More than 200 million acres of the American South are covered in timber. The South produces one-third of America’s lumber, with paper and cardboard as an important by-product. Bobby Dobson, timber investor and land broker, and Spencer Smith of Saunders Real Estate join Damian Mason to break down an industry that looks remarkably familiar to anyone who follows corn and soybean economics. Pulpwood prices down 46% from their peak. Ten major mills closed in three years. Sawmills running below capacity. Brazil growing a merchantable timber tree in half the time we can. The next generation of loggers opting out of the business. Yet timberland values are up nearly 50% since 2018. Outside investors are pouring in. Recreational buyers are paying premium prices to hunt whitetail or just own their piece of the country. Sound familiar? The commodity is struggling. The land underneath keeps going up. The parallels to Midwest row crop agriculture are impossible to ignore.