The present paper reports the results of an investigation regarding the relationship between the global and the local Modulus of Elasticity in sawn timber of Argentinean Eucalyptus grandis. For this purpose an empirical research project with 50 beams in structural sizes subjected to bending was carried out. The results obtained according to European standards show the values of both types of Modulus of Elasticity and the influence of the more important strength and stiffness reducing growth characteristics on their variation, as well as give evidence of the effectiveness of the criterion established in the American standard ASTM D 198 (1999) for correcting the influence of shear on the global Modulus of Elasticity