Manaz:
Jtreybal beat me to the punch by a few minutes. Logs are graded differently than sawn lumber and timbers, and by different grading agencies, and they actually have pretty good strength values. The thinking is that since you are not sawing through grain variations and orientation changes and through other stress raisers like knots, and exposing them on a face or edge, etc.; but rather, the natural growth strength and grain continuity is essentially undisturbed; they are actually superior to sawn lumber which is down-graded for all these material imperfections.