dupedbysteve, you are correct that that is one of the reasons that logs sell for less than sawnwood. However, the amount of waste depends to some extend on the saw used. TATF uses thin kerf band saws, which produce significantly less waste (in sawdust). There is still going to be waste just because you can't get rectangular boards from a round tree without some wasted rounded edges at the edge of the log. Also, the amount of waste depends to a large extent on the diameter of the log, and on the straightness of the log. So, there will be far higher waste from young (small) trees than from older (larger) trees.
The other matters are that sawnwood is graded, so it's not that the price varies from 2 times to 5 times depending on the buyer's mood, but on the quality (grade) of each board. Younger trees produce a higher percentage of lower quality grades, older (larger) and straighter trees produce a higher percentage of higher quality grades.
Finally, there is value in the milling and drying processes which justifies some of a price premium. No one can mill or dry wood for free.
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