Good Feller
There are published Log grades and also Tree grades (based on the log grades).
As Ron pointed out, the publications show standard log grades that may not used by the buyers, however there are lumber yield figures for each of the log grades, by most species of hardwood logs, and by diameters of logs.
Allows anyone to grade a log, figure the yield in NHLA lumber grades, and from those yields get a pretty good estimate of log value based on lumber prices by lumber grade.
Log grading usually requires looking at least at the best three faces of a log.
The last log grade research done 1973 in the US Forest Service was out of the NE Exp Sta project in Princeton, WV. Referenced in the link #1 that Ron posted, as Rast, Sonderman, and Gammon. The yields are still valid as the lumber grades have not changed since then.