Atten Babler Corn FX Indexes – Jan ’15
U.S. dollar (USD) strength continued within the Atten Babler Commodities Corn Foreign Exchange (FX) Indexes during Jan ’15. The USD/Corn Exporter FX Index, USD/Corn Importer FX Index and USD/Domestic Corn Importer FX Index all increased to record high values.
USD/Corn Exporter FX Index:
The USD/Corn Exporter FX Index increased 2.7 points in Jan ’15 to a new high value of 234.8. The USD/Corn Exporter FX Index has increased 55.3 points since the beginning of 2014 and 27.3 points throughout the past six months. A strengthening USD/Corn Exporter FX Index reduces the competitiveness of U.S. corn relative to other exporting regions, ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Argentine peso and the Ukrainian hryvnia has accounted for the majority of the gains since the beginning of 2014.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index increased 2.3 points in Jan ’15 to a new high value of 216.8. The USD/Corn Importer FX Index has increased 17.8 points since the beginning of 2014 and 14.2 points throughout the past six months. A strengthening USD/Corn Importer FX Index results in less purchasing power for major corn importing countries, making U.S. corn more expensive to import. USD appreciation against the Iranian rial and the Japanese yen has accounted for the majority of the gains since the beginning of 2014.
USD/Domestic Corn Importer FX Index:
The USD/Domestic Corn Importer FX Index increased 0.6 points in Jan ’15 to a new high value of 144.1. The USD/Domestic Corn Importer FX Index has increased 12.0 points since the beginning of 2014 and 12.4 points throughout the past six months. A strengthening USD/Domestic Corn Importer FX Index results in less purchasing power for the traditional buyers of U.S. corn, ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Mexican peso and Japanese yen has accounted for the majority of the gains since the beginning of 2014.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index increased 2.3 points in Jan ’15 to a new high value of 216.8. The USD/Corn Importer FX Index has increased 17.8 points since the beginning of 2014 and 14.2 points throughout the past six months. A strengthening USD/Corn Importer FX Index results in less purchasing power for major corn importing countries, making U.S. corn more expensive to import. USD appreciation against the Iranian rial and the Japanese yen has accounted for the majority of the gains since the beginning of 2014.
USD/Domestic Corn Importer FX Index:
The USD/Domestic Corn Importer FX Index increased 0.6 points in Jan ’15 to a new high value of 144.1. The USD/Domestic Corn Importer FX Index has increased 12.0 points since the beginning of 2014 and 12.4 points throughout the past six months. A strengthening USD/Domestic Corn Importer FX Index results in less purchasing power for the traditional buyers of U.S. corn, ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Mexican peso and Japanese yen has accounted for the majority of the gains since the beginning of 2014.