Information to support efficient log procurement decisions based on log cost as well as volume and value of veneer produced from log volume is scarce. The objective of this study was to systematically investigate the effect of log dimensions and geometry (small-end diameter under bark (SEDUB), taper, sweep, and ovality) on the recovery of marketable veneer from log volume, and to produce a metric to support efficient log procurement decisions. The metric developed was the maximum that could be paid for mill-delivered logs of a specific log geometry (MDLCmax) while attaining a target gross margin. In decreasing order of impact on the net recovery of marketable veneer from log volume, the log characteristics were sweep, SEDUB, taper, and ovality. In an Australian case study, log dimensions and geometry were found to substantially affect MDLCmax. Relative to a 2.6-m cylindrical log, taper of 0.01 m/m of log length decreased MDLCmax $10/m3 and sweep of 0.01 m/m of log length decreased MDLCmax $20/m3. This metric is useful for supporting log procurement decisions of the timber industry.