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Many thanks to Dr. Jack Lutz for his excellent newsletter and striking charts of historical Southern Pine stumpage and product prices. The first chart, nominal prices, looks like many commodity price series. It's the second chart, deflated by the US CPI, which stands out. Real prices for Southern pine stumpage peaked before 2000. Even in the great housing boom of 2003-2008 prices for this commodity stumpage were dropping. Real Southern Pine Stumpage Prices Contrast the Southe