Definitions for "Merchantable"
That part of a tree that can be manufactured into a salable product.
Forest products suitable for marketing under local economic conditions. With respect to a single tree, it means the parts of the bole or stem suitable for sale.
Trees which are suitable for processing into forest produce and for which a market exists Forestry Victoria
Keywords:  sold, fit, mill, wheat, timber
Fit for market; such as is usually sold in market, or such as will bring the ordinary price; as, merchantable wheat; sometimes, a technical designation for a particular kind or class.
fit to be offered for sale; "marketable produce"
Able to be sold - usually the minimum dimensions that a log must be to be acceptable to a mill.