Efforts to address wood scarcity have ignored the forestry value chain and extant literature treats commodity chains as static constructs. Using the adaptive cycle framework, the evolution of the sawn wood commodity chain in Uganda was analysed to examine how policy and governance, physical, and socioeconomic factors interacted to shape its profile over time. Results show that the chain has evolved through one adaptive cycle and is currently undergoing reorganisation. The policy and governance environment had the greatest influence but inadequate coherence with the socioeconomic and physical environments resulted in a system vulnerable to exogenous disturbances. The examination of commodity chains as complex adaptive systems provides beneficial insights to supplement traditional cross-sectional studies focussing on structure, functioning and distribution equity. There is a need for adaptive institutions with focus on development of a cogent strategy for proper coordination in the sawn wood production and distribution system.