORADO, AR
CORINTH, MS
ANTLERS, OK
HUNTSVILLE, TX
CHARLOTTESVILLE, VA
GA MACON, GA
STATESBORO, GA
FOUNTAIN INN, SC
CLINTON, TN PARIS, TN
EL DORADO, AR
CORINTH, MS
ANTLERS, OK HUNTSVILLE, TX CHARLOTTESVILLE, VA
ORANGE PARK, FL MARIANNA, FL
ALBANY, GA
MACON, GA
STATESBORO, GA
FOUNTAIN INN, SC
CLINTON, TN
PARIS, TN
EL DORADO, AR
CORINTH, MS
ANTLERS, OK
HUNTSVILLE, TX
CHARLOTTESVILLE, VA
SMALL SAWTIMBER
Timber Stumpage Price Averages By
PINE LARGE SAWTIMBER
ALBANY, GA
MACON, GA
STATESBORO, GA
FOUNTAIN INN, SC
CLINTON, TN
PARIS, TN
EL DORADO, AR
CORINTH, MS
ANTLERS, OK
TX
VA
($/TON)
Timber Stumpage Price Averages By Region
ORANGE PARK, FL
MARIANNA, FL
ALBANY, GA
MACON, GA
STATESBORO, GA
FOUNTAIN INN, SC
CLINTON, TN
PARIS, TN
EL DORADO, AR
CORINTH, MS
ANTLERS, OK
HUNTSVILLE, TX
CHARLOTTESVILLE, VA
of harvest, and other local market conditions (i.e. weather, mill downtime, fuel cost, etc.).
New Publication Highlights Federal Tax Updates For Landowners
A newly released publication, Tax Tips for Forest Landowners: 2025 Tax Year, provides timely guidance for forest landowners navigating major federal tax changes enacted in 2025. Authored by forestry taxation specialists from the University of Georgia, University of Florida, and the USDA Forest Service, the guide outlines reinstated and permanent tax provisions, new capital investment incentives, and key reminders for the 2025 tax year.
While many landowners think about taxes only when selling timber, the publication emphasizes that ongoing management decisions carry meaningful tax consequences.
Among the most significant updates:
• Favorable long-term capital gains treatment continues for qualifying standing timber sales.
• 100% bonus depreciation has been permanently restored for certain qualifying property placed in service
after January 19, 2025.
• Reforestation incentives remain intact, allowing immediate deductions and amortization of planting costs.
• Clearer guidance is provided on casualty losses, conservation easements, and forest carbon income.
The overarching message: tax planning should be integrated into forest management strategy—not addressed only at harvest time.
HARDWOOD SAWTIMBER
NORTHERN TIMBER PRICES
Timber Stumpage Price Averages By Region
NEW ENGLAND ADIRONDACKS, NY HERKIMER, NY NEW OXFORD, PA BLUEFIELD, WV
$800
$700
$200
2026 First Quarter Price Range
WINTHROP, ME
MONTPELIER, VT
ADIRONDACKS, NY
HERKIMER NY
NEW OXFORD, PA
BLUEFIELD, WV
Herkimer, NY
New England Adirondacks, NY
New Oxford, PA Blue eld, WV
Timber Stumpage Price Averages By Region
CHERRY (MBF) 2026 First Quarter
ADIRONDACKS, NY HERKIMER, NY NEW OXFORD, PA BLUEFIELD, WV
$500
$300
Timber Stumpage Price Averages By Region
NEW ENGLAND ADIRONDACKS, NY HERKIMER, NY NEW OXFORD, PA BLUEFIELD, WV
WINTHROP, ME
MONTPELIER, VT
ADIRONDACKS, NY
HERKIMER NY
NEW OXFORD, PA
BLUEFIELD, WV
First Quarter Price
WINTHROP, ME
MONTPELIER, VT
ADIRONDACKS, NY
HERKIMER NY
NEW OXFORD, PA
BLUEFIELD, WV
WV
RED OAK (MBF)
HARD MAPLE (MBF)
NORTHERN TIMBER PRICES (continued)
Lorem ipsum
Timber Stumpage Price Averages By
WINTHROP, ME
MONTPELIER, VT
ADIRONDACKS, NY
PA
WV
WINTHROP, ME
MONTPELIER, VT
ADIRONDACKS, NY
NEW OXFORD, PA
As a result of the federal government shutdown in 2025, the U.S. Census Bureau is behind in updating housing permits, starts, or residential construction data.
HOUSING PERMITS HOUSING STARTS RESIDENTIAL CONSTRUCTION
Source: US Department of Commerce
Source: US Census and F&W Forestry Services F&W’S LUMBER-USE ADJUSTED HOUSING STARTS IN MILLIONS OF DOLLARS (2026 AVERAGE THROUGH JANUARY)
Source: US Department of Commerce
VALUE AGAINST 26 MAJOR TRADING PARTNERS Source: Federal Reserve IN MILLIONS OF UNITS (2026 AVERAGE THROUGH JANUARY )
IN MILLIONS OF UNITS; TOTAL HOUSING STARTS WITH MULTIFAMILY STARTS REDUCED TO 40 PERCENT TO BETTER REFLECT LUMBER USAGE (2026 AVERAGE THROUGH JANUARY)
Source: Freddie Mac
SOUTHERN PINE–$/MBF
Source: Random Lengths Southern Pine Composite Index
F&W Forestry Services proudly serves a broad client base with comprehensive forest management solutions. Our team takes the time to get to know you, your land, and your goals to create a personalized plan for success.
OUR MISSION
F&W’s mission is to help clients maximize the value and enjoyment of their land and forest resources according to their individual objectives, needs, and desires – whether economic, aesthetic, environmental, or recreational.
OUR SERVICES
Timber Sales
Property Management
Field Support Services
Forest Inventory & Mapping
Forestland Accounting
Technical & Analytical
Real Estate
Natural Capital
