Raced around the wood (5)
I believe the answer is:
cedar
'wood' is the definition.
(I know that cedar is a type of softwood)
'raced around' is the wordplay.
'around' indicates anagramming the letters.
'raced' anagrammed gives 'CEDAR'.
'the' acts as a link.
(Other definitions for cedar that I've seen before include "Cypress-like tree" , "Fragrant conifer" , "Great hardwood tree associated with Lebanon" , "Raced around noble tree" , "Raced around a great hardwood tree" .)