Corn FX Indices:

The Atten Babler Commodities Corn Foreign Exchange (FX) Indices strengthened throughout Oct ’21. The USD/Corn Exporter FX Index increased to a six month high level while the USD/Domestic Corn Importer FX Index and USD/Corn Importer FX Index increased to 14 and 15 month high levels, respectively, 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 2.1 points throughout Oct ’21, finishing at a six month high value of 279.9. The USD/Corn Exporter FX Index has declined 0.7 points throughout the past six months but remains up 137.4 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 and Ukrainian hryvnia has accounted for the majority of the gains since the beginning of 2014.

USD appreciation within the USD/Corn Exporter FX Index during Oct ’21 was led by gains against the Brazilian real, followed by gains against the Argentine peso and Indian rupee. USD declines were exhibited against the Ukrainian hryvnia and Russian ruble.

USD/Corn Importer FX Index:

The USD/Corn Importer FX Index increased 1.8 points throughout Oct ’21, finishing at a 15 month high value of 170.7. The USD/Corn Importer FX Index has increased 3.8 points throughout the past six months and 43.7 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 euro has accounted for the majority of the gains since the beginning of 2014.

USD appreciation within the USD/Corn Importer FX Index during Oct ’21 was led by gains against the Japanese yen, followed by gains against the euro, Mexican peso, Turkish lira and South Korean won.

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 1.9 points throughout Oct ’21, finishing at a 14 month high value of 150.5. The USD/Domestic Corn Importer FX Index has increased 3.9 points throughout the past six months and 36.9 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 Oct ’21 was led by gains against the Japanese yen, followed by gains against the Mexican peso and South Korean won. USD declines were exhibited against the Columbian peso and Peruvian sol.

Soybeans FX Indices:

The Atten Babler Commodities Soybeans Foreign Exchange (FX) Indices also strengthened throughout Oct ’21. The USD/Soybean Exporter FX Index increased to a seven month high level while the USD/Soybean Importer FX Index and USD/Domestic Soybean Importer FX Index each increased slightly 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 5.0 points throughout Oct ’21, finishing at a seven month high value of 233.1. USD/Soybeans Exporter FX Index has increased 0.9 points throughout the past six months and 104.8 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 Brazilian real has accounted for the majority of the gains since the beginning of 2014.

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

USD/Soybeans Importer FX Index:

The USD/Soybeans Importer FX Index increased 0.1 point during Oct ’21, finishing at a value of 94.2. The USD/Soybeans Importer FX Index has declined 0.3 points throughout the past six months but remains up 11.4 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.

USD appreciation within the USD/Soybeans Importer FX Index during Oct ’21 was led by gains against the euro, followed by gains against the Turkish lira, Mexican peso and Japanese yen. USD declines were exhibited against the 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 0.1 point throughout Oct ’21, finishing at a value of 97.4. The USD/Domestic Soybeans Importer FX Index has declined 0.4 points throughout the past six months but remains up 11.8 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.

USD appreciation within the USD/Domestic Soybeans Importer FX Index during Oct ’21 was led by gains against the Mexican peso, followed by gains against the Japanese yen, euro and Turkish lira. USD declines were exhibited against the Chinese yuan renminbi.