Corn FX Indices:

The Atten Babler Commodities Corn Foreign Exchange (FX) Indices were mixed throughout Jan ’22. The USD/Corn Exporter FX Index increased to a record high level however the USD/Corn Importer FX Index and USD/Domestic Corn Importer FX Index each declined slightly throughout the previous month.

Global Corn Net Trade:

Major net corn exporters are led by the U.S., followed by Brazil, Ukraine, Argentina, Russia and India (represented in green in the chart below). Major net corn importers are led by the EU-28, followed by Japan, Mexico, South Korea, Egypt and Iran (represented in red in the chart below).

The United States accounts for over two fifths of the USD/Corn Exporter FX Index, followed by Brazil at 18%, Ukraine at 16% and Argentina at 10%.

The EU-28 and Japan each account for 14% of the USD/Corn Importer FX Index. Mexico, South Korea, Egypt and Iran each account for between 5-10% of the index.

USD/Corn Exporter FX Index:

The USD/Corn Exporter FX Index increased 0.9 points throughout Jan ’22, finishing at a record high value of 285.1. The USD/Corn Exporter FX Index has increased 8.2 points throughout the past six months and 142.6 points since the beginning of 2014. A strong USD/Corn Exporter FX Index reduces the competitiveness of U.S. corn relative to other exporting regions (represented in green in the Global Corn Net Trade chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Argentine peso and Ukrainian hryvnia has accounted for the majority of the gains since the beginning of 2014.

USD appreciation within the USD/Corn Exporter FX Index during Jan ’22 was led by gains against the Ukrainian hryvnia, followed by gains against the Argentine peso and Russian ruble. USD declines were exhibited against the Brazilian real and South African rand.

USD/Corn Importer FX Index:

The USD/Corn Importer FX Index declined 0.2 points throughout Jan ’22, finishing at a value of 173.1. The USD/Corn Importer FX Index remained up 4.7 points throughout the past six months and 46.1 points since the beginning of 2014, despite the most recent decline. A strong USD/Corn Importer FX Index results in less purchasing power for major corn importing countries (represented in red in the Global Corn Net Trade chart), making U.S. corn more expensive to import. USD appreciation against the Egyptian pound, Mexican peso, euro and Iranian rial has accounted for the majority of the gains since the beginning of 2014.

Appreciation against the USD within the USD/Corn Importer FX Index during Jan ’22 was led by gains by the Mexican peso, followed by gains by the Peruvian sol and Chilean peso. USD gains were experienced against the Japanese yen and South Korean won.

U.S. Corn Export Destinations:

Major destinations for U.S. corn are led by Japan, followed by Mexico, South Korea, Columbia, Egypt and China.

Japan accounts for 27% of the USD/Domestic Corn Importer FX Index, followed by Mexico at 24% and South Korea at 12%. Columbia, Egypt and China each account for between 5-10% of the index.

USD/Domestic Corn Importer FX Index:

The USD/Domestic Corn Importer FX Index declined 0.3 points throughout Jan ’22, finishing at a value of 152.0. The USD/Domestic Corn Importer FX Index remained up 3.9 points throughout the past six months and 38.4 points since the beginning of 2014. A strong USD/Domestic Corn Importer FX Index results in less purchasing power for the traditional buyers of U.S. corn (represented in red in the U.S. Corn Export Destinations chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Mexican peso and has accounted for the majority of the gains since the beginning of 2014.

Appreciation against the USD within the USD/Domestic Corn Importer FX Index during Jan ’22 was led by gains by the Mexican peso, followed by gains by the Peruvian sol. USD gains were experienced against the Japanese yen, South Korean won and Columbian peso.

Soybeans FX Indices:

The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices weakened throughout Jan ’22. The USD/Soybean Exporter FX Index, USD/Soybean Importer FX Index and USD/Domestic Soybean Importer FX Index all declined slightly throughout the month.

Global Soybeans Net Trade:

Major net soybeans exporters are led by Brazil, followed by the U.S., Argentina, Paraguay and Canada (represented in green in the chart below). Major net soybeans importers are led by China, followed by the EU-28, Mexico and Japan (represented in red in the chart below).

Brazil and the United States each account for over two fifths of the USD/Soybeans Exporter FX Index, followed by Argentina at 7%.

China accounts for nearly two thirds of the USD/Soybeans Importer FX Index, followed by the EU-28 at 12%.

USD/Soybeans Exporter FX Index:

The USD/Soybeans Exporter FX Index declined 1.9 points throughout Jan ’22, finishing at a value of 234.1. USD/Soybeans Exporter FX Index remained up 8.4 points throughout the past six months and 105.7 points since the beginning of 2014, despite the most recent decline. A strong USD/Soybeans Exporter FX Index reduces the competitiveness of U.S. soybeans relative to other exporting regions (represented in green in the Global Soybeans Net Trade chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Brazilian real has accounted for the majority of the gains since the beginning of 2014.

Appreciation against the USD within the USD/Soybeans Exporter FX Index during Jan ’22 was led by gains by the Brazilian real, followed by gains by the Canadian dollar. USD gains were experienced against the Argentine peso and Paraguayan guarani.

USD/Soybeans Importer FX Index:

The USD/Soybeans Importer FX Index declined 0.2 points during Jan ’22, finishing at a value of 94.6. The USD/Soybeans Importer FX Index remained up 0.2 points throughout the past six months and 11.7 points since the beginning of 2014, despite the most recent decline. A strong USD/Soybeans Importer FX Index results in less purchasing power for major soybeans importing countries (represented in red in the Global Soybeans Net Trade chart), making U.S. soybeans more expensive to import. USD appreciation against the Chinese yuan renminbi has accounted for the majority of the gains since the beginning of 2014.

Appreciation against the USD within the USD/Soybeans Importer FX Index during Jan ’22 was led by gains by the Chinese yuan renminbi, followed by gains by the Mexican peso. USD gains were experienced against the Russian ruble, Turkish lira and Japanese yen.

U.S. Soybeans Export Destinations:

Major destinations for U.S. soybeans are led by China, followed by Mexico, Indonesia and Japan.

China accounts for nearly two thirds of the USD/Domestic Soybeans Importer FX Index. Mexico, Indonesia and Japan each account for between 5-10% of the index.

USD/Domestic Soybeans Importer FX Index:

The USD/Domestic Soybeans Importer FX Index declined 0.2 points throughout Jan ’22, finishing at a value of 97.4. The USD/Domestic Soybeans Importer FX Index has declined 0.1 point throughout the past six months but has remained up 11.8 points since the beginning of 2014. A strong USD/Domestic Soybeans Importer FX Index results in less purchasing power for the traditional buyers of U.S. soybeans (represented in red in the U.S. Soybeans Export Destinations chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Chinese yuan renminbi has accounted for the majority of the gains since the beginning of 2014.

Appreciation against the USD within the USD/Domestic Soybeans Importer FX Index during Jan ’22 was led by gains by the Mexican peso, followed by gains by the euro. USD gains were experienced against the Japanese yen, Russian ruble and Turkish lira.