Best adhesive for exterior wood?

[AlwaysBeenASaver]

I'm repairing some spots of dry rot under and on our siding. I'm trying to replace as few of the outer siding pieces as possible, because they are $1.92/linear foot and many of them don't have any dry rot on them. One of the long boards broke off a very small piece when I pried it up, I'm going to try to include a photo. The wood is good and solid, no signs on rot on this piece. I have wood/carpenters glue and I have exterior heavy duty "power grab" construction adhesive that lists wood as one of the materials it can be used on. I also have clamps for when the adhesive is drying. Which would be a stronger option for gluing this very small piece onto the edge of the large board?

[AlwaysBeenASaver]

According to this article, I should use the wood glue.

http://homeguides.sfgate.com/wood-glue-vs-construction-adhesive-90200.html

[Gone Fishing]

Either would probably work. Siding expands and contracts quite a bit with changes in the tempeature and humidity.  High humidity will soften regular wood glue, but they also make all types of water resitant/proof versions.  The only downside I see to the construction adhesive can be hard to keep neat. If you go with the wood glue, seal it after it dries with paint, if at all possible. 

[paddedhat]

Gorrilla glue. It's waterproof, and it will make a joint that's far stronger than the wood. Dampen the surfaces, put a very small amount of GG on one side, and clamp it with some masking tape until is sets up. Use a sharp chisel to trim the excess.

[AlwaysBeenASaver]

I've always kind of wanted a good reason to buy some gorilla glue...I need to make a trip to Ace tomorrow anyway, I'll have to see if they carry it and how much it is.

[archben82]

Use Titebond III Ultimate Wood Glue.  It's waterproof and made for exterior use.

[AlwaysBeenASaver]

In case anyone is curious, I ended up with the Titebond III and it seems to be working very well.