Corn FX Indices:

The Atten Babler Commodities Corn Foreign Exchange (FX) Indices were mixed throughout Jun ’21. The USD/Corn Exporter FX Index declined to a six month low level however the USD/Corn Importer FX Index and the USD/Domestic Corn Importer FX Index each strengthened 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 2.8 points throughout Jun ’21, finishing at a six month low value of 274.8. The USD/Corn Exporter FX Index remains up 0.7 points throughout the past six months and 132.2 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 Jun ’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 increased 0.6 points throughout Jun ’21, finishing at a value of 167.0. The USD/Corn Importer FX Index has increased 3.0 points throughout the past six months and 40.0 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 Egyptian pound, Mexican peso and Iranian rial has accounted for the majority of the gains since the beginning of 2014.

USD appreciation within the USD/Corn Importer FX Index during Jun ’21 was led by gains against the euro, followed by gains against the Japanese yen, Peruvian sol and Mexican peso. USD declines 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 increased 0.5 points throughout Jun ’21, finishing at a value of 147.1. The USD/Domestic Corn Importer FX Index has increased 3.8 points throughout the past six months and 33.5 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 has accounted for the majority of the gains since the beginning of 2014.

USD appreciation within the USD/Domestic Corn Importer FX Index during Jun ’21 was led by gains against the Japanese yen, followed by gains against the Mexican peso, Peruvian sol and euro. USD declines were exhibited against the Columbian peso.

Soybeans FX Indices:

The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices weakened throughout Jun ’21. The USD/Soybeans Exporter FX Index declined to a 12 month low level while the USD/Soybean Importer FX Index and USD/Domestic Soybean Importer FX Index each declined to three year 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 declined 4.7 points throughout Jun ’21, finishing at a 12 month low value of 222.8. USD/Soybeans Exporter FX Index has declined 0.4 points throughout the past six months but remains up 94.5 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 Jun ’21 was led by gains by the Brazilian real. USD gains were exhibited against the Argentine peso, Paraguayan guarani and Canadian dollar.

USD/Soybeans Importer FX Index:

The USD/Soybeans Importer FX Index declined 0.1 point during Jun ’21, finishing at a three year low value of 93.3. The USD/Soybeans Importer FX Index has declined 0.8 points throughout the past six months but remains up 10.5 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 Jun ’21 was led by gains by the Chinese yuan renminbi, followed by gains by the Russian ruble. USD gains were exhibited against the euro, Turkish lira and 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 0.1 point throughout Jun ’21, finishing at a three year low value of 96.5. The USD/Domestic Soybeans Importer FX Index has declined 0.8 points throughout the past six months but remains up 10.9 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 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 Jun ’21 was led by gains by the Chinese yuan renminbi. USD gains were exhibited against the euro, Japanese yen, Mexican peso and Turkish lira.