Atten Babler Corn & Soybeans FX Indices – Oct…
Corn FX Indices:
The Atten Babler Commodities Corn Foreign Exchange (FX) Indices were mixed throughout Sep ’19. The USD/Corn Exporter FX Index increased to the highest level on record however the USD/Corn Importer FX Index and USD/Domestic Corn Importer FX Index each declined slightly throughout the 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 49.4 points during Sep ’19, finishing at a record high value of 678.8. The USD/Corn Exporter FX Index has increased 156.8 points throughout the past six months and 598.0 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 has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Corn Exporter FX Index during Sep ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real, Paraguayan guarani and Serbian dinar. USD declines were exhibited against the Ukrainian hryvnia.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 0.1 points during Sep ’19, finishing at a value of 207.7. The USD/Corn Importer FX Index has declined 0.1 points throughout the past six months but remains up 111.0 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 Iranian rial and Egyptian pound 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 Sep ’19 was led by gains by the Egyptian pound, followed by gains by the South Korean won. USD gains were exhibited against the Japanese yen, Turkish lira and euro.
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 0.4 points during Sep ’19, finishing at a value of 87.3. The USD/Domestic Corn Importer FX Index remains up 0.1 points throughout the past six months and 56.7 points since the beginning of 2014, despite the most recent decline. 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 Egyptian pound and Mexican peso 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 Sep ’19 was led by gains by the Egyptian pound, followed by gains by the Mexican peso, South Korean won and Columbian peso. USD gains were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices strengthened throughout Sep ’19. The USD/Soybeans Exporter FX Index, USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index all increased to the highest levels on record 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 increased 38.2 points during Sep ’19, finishing at a record high value of 469.0. The USD/Soybeans Exporter FX Index has increased 120.7 throughout the past six months and 416.4 points since the beginning of 2014. 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 Argentine peso has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Soybeans Exporter FX Index during Sep ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real and Paraguayan guarani. USD declines were exhibited against the Canadian dollar.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index increased 0.6 points during Sep ’19, finishing at a record high value of 18.1. The USD/Soybeans Importer FX Index has increased 3.7 points throughout the past six months and 30.4 points since the beginning of 2014. 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 Turkish lira and Chinese yuan renminbi has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Soybeans Importer FX Index during Sep ’19 was led by gains against the Chinese yuan renminbi, followed by gains against the Turkish lira and euro. USD declines were exhibited against the Egyptian pound and Russian ruble.
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 increased 0.4 points during Sep ’19, finishing at a record high value of 17.9. The USD/Domestic Soybeans Importer FX Index has increased 3.3 points throughout the past six months and 27.8 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, Turkish lira and Mexican peso has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Soybeans Importer FX Index during Sep ’19 was led by gains against the Chinese yuan renminbi, followed by gains against the Turkish lira. USD declines were exhibited against the Indonesian rupiah, Egyptian pound and Mexican peso.
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 49.4 points during Sep ’19, finishing at a record high value of 678.8. The USD/Corn Exporter FX Index has increased 156.8 points throughout the past six months and 598.0 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 has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Corn Exporter FX Index during Sep ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real, Paraguayan guarani and Serbian dinar. USD declines were exhibited against the Ukrainian hryvnia.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 0.1 points during Sep ’19, finishing at a value of 207.7. The USD/Corn Importer FX Index has declined 0.1 points throughout the past six months but remains up 111.0 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 Iranian rial and Egyptian pound 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 Sep ’19 was led by gains by the Egyptian pound, followed by gains by the South Korean won. USD gains were exhibited against the Japanese yen, Turkish lira and euro.
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 0.4 points during Sep ’19, finishing at a value of 87.3. The USD/Domestic Corn Importer FX Index remains up 0.1 points throughout the past six months and 56.7 points since the beginning of 2014, despite the most recent decline. 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 Egyptian pound and Mexican peso 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 Sep ’19 was led by gains by the Egyptian pound, followed by gains by the Mexican peso, South Korean won and Columbian peso. USD gains were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices strengthened throughout Sep ’19. The USD/Soybeans Exporter FX Index, USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index all increased to the highest levels on record 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 increased 38.2 points during Sep ’19, finishing at a record high value of 469.0. The USD/Soybeans Exporter FX Index has increased 120.7 throughout the past six months and 416.4 points since the beginning of 2014. 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 Argentine peso has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Soybeans Exporter FX Index during Sep ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real and Paraguayan guarani. USD declines were exhibited against the Canadian dollar.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index increased 0.6 points during Sep ’19, finishing at a record high value of 18.1. The USD/Soybeans Importer FX Index has increased 3.7 points throughout the past six months and 30.4 points since the beginning of 2014. 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 Turkish lira and Chinese yuan renminbi has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Soybeans Importer FX Index during Sep ’19 was led by gains against the Chinese yuan renminbi, followed by gains against the Turkish lira and euro. USD declines were exhibited against the Egyptian pound and Russian ruble.
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 increased 0.4 points during Sep ’19, finishing at a record high value of 17.9. The USD/Domestic Soybeans Importer FX Index has increased 3.3 points throughout the past six months and 27.8 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, Turkish lira and Mexican peso has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Soybeans Importer FX Index during Sep ’19 was led by gains against the Chinese yuan renminbi, followed by gains against the Turkish lira. USD declines were exhibited against the Indonesian rupiah, Egyptian pound and Mexican peso.