Atten Babler Corn FX Indexes – Nov ’14
Overview:
Atten Babler Commodities has created three Corn Foreign Exchange (FX) Indexes that are intended to indicate general trends in the competiveness of U.S. corn exports. The Indexes value the U.S. dollar (USD) against the currencies of major global corn exporting regions, major global corn importing regions and traditional U.S. corn export destinations. These Indexes will be identified in future updates by the following designations:
• USD/Corn Exporter FX Index
• USD/Corn Importer FX Index
• USD/Domestic Corn Importer FX Index
The Indexes will be updated on a monthly basis going forward with commentary provided in blog postings at the end of each month.
Methodology:
The USD/Corn Exporter FX Index, USD/Corn Importer FX Index and USD/Domestic Corn Importer FX Indexes are constructed using the currencies of 90% or more of the total global corn exporters, global corn importers and global importers of U.S. corn, respectively. Export and import percentages are calculated using the most recently available full year statistics offered by the USDA Foreign Agricultural Service (FAS). Currencies are weighted when valued against the USD to account for the relative importance of each region’s currency within the Indexes based on each regions percentage of total trade. FX values are provided by OANDA and are calculated on a percentage change basis, indexed to Jan ’00.
Current Index Values:
The USD/Corn Exporter FX Index increased 6.4 points in Nov ’14 to a new high value of 225.1. The USD/Corn Exporter FX Index has increased 45.6 points since the end of Dec ’13 and 17.6 points throughout the past four months. USD appreciation against the Argentine peso and the Ukrainian hryvnia has accounted for the majority of the YTD gains throughout 2014.
The USD/Corn Importer FX Index increased 0.1 points in Nov ’14 to a new high of 107.2. The USD/Corn Importer FX Index has increased 1.1 points since the end of Dec ’13 and 0.8 points throughout the past four months, substantially less than the USD/Corn Exporter FX Index.
The USD/Domestic Corn Importer FX Index increased 0.7 points in Nov ’14 to a new high of 125.8. The USD/Domestic Corn Importer FX Index has increased 2.0 points since the end of Dec ’13 and 2.0 points throughout the past four months, also substantially less than the USD/Corn Exporter FX Index.
The USD/Corn Importer FX Index increased 0.1 points in Nov ’14 to a new high of 107.2. The USD/Corn Importer FX Index has increased 1.1 points since the end of Dec ’13 and 0.8 points throughout the past four months, substantially less than the USD/Corn Exporter FX Index.
The USD/Domestic Corn Importer FX Index increased 0.7 points in Nov ’14 to a new high of 125.8. The USD/Domestic Corn Importer FX Index has increased 2.0 points since the end of Dec ’13 and 2.0 points throughout the past four months, also substantially less than the USD/Corn Exporter FX Index.