This paper presents the results of laboratory investigations of bonding high moisture content (15 %) birch veneers (Betula pubescens Ehrh.) with the use of modifi ed phenol-formaldehyde (PF) resin. Wheat starch, rye fl our, resorcinol and phenol-resorcinol-formaldehyde resin were chosen as modifying agents. Dynamic viscosity, hydrogen ions concentration, solid content, curing time, pot life of developed adhesive compositions and shear strength of plywood samples were evaluated. ANOVA analysis has shown that type, mixture and content of modifying agents affect signifi cantly the mechanical performance of plywood panels. The obtained results of shear strength values were above the standard requirements (1 N/mm2), and the properties of samples met the European standard EN 314-2 for gluing quality of class 3 and such plywood panels can be used in exterior conditions.