Atten Babler Corn & Soybeans FX Indices – Dec…
Corn FX Indices:
The Atten Babler Commodities Corn Foreign Exchange (FX) Indices were mixed throughout Nov ’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 to four month low levels.
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 11.9 points during Nov ’19, finishing at a record high value of 709.0. The USD/Corn Exporter FX Index has increased 149.5 points throughout the past six months and 628.3 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 Nov ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real and Indian rupee. USD declines were exhibited against the Ukrainian hryvnia and Russian ruble.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 0.3 points during Nov ’19, finishing at a four month low value of 206.8. The USD/Corn Importer FX Index has declined 2.3 points throughout the past six months but remains up 110.1 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 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 Nov ’19 was led by gains by the Egyptian pound, followed by gains by the South Korean won and Turkish lira. USD gains were exhibited against the Chilean peso and Japanese yen.
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 Nov ’19, finishing at a four month low value of 86.0. The USD/Domestic Corn Importer FX Index has declined 1.3 points throughout the past six months but remains up 55.4 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 Nov ’19 was led by gains by the Egyptian pound, followed by gains by the South Korean won, Columbian peso and Chinese yuan renminbi. USD gains were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices were also mixed throughout Nov ’19. The USD/Soybeans Exporter FX Index increased to the highest level on record however the USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index each declined to four month low levels.
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 10.8 points during Nov ’19, finishing at a record high value of 492.2. The USD/Soybeans Exporter FX Index has increased 113.2 throughout the past six months and 439.6 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 Nov ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real, Paraguayan guarani and Canadian dollar.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index declined 0.8 points during Nov ’19, finishing at a four month low value of 17.0. The USD/Soybeans Importer FX Index remains up 0.1 points throughout the past six months and 29.3 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 Turkish lira and 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 Nov ’19 was led by gains by the Chinese yuan renminbi, followed by gains by the Turkish lira, Egyptian pound and Russian ruble. USD gains were exhibited against the 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 0.8 points during Nov ’19, finishing at a four month low value of 16.7. The USD/Domestic Soybeans Importer FX Index remains up 0.3 points throughout the past six months and 26.6 points since the beginning of 2014, despite the most recent decline. 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 and Turkish lira 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 Nov ’19 was led by gains by the Chinese yuan renminbi, followed by gains by the Turkish lira, Egyptian pound and Indonesian rupiah. USD gains were exhibited against the Japanese yen.
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 11.9 points during Nov ’19, finishing at a record high value of 709.0. The USD/Corn Exporter FX Index has increased 149.5 points throughout the past six months and 628.3 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 Nov ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real and Indian rupee. USD declines were exhibited against the Ukrainian hryvnia and Russian ruble.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 0.3 points during Nov ’19, finishing at a four month low value of 206.8. The USD/Corn Importer FX Index has declined 2.3 points throughout the past six months but remains up 110.1 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 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 Nov ’19 was led by gains by the Egyptian pound, followed by gains by the South Korean won and Turkish lira. USD gains were exhibited against the Chilean peso and Japanese yen.
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 Nov ’19, finishing at a four month low value of 86.0. The USD/Domestic Corn Importer FX Index has declined 1.3 points throughout the past six months but remains up 55.4 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 Nov ’19 was led by gains by the Egyptian pound, followed by gains by the South Korean won, Columbian peso and Chinese yuan renminbi. USD gains were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices were also mixed throughout Nov ’19. The USD/Soybeans Exporter FX Index increased to the highest level on record however the USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index each declined to four month low levels.
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 10.8 points during Nov ’19, finishing at a record high value of 492.2. The USD/Soybeans Exporter FX Index has increased 113.2 throughout the past six months and 439.6 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 Nov ’19 was led by gains against the Argentine peso, followed by gains against the Brazilian real, Paraguayan guarani and Canadian dollar.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index declined 0.8 points during Nov ’19, finishing at a four month low value of 17.0. The USD/Soybeans Importer FX Index remains up 0.1 points throughout the past six months and 29.3 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 Turkish lira and 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 Nov ’19 was led by gains by the Chinese yuan renminbi, followed by gains by the Turkish lira, Egyptian pound and Russian ruble. USD gains were exhibited against the 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 0.8 points during Nov ’19, finishing at a four month low value of 16.7. The USD/Domestic Soybeans Importer FX Index remains up 0.3 points throughout the past six months and 26.6 points since the beginning of 2014, despite the most recent decline. 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 and Turkish lira 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 Nov ’19 was led by gains by the Chinese yuan renminbi, followed by gains by the Turkish lira, Egyptian pound and Indonesian rupiah. USD gains were exhibited against the Japanese yen.