High     Low      Avg.   Last Qtr.   Last Yr.     Volume       # of Rpts.
                          (All prices shown as $ per MBF, International Scale)
Veneer
Black Walnut         $4,165    $875   $1,525    $1,665     $1,910      33 Int. - MBF          9
Red oak (group)      $1,250  $1,250   $1,250    $1,000                 19 Int. - MBF          2
White oak (group)    $1,250  $1,250   $1,250    $1,250     $1,905      28 Int. - MBF          2
Sawlogs    
Ash                    $100     $85      $90      $100       $140      22 Int. - MBF          3
Basswood               $125    $125     $125         -          -      11 Int. - MBF          1
Black Walnut           $760    $335     $555      $395       $620      65 Int. - MBF          6
Cherry                 $250     $40     $245      $100       $165       2 Int. - MBF          2
Cottonwood              $65     $65      $65       $50        $65       1 Int. - MBF          2
Elm                     $65     $40      $65         -        $65       5 Int. - MBF          3
Hackberry               $85     $85      $85         -       $100       4 Int. - MBF          2
Hickory                $230     $60     $155      $140       $120     225 Int. - MBF         18
Mixed Hardwoods        $290     $30     $160      $155       $155     959 Int. - MBF         17
Oak (mixed species)    $200    $120     $150      $200       $145     949 Int. - MBF         12
Post Oak               $230     $85     $130      $155       $125     144 Int. - MBF         15
Red oak (group)        $585     $65     $165      $205       $190   6,167 Int. - MBF         36
S Yellow Pine          $230     $95     $130      $120        $95     727 Int. - MBF         16
Soft Maple             $165    $165     $165      $200       $245       1 Int. - MBF          1
Sycamore                $65     $65      $65         -        $70      19 Int. - MBF          2
White oak (group)      $230     $85     $145      $145       $170     808 Int. - MBF         24
Fence Posts
S. Yellow Pine         $.50    $.50     $.50         -          -     909 Tons                1
S. Yellow Pine         $.68    $.47     $.62      $.36          -  15,984 Each                4
Pulpwood
Mixed Hardwoods          $1      $1       $1        $1          -   2,998 Tons                2
Stave
White oak (group)      $300    $205     $260      $250       $235      14 Int. - MBF          2

2003 ended without many big changes in timber stumpage prices. Logging activity has been high with the mild Fall weather responsible for ideal logging conditions. Late November and December rainfall has caused slowdowns in local areas however. Log inventories at sawmills is generally good throughout the state. Salvage clean up from the storms of last Spring kept the supply of logs high throughout the Summer and early Fall.

Salvage log prices remain low due to the level of damage and the increased cost of logging storm damaged timber. Supply and demand are also factors as local log markets were overwhelmed in some areas. Some of the oak and pine prices appearing in this report appear to be lower in some cases due to the influence of lower salvage log prices.

High quality red oak remains the most sought-after species with black walnut also in demand mainly in the Prairie and Riverborder regions. Both walnut veneer and lumber log prices appear to be slightly elevated over last year in sales reported in Central Missouri. The majority of walnut sales offered had multiple bidders and a relatively large range of bids. The advantage of soliciting bids from many buyers is apparent from results of the reported walnut sales.

The "hot" soft maple market of the past two years appears to have run its course. Stumpage prices are still good, but not the exceptionally high prices of the past. A couple of sawmill closings have negatively impacted overall demand in northern Missouri.

Stave log prices are stable as they have been throughout the year. In areas of the state with good markets for high quality white oak grade logs, good sawlogs now bring higher prices than stave logs. That is a significant change and is important to landowners in those areas.