<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2730-5066</journal-id>
<journal-title><![CDATA[Agrociencia Uruguay]]></journal-title>
<abbrev-journal-title><![CDATA[Agrocienc. Urug.]]></abbrev-journal-title>
<issn>2730-5066</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Agronomía - Instituto de Nacional de Investigación Agropecuaria]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2730-50662023000101308</article-id>
<article-id pub-id-type="doi">10.31285/agro.27.976</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Economic analysis of alternatives for second rotations in Eucalyptus globulus plantations in southeast Uruguay]]></article-title>
<article-title xml:lang="es"><![CDATA[Análisis económico de alternativas para la segunda rotación en plantaciones de Eucalyptus globulus en el sureste de Uruguay]]></article-title>
<article-title xml:lang="pt"><![CDATA[Análise econômica de alternativas para a segunda rotação em plantações de Eu-calyptus globulus no sudeste do Uruguai]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Balmelli]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gasparri]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Olmos]]></surname>
<given-names><![CDATA[V. Morales]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Nacional de Investigación Agropecuaria (INIA) Sistema Forestal Estación Experimental del Norte]]></institution>
<addr-line><![CDATA[ Tacuarembó]]></addr-line>
<country>Uruguay</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de la República CENUR Noreste Sede Tacuarembó]]></institution>
<addr-line><![CDATA[ Tacuarembó]]></addr-line>
<country>Uruguay</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2023</year>
</pub-date>
<volume>27</volume>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.edu.uy/scielo.php?script=sci_arttext&amp;pid=S2730-50662023000101308&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.edu.uy/scielo.php?script=sci_abstract&amp;pid=S2730-50662023000101308&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.edu.uy/scielo.php?script=sci_pdf&amp;pid=S2730-50662023000101308&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: Eucalyptus globulus is one of the most planted forest species in Uruguay. However, its high susceptibility to diseases has determined that in recent years most plantations reaching harvest are replaced by other species, mainly E. dunnii and E. smithii. The decision whether to maintain the plantation for an additional rotation as coppice crop or to carry out a replanting depends on the expected economic results of both alternatives. Therefore, the objective of this research was to estimate the profitability of a coppice crop of E. globulus and that of a new plantation, with two different species, E. dunnii and E. smithii. In addition, a sensitivity analysis was carried out to study the impact of eventual variations in plantation productivity, in distance to the point of sale, and in the price of wood. Results showed that the three alternatives analyzed are economically viable, but that the management as coppice crop and the replanting with E. smithii are more profitable than replanting with E. dunnii. On the other hand, the coppice management is the alternative that requires less investment and that presents fewer risks, since it is less sensitive to changes in the main variables that determine the economic result.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Eucalyptus globulus es una de las especies forestales más plantadas en Uruguay. Sin embargo, su alta susceptibilidad a enfermedades ha provocado que en los últimos años la mayoría de las plantaciones que llegan a la cosecha son reemplazadas por otras especies, principalmente por E. dunnii y E. smithii. La decisión de mantener la plantación para una rotación adicional como rebrotes o de realizar una replantación depende del resultado económico esperado para ambas alternativas. Por lo tanto, el objetivo de este trabajo fue comparar la rentabilidad esperada en la siguiente rotación para el manejo de rebrotes de E. globulus y para la replantación con dos especies diferentes, E. dunnii y E. smithii. A su vez, se realizó un análisis de sensibilidad para estudiar el impacto de eventuales variaciones en la productividad de la plantación, en la distancia al punto de venta y en el precio de la madera. Los resultados obtenidos mostraron que las tres alternativas analizadas son económicamente viables, pero que el manejo de rebrotes y la replantación con E. smithii son más rentables que la replantación con E. dunnii. Por otro lado, el manejo de rebrotes es la alternativa que requiere menor inversión y que presenta menores riesgos, ya que es menos sensible frente a cambios en las principales variables que determinan el resultado económico.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: O Eucalyptus globulus é uma das espécies florestais mais plantadas no Uruguai. No entanto, sua alta suscetibilidade a doenças fez com que nos últimos anos a maioria das plantações que chegam à colheita sejam substituídas por outras espécies, principalmente por E. dunnii e E. smithii. A decisão de manter a plantação para rotação adicional como brotos ou para replantar depende do resultado econômico esperado para ambas alternativas. Portanto, o objetivo deste trabalho foi comparar a lucratividade esperada na próxima rotação para o manejo de rebrotas de E. globulus e para o replantio com duas espécies diferentes, E. dunnii e E. smithii. Paralelamente, foi realizada uma análise de sensibilidade para estudar o impacto de eventuais variações na produtividade da plantação, na distância até o ponto de venda e no preço da madeira. Os resultados obtidos mostraram que as três alternativas analisadas são economicamente viáveis, mas que o manejo das brotações e o replantio com E. smithii são mais lucrativos do que o replantio com E. dunnii. Por outro lado, o manejo de rebrota é a alternativa que requer menos investimento e apresenta menos riscos, por ser menos sensível a mudanças nas principais variáveis que determinam o resultado econômico.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[financial analysis]]></kwd>
<kwd lng="en"><![CDATA[coppice]]></kwd>
<kwd lng="en"><![CDATA[replanting]]></kwd>
<kwd lng="es"><![CDATA[análisis financiero]]></kwd>
<kwd lng="es"><![CDATA[rebrotes]]></kwd>
<kwd lng="es"><![CDATA[replantación]]></kwd>
<kwd lng="pt"><![CDATA[análise financeira]]></kwd>
<kwd lng="pt"><![CDATA[rebrota]]></kwd>
<kwd lng="pt"><![CDATA[replantio]]></kwd>
</kwd-group>
</article-meta>
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<article-title xml:lang=""><![CDATA[Global timber investments, 2005-2017]]></article-title>
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