Atten Babler Corn & Soybeans FX Indices – Jun…
Corn FX Indices:
The Atten Babler Commodities Corn Foreign Exchange (FX) Indices were mixed throughout May ’20. The USD/Corn Exporter FX Index increased to a record high level however the USD/Corn Importer FX Index and USD/Domestic Corn Importer FX Index each declined from the record high levels experienced throughout the previous 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 23.2 points during May ’20, finishing at a record high value of 815.7. The USD/Corn Exporter FX Index has increased 106.7 points throughout the past six months and 735.0 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 May ’20 was led by gains against the Argentine peso, followed by gains against the Brazilian real. USD declines were exhibited against the Ukrainian hryvnia, Russian ruble and South African rand.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 1.1 points during May ’20, finishing at a value of 216.0. Despite declining from the previous month, the USD/Corn Importer FX Index remained at the second highest level on record. The USD/Corn Importer FX Index has increased 9.2 points throughout the past six months and 119.3 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 May ’20 was led by gains by the Mexican peso, followed by gains by the Indonesian rupiah and Columbian peso. USD gains were exhibited against the Turkish lira and Brazilian real.
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 2.3 points during May ’20, finishing at a value of 98.0. Despite declining from the previous month, the USD/Domestic Corn Importer FX Index remained at the second highest level on record. The USD/Domestic Corn Importer FX Index has increased 12.0 points throughout the past six months and 67.4 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.
Appreciation against the USD within the USD/Domestic Corn Importer FX Index during May ’20 was led by gains by the Mexican peso, followed by gains by the Columbian peso and Japanese yen. USD gains were exhibited against the South Korean won and Egyptian pound.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices were also mixed throughout May ’20. The USD/Soybeans Exporter FX Index increased to a record high level however the USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index each declined from the record high levels experienced throughout the previous 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 23.0 points during May ’20, finishing at a record high value of 586.3. The USD/Soybeans Exporter FX Index has increased 94.2 throughout the past six months and 533.8 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 May ’20 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 declined 0.3 points during May ’20, finishing at a value of 23.4. Despite declining from the previous month, the USD/Soybeans Importer FX Index remained at the second highest level on record. The USD/Soybeans Importer FX Index has increased 6.3 points throughout the past six months and 35.6 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.
Appreciation against the USD within the USD/Soybeans Importer FX Index during May ’20 was led by gains by the Mexican peso, followed by gains by the Indonesian rupiah and Russian ruble. USD gains were exhibited against the Chinese yuan renminbi and Turkish lira.
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 0.9 points during May ’20, finishing at a value of 23.5. Despite declining from the previous month, the USD/Domestic Soybeans Importer FX Index remained at the second highest level on record. The USD/Domestic Soybeans Importer FX Index has increased 6.8 points throughout the past six months and 33.3 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.
Appreciation against the USD within the USD/Domestic Soybeans Importer FX Index during May ’20 was led by gains by the Mexican peso, followed by gains by the Indonesian rupiah and Russian ruble. USD gains were exhibited against the Chinese yuan renminbi and 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 increased 23.2 points during May ’20, finishing at a record high value of 815.7. The USD/Corn Exporter FX Index has increased 106.7 points throughout the past six months and 735.0 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 May ’20 was led by gains against the Argentine peso, followed by gains against the Brazilian real. USD declines were exhibited against the Ukrainian hryvnia, Russian ruble and South African rand.
USD/Corn Importer FX Index:
The USD/Corn Importer FX Index declined 1.1 points during May ’20, finishing at a value of 216.0. Despite declining from the previous month, the USD/Corn Importer FX Index remained at the second highest level on record. The USD/Corn Importer FX Index has increased 9.2 points throughout the past six months and 119.3 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 May ’20 was led by gains by the Mexican peso, followed by gains by the Indonesian rupiah and Columbian peso. USD gains were exhibited against the Turkish lira and Brazilian real.
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 2.3 points during May ’20, finishing at a value of 98.0. Despite declining from the previous month, the USD/Domestic Corn Importer FX Index remained at the second highest level on record. The USD/Domestic Corn Importer FX Index has increased 12.0 points throughout the past six months and 67.4 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.
Appreciation against the USD within the USD/Domestic Corn Importer FX Index during May ’20 was led by gains by the Mexican peso, followed by gains by the Columbian peso and Japanese yen. USD gains were exhibited against the South Korean won and Egyptian pound.
Soybeans FX Indices:
The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices were also mixed throughout May ’20. The USD/Soybeans Exporter FX Index increased to a record high level however the USD/Soybeans Importer FX Index and USD/Domestic Soybeans Importer FX Index each declined from the record high levels experienced throughout the previous 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 23.0 points during May ’20, finishing at a record high value of 586.3. The USD/Soybeans Exporter FX Index has increased 94.2 throughout the past six months and 533.8 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 May ’20 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 declined 0.3 points during May ’20, finishing at a value of 23.4. Despite declining from the previous month, the USD/Soybeans Importer FX Index remained at the second highest level on record. The USD/Soybeans Importer FX Index has increased 6.3 points throughout the past six months and 35.6 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.
Appreciation against the USD within the USD/Soybeans Importer FX Index during May ’20 was led by gains by the Mexican peso, followed by gains by the Indonesian rupiah and Russian ruble. USD gains were exhibited against the Chinese yuan renminbi and Turkish lira.
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 0.9 points during May ’20, finishing at a value of 23.5. Despite declining from the previous month, the USD/Domestic Soybeans Importer FX Index remained at the second highest level on record. The USD/Domestic Soybeans Importer FX Index has increased 6.8 points throughout the past six months and 33.3 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.
Appreciation against the USD within the USD/Domestic Soybeans Importer FX Index during May ’20 was led by gains by the Mexican peso, followed by gains by the Indonesian rupiah and Russian ruble. USD gains were exhibited against the Chinese yuan renminbi and Turkish lira.