Corn FX Indices:

The Atten Babler Commodities Corn Foreign Exchange (FX) Indices weakened throughout May ’21. The USD/Corn Exporter FX Index declined to a four month low level while the USD/Corn Importer FX Index and the USD/Domestic Corn Importer FX Index each declined to three month low levels 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 declined 3.1 points throughout May ’21, finishing at a four month low value of 277.6. The USD/Corn Exporter FX Index remains up 0.5 points throughout the past six months and 135.0 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 and Ukrainian hryvnia 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 May ’21 was led by gains by the Brazilian real, followed by gains by the Ukrainian hryvnia and Russian ruble. USD gains were exhibited against the Argentine peso and Paraguayan guarani.

USD/Corn Importer FX Index:

The USD/Corn Importer FX Index declined 0.5 points throughout May ’21, finishing at a three month low value of 166.5. The USD/Corn Importer FX Index remains up 0.1 point throughout the past six months and 39.5 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 Egyptian pound, Mexican peso and Iranian rial 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 ’21 was led by gains by the euro, followed by gains by the Mexican peso, Taiwan new dollar and Indonesian rupiah. USD gains were exhibited against the Columbian peso.

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 0.1 point throughout May ’21, finishing at a three month low value of 146.5. The USD/Domestic Corn Importer FX Index remains up 0.9 points throughout the past six months and 32.9 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 Mexican peso and 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 ’21 was led by gains by the Mexican peso, followed by gains by the Chinese yuan renminbi and Taiwan new dollar. USD gains were exhibited against the Columbian peso and Peruvian sol.

Soybeans FX Indices:

The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices also weakened throughout May ’21. The USD/Soybeans Exporter FX Index declined to a five month low level while the USD/Soybean Importer FX Index and USD/Domestic Soybean Importer FX Index declined to three and four month low levels, respectively.

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 declined 4.7 points throughout May ’21, finishing at a five month low value of 227.5. USD/Soybeans Exporter FX Index has declined 0.8 points throughout the past six months but remains up 99.2 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 Brazilian real has accounted for the majority of the gains since the beginning of 2014.

Appreciation against the USD within the USD/Soybeans Exporter FX Index during May ’21 was led by gains by the Brazilian real, followed by gains by the Canadian dollar. USD gains were exhibited against the Paraguayan guarani and Argentine peso.

USD/Soybeans Importer FX Index:

The USD/Soybeans Importer FX Index declined 1.2 points during May ’21, finishing at a three month low value of 93.4. The USD/Soybeans Importer FX Index has declined 1.9 points throughout the past six months but remains up 10.6 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 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 ’21 was led by gains by the Chinese yuan renminbi, followed by gains by the euro, Russian ruble and Indonesian rupiah. USD gains were exhibited against the 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 1.2 points throughout May ’21, finishing at a four month low value of 96.6. The USD/Domestic Soybeans Importer FX Index has declined 1.8 points throughout the past six months but remains up 11.1 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 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 ’21 was led by gains by the Chinese yuan renminbi, followed by gains by the euro, Indonesian rupiah, Mexican peso and Taiwan new dollar.