Generally, moisture content of veneer for plywood bonded with conventional UF resin is required to be less than 8%. In this study, UF resin was modified by copolymerization with semi-esterified corn starch. Effects of amount of semi-esterified corn starch, molar ratio of UF resin, mixture proportion and hot-pressing parameters on glue properties, such as viscosity, stability, curing time and bonding quality, were investigated. The results showed that when moisture content was increased to 16%～18%, physical and mechanical properties of the plywood conformed with the standard of GB/T 9846.1～12-88 and manufacturing cost of the plywood could be reduced.