Reconstituted wood panels are widely used in various branches of the wood industry, such as in the furniture sectors and various segments of urban and rural construction. In Brazil, agricultural and forestry residues are abundantly generated, making feasible the study, development and application of alternative and sustainable materials, produced from the use of these wastes. The aim of this study was to produce high-density homogenous panels with wood residues of Pinus elliottii and oat hulls (Avena sativa), pressed with two types of adhesive, castor oil-based polyurethane and melamine formaldehyde, and to evaluate the physical performance of these panels. The physical performance of the panels was evaluated based on the ABNT NBR 14810: 2006, ANSI A208.1: 1999 and BS EN 312: 2003 standards. Analysis of variance (ANOVA) was performed to test the influence of the factors percentage of oat hull, percentage of adhesive and type of adhesive, and the interactions between these factors on the physical properties of the panels. The results indicated physical properties, in some treatments superior to the requirements stipulated by the consulted standards. It was concluded that the panels produced with the castor oil-based polyurethane adhesive showed better physical performance when compared with the panels produced with the melamine formaldehyde adhesive.