Atten Babler Corn & Soybeans FX Indices – Jan…
Corn FX Indices:
The Atten Babler Commodities Corn Foreign Exchange (FX) Indices weakened throughout Dec ’19. The USD/Corn Exporter FX Index declined from the previous month but remained at the second highest level on record while the USD/Corn Importer FX Index and USD/Domestic Corn Importer FX Index each declined to five 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 declined 1.5 points during Dec ’19, finishing at a value of 707.5 but remaining at the second highest level on record. The USD/Corn Exporter FX Index has increased 160.3 points throughout the past six months and 626.8 points since the beginning of 2014, despite the most recent decline. 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.
Appreciation against the USD within the USD/Corn Exporter FX Index during Dec ’19 was led by gains by the Ukrainian hryvnia, followed by gains by the Brazilian real, South African rand and Russian ruble. USD gains were exhibited against the Argentine peso.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 0.2 points during Dec ’19, finishing at a five month low value of 206.6. The USD/Corn Importer FX Index has declined 0.9 points throughout the past six months but remains up 109.9 points since the beginning of 2014. 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 Dec ’19 was led by gains by the Mexican peso, followed by gains by the Egyptian pound and euro. USD gains were exhibited against the Turkish lira 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 0.6 points during Dec ’19, finishing at a five month low value of 85.4. The USD/Domestic Corn Importer FX Index has declined 1.0 point throughout the past six months but remains up 54.8 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 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 Dec ’19 was led by gains by the Mexican peso, followed by gains by the Egyptian pound, Columbian peso and Costa Rican colon. USD gains were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices were mixed throughout Dec ’19. The USD/Soybeans Exporter FX Index increased to the highest level on record while the USD/Soybeans Importer FX Index also increased throughout the month however the USD/Domestic Soybeans Importer FX Index declined to a five month low level.
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 0.1 point during Dec ’19, finishing at a record high value of 492.2. The USD/Soybeans Exporter FX Index has increased 124.4 throughout the past six months and 439.7 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 Dec ’19 was led by gains against the Argentine peso. USD declines were exhibited against the Brazilian real, Canadian dollar and Paraguayan guarani.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index increased 0.1 point during Dec ’19, finishing at a value of 17.1. The USD/Soybeans Importer FX Index has increased 0.6 points throughout the past six months and 29.3 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 Nov ’19 was led by gains against the Turkish lira. USD declines were exhibited against the Chinese yuan renminbi, Mexican peso, Russian ruble and euro.
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 during Dec ’19, finishing at a five month low value of 16.5. The USD/Domestic Soybeans Importer FX Index remains up 0.3 points throughout the past six months and 26.4 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 Dec ’19 was led by gains by the Mexico peso, followed by gains by the Chinese yuan renminbi, Indonesian rupiah and Russian ruble. USD gains were exhibited against the Turkish lira.
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 declined 1.5 points during Dec ’19, finishing at a value of 707.5 but remaining at the second highest level on record. The USD/Corn Exporter FX Index has increased 160.3 points throughout the past six months and 626.8 points since the beginning of 2014, despite the most recent decline. 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.
Appreciation against the USD within the USD/Corn Exporter FX Index during Dec ’19 was led by gains by the Ukrainian hryvnia, followed by gains by the Brazilian real, South African rand and Russian ruble. USD gains were exhibited against the Argentine peso.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 0.2 points during Dec ’19, finishing at a five month low value of 206.6. The USD/Corn Importer FX Index has declined 0.9 points throughout the past six months but remains up 109.9 points since the beginning of 2014. 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 Dec ’19 was led by gains by the Mexican peso, followed by gains by the Egyptian pound and euro. USD gains were exhibited against the Turkish lira 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 0.6 points during Dec ’19, finishing at a five month low value of 85.4. The USD/Domestic Corn Importer FX Index has declined 1.0 point throughout the past six months but remains up 54.8 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 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 Dec ’19 was led by gains by the Mexican peso, followed by gains by the Egyptian pound, Columbian peso and Costa Rican colon. USD gains were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices were mixed throughout Dec ’19. The USD/Soybeans Exporter FX Index increased to the highest level on record while the USD/Soybeans Importer FX Index also increased throughout the month however the USD/Domestic Soybeans Importer FX Index declined to a five month low level.
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 0.1 point during Dec ’19, finishing at a record high value of 492.2. The USD/Soybeans Exporter FX Index has increased 124.4 throughout the past six months and 439.7 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 Dec ’19 was led by gains against the Argentine peso. USD declines were exhibited against the Brazilian real, Canadian dollar and Paraguayan guarani.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index increased 0.1 point during Dec ’19, finishing at a value of 17.1. The USD/Soybeans Importer FX Index has increased 0.6 points throughout the past six months and 29.3 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 Nov ’19 was led by gains against the Turkish lira. USD declines were exhibited against the Chinese yuan renminbi, Mexican peso, Russian ruble and euro.
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 during Dec ’19, finishing at a five month low value of 16.5. The USD/Domestic Soybeans Importer FX Index remains up 0.3 points throughout the past six months and 26.4 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 Dec ’19 was led by gains by the Mexico peso, followed by gains by the Chinese yuan renminbi, Indonesian rupiah and Russian ruble. USD gains were exhibited against the Turkish lira.