Greetings Brian:
Unfortunately, many buyers and foresters interchange verbiage when describing logs--just the nature of the beast. We use terms like grade logs, sawlogs, prime logs, veneer logs, butt log, uppers, upper logs, prime veneer logs, pallet logs, tie logs, blocking, blocking logs, pulpwood, pulp logs, pulp sticks, etc. Essentially, it is just a way individuals in the timber business identify with a potential end-product or end-use.
For simplification, grade logs are simply sawlogs that can be manufactured into various grades of lumber (FAS, Selects, No. 1 Common, No. 2 Common, etc.). Some folks in the timber business use the term grade log to indicate higher quality sawlogs. Veneer logs are simply sawlogs that have the potential to be sliced/rotary cut into various grades and thickness of veneer.
Hope this helped!