This has made pine sawtimber prices drop in Mississippi and the demand for stumpage is limp. About six consultants mentioned that they had bid sales in June that were rejected by the landowners because the bids were too low. On the hardwood side reporters noted that demand for hardwood timber was steady. Housing starts are helping those hardwood lumber producers selling to cabinet markers and furniture mills. With weather so dry, many reporters noted there was too much timber on the market now.
Quotas are common at sawmills and many mills are using lots of gatewood.
Others were resigned to stay out of the market until fall. While most were confident fall would improve the stumpage markets, the effects of the Japanese economic recession remained on their minds. In the meantime, many foresters were working on the other management chores, like thinning pine plantations, painting boundary lines and handling storm damaged tracts. Mill buyers were working on harvesting tracts already purchased and bidding on the sales available in this buyers' market. Most reporters noted that the pulpwood market was down significantly, especially hardwood pulpwood.