Atten Babler Corn & Soybeans FX Indices – Apr…
Corn FX Indices:
The Atten Babler Commodities Corn Foreign Exchange (FX) Indices strengthened throughout Mar ’20. The USD/Corn Exporter FX Index and the USD/Corn Importer FX Index each increased to record high levels throughout the month while the USD/Domestic Corn Importer FX Index reached a three year high level.
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 32.1 points during Mar ’20, finishing at a record high value of 760.4. The USD/Corn Exporter FX Index has increased 81.7 points throughout the past six months and 679.7 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 Mar ’20 was led by gains against the Argentine peso, followed by gains against the Ukrainian hryvnia, Brazilian real, Russian ruble and South African rand.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index increased 6.0 points during Mar ’20, finishing at a record high value of 212.6. The USD/Corn Importer FX Index has increased 4.9 points throughout the past six months and 115.9 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.
USD appreciation within the USD/Corn Importer FX Index during Mar ’20 was led by gains against the Mexican peso, followed by gains against the Columbian peso, Turkish lira and Indonesian rupiah. USD declines were exhibited against the 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 increased 10.3 points during Mar ’20, finishing at a three year high value of 94.9. The USD/Domestic Corn Importer FX Index has increased 7.6 points throughout the past six months and 64.3 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 Mexican peso and Egyptian pound has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Corn Importer FX Index during Mar ’20 was led by gains against the Mexican peso, followed by gains against the Columbian peso, South Korean won and Peruvian sol. USD declines were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices also strengthened throughout Mar ’20. The USD/Soybeans Exporter FX Index, USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index all increased to record high levels 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 27.0 points during Mar ’20, finishing at a record high value of 535.4. The USD/Soybeans Exporter FX Index has increased 66.4 throughout the past six months and 482.8 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 Mar ’20 was led by gains against the Argentine peso, followed by gains against the Brazilian real, Canadian dollar and Paraguayan guarani.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index increased 3.1 points during Mar ’20, finishing at a record high value of 20.6. The USD/Soybeans Importer FX Index has increased 2.5 points throughout the past six months and 32.9 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 Mar ’20 was led by gains against the Mexican peso, followed by gains against the Turkish lira, Russian ruble, Indonesian rupiah and Chinese yuan renminbi.
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 4.5 points during Mar ’20, finishing at a record high value of 21.1. The USD/Domestic Soybeans Importer FX Index has increased 3.2 points throughout the past six months and 30.9 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 Mexican peso, Chinese yuan renminbi and Turkish lira has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Soybeans Importer FX Index during Mar ’20 was led by gains against the Mexican peso, followed by gains against the Indonesian rupiah, Turkish lira, Russian ruble and Chinese yuan renminbi.
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 32.1 points during Mar ’20, finishing at a record high value of 760.4. The USD/Corn Exporter FX Index has increased 81.7 points throughout the past six months and 679.7 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 Mar ’20 was led by gains against the Argentine peso, followed by gains against the Ukrainian hryvnia, Brazilian real, Russian ruble and South African rand.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index increased 6.0 points during Mar ’20, finishing at a record high value of 212.6. The USD/Corn Importer FX Index has increased 4.9 points throughout the past six months and 115.9 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.
USD appreciation within the USD/Corn Importer FX Index during Mar ’20 was led by gains against the Mexican peso, followed by gains against the Columbian peso, Turkish lira and Indonesian rupiah. USD declines were exhibited against the 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 increased 10.3 points during Mar ’20, finishing at a three year high value of 94.9. The USD/Domestic Corn Importer FX Index has increased 7.6 points throughout the past six months and 64.3 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 Mexican peso and Egyptian pound has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Corn Importer FX Index during Mar ’20 was led by gains against the Mexican peso, followed by gains against the Columbian peso, South Korean won and Peruvian sol. USD declines were exhibited against the Japanese yen.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices also strengthened throughout Mar ’20. The USD/Soybeans Exporter FX Index, USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index all increased to record high levels 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 27.0 points during Mar ’20, finishing at a record high value of 535.4. The USD/Soybeans Exporter FX Index has increased 66.4 throughout the past six months and 482.8 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 Mar ’20 was led by gains against the Argentine peso, followed by gains against the Brazilian real, Canadian dollar and Paraguayan guarani.
USD/Soybeans Importer FX Index:
The USD/Soybeans Importer FX Index increased 3.1 points during Mar ’20, finishing at a record high value of 20.6. The USD/Soybeans Importer FX Index has increased 2.5 points throughout the past six months and 32.9 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 Mar ’20 was led by gains against the Mexican peso, followed by gains against the Turkish lira, Russian ruble, Indonesian rupiah and Chinese yuan renminbi.
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 4.5 points during Mar ’20, finishing at a record high value of 21.1. The USD/Domestic Soybeans Importer FX Index has increased 3.2 points throughout the past six months and 30.9 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 Mexican peso, Chinese yuan renminbi and Turkish lira has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Soybeans Importer FX Index during Mar ’20 was led by gains against the Mexican peso, followed by gains against the Indonesian rupiah, Turkish lira, Russian ruble and Chinese yuan renminbi.