U.S. dollar (USD) strength continued within the Atten Babler Commodities Ethanol Foreign Exchange (FX) Indexes during Jan ’15. The USD/Ethanol Producer FX Index and USD/Domestic Ethanol Importer FX Index both reaching ten year highs. USD/Ethanol Producer FX Index: The USD/Ethanol Producer FX Index increased 0.3 points in Jan ’15 to a value of 111.8, a ten year high. The USD/Ethanol Producer FX Index has increased 5.5 points since the beginning of 2014 and 7.4 points throughout the past six months. A strengthening USD/Ethanol Producer FX Index reduces the competitiveness of U.S. ethanol relative to other major producing regions, 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/Domestic Ethanol Importer FX Index: The USD/Domestic Ethanol Importer FX Index increased 2.3 points in Jan ’15 to a value of 101.3, a ten year high. The USD/Domestic Ethanol Importer FX Index has increased 9.3 points since the beginning of 2014 and 9.3 points throughout the past six months. A strengthening USD/Domestic Ethanol Importer FX Index results in less purchasing power for the traditional buyers of U.S. ethanol, ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Canadian dollar has accounted for the majority of the gains since the beginning of 2014.