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The financial performance of selected management regimes for loblolly (Pinus taeda L.) and longleaf pine (P. palustris Mill.) plantations were compared for four cases, each with low-and high-site productivity levels and each evaluated using 5 and 7 percent real discount rates. In all cases, longleaf pine was considered both with and without pine st...
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... For southern yellow pines, pole stumpage is often twice that of sawtimber stumpage (LDAF 2019, South 2006, Stottlemyer and others 2017, Tanger 2019. Mills and Stiff (2013) for east Texas showed that having as little as 25 percent of sawtimber stumpage sold as poles can substantially enhance economic returns, and these greater revenues make longleaf pine much more competitive with loblolly pine and in some cases actually producing greater returns than loblolly pine. ...
... Plus, we did not include potential returns for pine straw production. Several studies, South (2006), Mills and Stiff (2013), and Dickens and others (2014), have demonstrated that the sale of pine straw can substantially increase financial returns and/or make longleaf pine financial returns much more comparable to loblolly and slash pine. Future work can examine how varying stumpage values and interest rates will (2012)] (lower) projected discounted revenue per acre trajectories by genotype. ...
... For southern yellow pines, pole stumpage is often twice that of sawtimber stumpage (LDAF 2019, South 2006, Stottlemyer and others 2017, Tanger 2019. Mills and Stiff (2013) for east Texas showed that having as little as 25 percent of sawtimber stumpage sold as poles can substantially enhance economic returns, and these greater revenues make longleaf pine much more competitive with loblolly pine and in some cases actually producing greater returns than loblolly pine. ...
... Plus, we did not include potential returns for pine straw production. Several studies, South (2006), Mills and Stiff (2013), and Dickens and others (2014), have demonstrated that the sale of pine straw can substantially increase financial returns and/or make longleaf pine financial returns much more comparable to loblolly and slash pine. Future work can examine how varying stumpage values and interest rates will (2012)] (lower) projected discounted revenue per acre trajectories by genotype. ...
... For southern yellow pines, pole stumpage is often twice that of sawtimber stumpage (LDAF 2019, South 2006, Stottlemyer and others 2017, Tanger 2019. Mills and Stiff (2013) for east Texas showed that having as little as 25 percent of sawtimber stumpage sold as poles can substantially enhance economic returns, and these greater revenues make longleaf pine much more competitive with loblolly pine and in some cases actually producing greater returns than loblolly pine. ...
... Plus, we did not include potential returns for pine straw production. Several studies, South (2006), Mills and Stiff (2013), and Dickens and others (2014), have demonstrated that the sale of pine straw can substantially increase financial returns and/or make longleaf pine financial returns much more comparable to loblolly and slash pine. Future work can examine how varying stumpage values and interest rates will (2012)] (lower) projected discounted revenue per acre trajectories by genotype. ...
As part of a regional study of new longleaf pine (Pinus palustris Mill.) genotypes, a trial was established at the Louisiana State University Agricultural Center Hill Farm Research Station in northwest Louisiana. The goal was to determine growth and development of genotypes planted north of the species' known historical range. This location is within the projected potential range of longleaf pine under moderate to severe climate change scenarios. In January 2016, the site was hand-planted with 1-0 containerized longleaf pine seedlings in a 10-foot by 10-foot spacing using genotypes of diverse geographic origin (Alabama, North Carolina, east Texas); 17 genotypes were half-sibling and 2 were full-sibling crosses. Summary statistics and stand tables were calculated by genotype at age 5 and used to conduct projections using a variety of model systems. These projections were used to estimate future economic values, rotation ages, and to see how projections varied among model systems.
... A recent study by Davis et al. (2017), which used FVS to model loblolly pine growth, also found a similar trend in LEVs and compensatory rates for extending the optimal rotation age to establish wildlife-centric management regimes. As expected, our findings indicated that LEVs and compensatory rates increased as site index increased, which is consistent with previous studies (Barlow et al. 2007, Huang 2009, Mills and Stiff 2013, Davis et al. 2017). This trend is not surprising considering that growth and yield increased with site quality, which resulted in higher opportunity costs associated with delaying the final harvest on high-quality sites. ...
... If revenues from nontimber products (e.g., a hunting lease or pine straw raking) were incorporated in the financial analysis, the LEVs would have increased and may have affected species differently. Mills and Stiff (2013) stated that including revenue from straw raking can make longleaf pine more financially competitive with loblolly pine. The production of utility poles was another important factor this study did not consider. ...
Intensive pine silviculture has become the dominant management paradigm in the southeastern United States. Although productivity has been substantially increased by the combination of cultural, silvicultural, and genetic advancements, wood quality is sometimes sacrificed in intensive silviculture. Extending the optimal rotation allows trees to grow more timber, which may result in the production of better quality sawtimber; however, landowners may require incentives to do so. We simulated loblolly, slash, shortleaf, and longleaf pine for growth and yield using the Forest Vegetation Simulator (FVS) to determine sawtimber price premiums landowners would require to offset the costs associated with delaying the final harvest by 10 to 30 years in even-aged systems. Required incentives increased with the length of harvesting delay beyond the financially optimal rotation age. On medium productivity sites, landowners would be willing to delay the final harvest by 10 years for sawtimber price premiums of $5.06/ton (20.47%) for loblolly, $5.34/ton (21.6%) for slash, $4.56/ton (18.45%) for longleaf, and $6.71/ton (27.14%) shortleaf pine, respectively. Harvest delays of 10 to 20 years were financially justifiable, whereas extensions exceeding 30 years were prohibitively costly for all species. Delaying the optimal harvest could benefit landowners by generating a premium price for their sawtimber while providing important ecosystem services.
... While these estimates are concerning for restoring longleaf pine, it is difficult to overlook the fact that only a few studies have focused on the economics of longleaf pine relative to other southern pine species using a similar set of assumptions for informing private (family and commercial) landowners who own about 87% of forestlands in Southern United States (McIntyre et al., 2018). Mills and Stiff (2013) reported that longleaf pine yielded higher financial returns (about $2,914/ha) than intensively managed loblolly pine, even at higher site indices when payments for pine straw raking and timber were included. An economic comparison made by Dickens et al. (2014) across several scenarios of loblolly and longleaf pines with and without income from pine straw raking found that a two-thin 45-year rotation longleaf pine scenario with annual pine straw income using 4 and 6% real discount rates and average historical Timber-Mart South prices (1997)(1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013) had higher Land Expectation Values (LEVs) of $2,813/ha and $1,151/ha, respectively, whereas a two-thin 33-year rotation with and without any income from pine straw raking had LEVs of $1,749 and $366/ha, respectively. ...
... Only a few studies study base longleaf pine in the same system as other southern pines, and even fewer studies that focus on the integration of payments of roundwood products and ecosystem services (Alavalapati et al., 2002;Johnsen et al., 2009;Mills and Stiff, 2013;Susaeta and Gong, 2019). It is vital to study the economics of major pine species under the same set of assumptions for informing family forest landowners in Southern United States who own about 60% of total forestlands in the region (Wear and Greis, 2012). ...
... The income from pine straw raking increased LEV 145% for slash pine, and almost 1225% for longleaf pine while still showing lower LEVs for longleaf pine. Income from pine straw has been considered a major driving factor for landowners to plant longleaf pine and adding pine straw has greatly improved the financial performance of longleaf pine plantations (Mills and Stiff, 2013). However, several factors have indicated that longleaf pine may perform better than loblolly pine than that shown in our analysis. ...
During the early 1900s, nearly 37 million hectares of land in the Southern United States were under longleaf pine ( Pinus palustris ) relative to the current area of 1.6 million hectares. This study compares the economics of southern pines (longleaf, loblolly ( Pinus taeda ), and slash ( Pinus elliottii )) to facilitate the decision making of family forest landowners and design suitable financial incentives for increasing the area under longleaf pine in the region. We simulated six growth and yield scenarios for selected southern pines over three site indices in the Lower Coastal Plain of South Georgia. We estimated land expectation values (LEVs) of each scenario for the three cases, i.e., payment for forest products, payment for forest products and net carbon storage, and payment for forest products, net carbon storage, and net water yield. Our findings show that pine straw income significantly increases the LEV of longleaf pine. The financial risk of growing longleaf pine is lower than that of other southern pines. Existing financial support through various governmental incentives or additional monetary support for ecosystem services provided by longleaf pine ecosystems is needed to increase the area under longleaf pine in the Southern United States, in general, and in South Georgia, in particular. However, a need exists to reevaluate the conservation values provided by longleaf plantations considering expected shorter rotation ages due to the income provided by pine straw markets in Southern United States.
... Several have focused on economic valuation of different management regimes of southern pines, using a land expectation value (LEV) maximization approach to identify the optimal regime. Research focusing solely on maximizing timber production suggests using shorter rotations for higher financial benefits (Jones andothers 2010, Mills andStiff 2013). Others have considered joint management of pine plantations for timber production and wildlife habitat and evaluated the economic trade-off of alternative management regimes (Barlow and others 2007, Davis and others 2017, Huang 2009). ...
Pine (Pinus spp.) plantations in the Southeastern United States are managed intensively following even-aged silviculture. Trees are harvested at young ages resulting in inferior wood quality. We modeled two fast-growing southern pines using the Forest Vegetation Simulator to determine the price premium that forest landowners need to grow higher quality pines on longer rotation ages. Different management regimes were optimized using a land expectation value maximization approach. Results suggested that delaying final harvest by 10 years is financially obtainable, while a 20-year rotation extension depends on demand of higher quality sawtimber. In addition, rotation extension more than 30 years is financially undesirable. This study serves as a basic resource for primary forest product industries interested in purchasing higher quality pine sawtimber.
... Examples of studies on the private value of joint production of timber and NTFPs include production of pine straw in the Southeast (Roise et al. 1991, Dickens et al. 2012, Susaeta et al. 2012, Mills and Stiff 2013, maple syrup in the Northeast (Farrell 2012), harvest of fir boughs in the Pacific Northwest (Blatner et al. 2010), and collection of mushrooms in the Pacific Northwest (Pilz et al. 1998, 1999, Alexander et al. 2002a. Although optimal management regime depends on market, landowner, and forest stand characteristics (Farrell 2012), studies on NTFP private values indicate that they can provide an economic incentive for forest management, and sometimes are a key component in making certain management regimes competitive and profitable (Blatner et al. 2010, Farrell 2012, Mills and Stiff 2013. ...
... Examples of studies on the private value of joint production of timber and NTFPs include production of pine straw in the Southeast (Roise et al. 1991, Dickens et al. 2012, Susaeta et al. 2012, Mills and Stiff 2013, maple syrup in the Northeast (Farrell 2012), harvest of fir boughs in the Pacific Northwest (Blatner et al. 2010), and collection of mushrooms in the Pacific Northwest (Pilz et al. 1998, 1999, Alexander et al. 2002a. Although optimal management regime depends on market, landowner, and forest stand characteristics (Farrell 2012), studies on NTFP private values indicate that they can provide an economic incentive for forest management, and sometimes are a key component in making certain management regimes competitive and profitable (Blatner et al. 2010, Farrell 2012, Mills and Stiff 2013. Furthermore, NTFP production generates annual or periodic income in the years between timber harvests (Pilz et al. 1998, Blatner et al. 2010, Susaeta et al. 2012, and in certain cases the NTFP component of forest management values rivals the timber component (Pilz et al. 1999, Alexander et al. 2002a, Farrell 2012, Susaeta et al. 2012). ...
Although numerous and varied users harvest, trade, and consume nontimber forest products (NTFPs), relatively little is known about the organization of the markets for these products and the market value or contribution to local and regional economies. In this article, we review and synthesize economic research and information on the markets and market values of NTFPs in the United States. We describe formal and informal markets for NTFPs, and the extent to which and reasons why many of the details of these markets remain unknown to researchers and decisionmakers. We provide examples of the market values of various species and identify information gaps and research needs to improve resource management and increase economic development.
... Several studies have been conducted in the economics of southern pines. Some focused in optimizing timber revenues in short rotation under even-aged management systems (Jones et al 2010;Mills and Stiff 2013). Several others focused to identify optimum uneven-aged management regimes with optimal growing stock level and cutting cycles (Change 1981;Hall 1983;Michie 1985;Hotvedt et al. 1989;Chang and Gadow 2010). ...
... Other studies focused on the optimization of NPVs and LEVs using intensive management 27 following even-aged silviculture (Hotvedt and Straka 1987;Jones et al 2010) to ensure higher return in reduced costs. While some others compared economic return from both even-aged and uneven-aged silviculture (Haight 1987;Guldin and Baker 1988;Chang 1990;Redmond and Greenhalgh 1990;Caffereta 1997;Mills and Stiff 2013) and ...
... In the longleaf pine model, three products prices were used for LEV calculation which is consistent with Mills and Stiff (2013) and Davis (2015). Davis (2015), however, used price of utility pole instead of sawtimber price. ...
Different management regimes consisting of range of site indices and planting
densities were simulated to evaluate price premiums required for growing high-quality
southern pines across the southern United States. Optimal management regimes were
identified maximizing the land expectation value. Growing high-quality pines on longer
rotations are economically feasible, however, forest landowners need premiums which
ranged from $1.40/ton to $9.81/ton for 10-year rotation extension and increased
significantly with rotation ages. In uneven-aged management, price premiums for 5-year
cutting cycle extension ranged from $1.75/ton to $2.25/ton. Additionally, sawmill’s
willingness-to-pay price premiums for high-quality pine sawtimber were calculated using
a mail survey. Sawmills showed considerable interest in paying price premiums which
ranged from $4.22/ton to $12.98/ton. Factors affecting mean WTP price premiums were
sawlog size, procurement radius, grade, mill’s capacity, and employees. These findings
will help landowners in deciding whether to extend rotation ages of their forest for
growing higher quality pines.
... Harvest events are indicated by a vertical drop in basal area. was also reported in other studies (Carley and Grado 2000, Huang et al. 2005, Barlow et al. 2007, Huang 2009, Mills and Stiff 2013. ...
Little quantitative information is available to nonindustrial-private forest (NIPF) owners regarding economic tradeoffs between managing pine plantations for timber production or wildlife habitat. We modeled loblolly (Pinus taeda) pine plantations to quantify economic tradeoffs for competing management scenarios using densities aimed at wildlife habitat or timber production in the Lower Coastal Plain and Coastal Flatwoods regions of Mississippi, USA. Scenarios contained a range of site indices, planting densities, thinning densities and frequencies, and rotation lengths for timber maximization and white-tailed deer (Odocoileus virginianus) or northern bobwhite (Colinus virginianus) habitat production. Land expectation values (LEVs) were highest for timber scenarios, followed by joint deer and timber, joint quail and timber, deer, and quail management scenarios. Comparison to the regional hunting lease rate revealed that compensatory lease rates from the study could be realized, making wildlife management as valuable as timber management. The results of this study could help landowners be more informed about economic tradeoffs when making management decisions on their property.
... Though some claim that it costs less to establish a bareroot longleaf pine plantation on cutover sites (Mills and Stiff 2009), others find that overall establishment costs are lower for slash pine and loblolly pine (Ledford 1999). For example, a longleaf pine seedling may cost $0.09 ...
... Establishing a longleaf pine stand with bareroot seedlings (622 SPA) with no mechanical site preparation, no fertilizers, and no herbaceous weed control might cost only $218/ac ( Mills and Stiff 2009). However, costs can exceed $350/ac if two herbaceous weed control treatments are applied to hand-planted container-grown stock (726 SPA) on mechanically site-prepared soil. ...
The cost of establishing longleaf pine (Pinus palustris Mill.) on agricultural sites is typically higher than that for slash pine (Pinus elliottii var. elliottii Engelm.). For some landowners, this cost might be reduced by establishing a two-species plantation (e.g., planting one-third
to one-half of the rows with slash pine). To examine the potential benefits of a mixed-species stand, a replicated trial was established at the Solon Dixon Forestry Education Center in Alabama in 1997. Longleaf pine and slash pine were planted in alternating rows spaced 10 ft apart (within-row
spacing varied from 4 to 8 ft). Initial survival of bareroot stock was 75% for slash pine. Therefore, all bareroot longleaf pine seedlings were removed, and plots were replanted using container-grown longleaf pine. Fifth-year survival of the container-grown
stock was >45%, but subsequent competition from adjacent rows of slash pine reduced survival to 20% by the age of 12 years. An estimate of the value of products from the mixed-species stand at the age of 12 years was $867/ac greater than that from the pure longleaf pine stand (planted
at a 4 × 10-ft spacing). Results from this trial suggest that for a mixed-species stand to be successful in restoring longleaf pine, either the spacing between rows should be much wider than 10 ft or the ratio of longleaf pine to slash pine seedlings should be greater than 1.3 (either
at planting or at a young age).
