A waferboard panel is made from long wafers to have the same strength properties as plywood. The panel comprises at least three layers of wood wafers having an initial aggregate specific gravity, less than about 0.6 oven dry weight with volume at 12% moisture content, the panel having face layers on outside surfaces and at least one core layer. The wafers in the face layers have a mean orientation not greater than about 10.degree., and lengths of at least about 6 inches, preferably 12 inches. Average widths of the wafers in the face layers are in the range of about 0.3 to 2.0 inches and the panel has an oven dry wood density in the range of about 28 to 45 lbs. per cu. ft. with an MOR to density ratio of at least about 120 and an MOE (M) to density ratio of at least about 40.