Biofuel properties can be improved through torrefaction, a thermal process whereby biomass is treated with moderately elevated temperatures (200 to 300 °C) under conditions that are essentially anaerobic and at atmospheric pressure. A custom-made crucible furnace retort was fabricated to produce intermediate quantities of torrefied material and accommodate large particles that would be encountered in real-world operations. Varying the torrefaction conditions of temperature, and treatment duration, generated products having varying degrees of thermal degradation. For pulp-grade pine wood chips, yields ranged from 51% to 96%, and were impacted to a greater extent by varying the treatment temperature as opposed to the treatment time. Spectroscopy-based models were developed as a rapid assessment technique for use in a production environment to measure yields and facilitate adjustments to process parameters. Regarding the use of torrefied wood as a feedstock for thermochemical operations, higher treatment temperatures, which gave the lowest yields of torrefied wood, demonstrated the highest recalcitrance during liquefactions targeted to generate liquid chemical products from wood.