It is a grad for lumber, but the more important grading is the number it will be SPF number 1 or 2.
2 is the more common grade used for construction etc. Most of your big box stores carry 2 because it is cheaper.
The SPF is also so the manufacturer does not have to keep lumber separated by species. Spruce Pine and Fur all are about the same quality and strength.
SYP -- Southern Yellow Pine --- is another triple name brand of wood but is actually just one kind of wood
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