Exchange rates clearly influence U.S. agricultural exports. One particular area of concern is the influence of exchange rate risk and dollar appreciation on the Commodity Credit Corporation's (CCC) export credit guarantee programs. This report examines whether it would be worthwhile to institute an exchange rate guarantee program covering credit repayments under the CCC's export credit programs. Using the GSM-102 program experience during fiscal years 1980-85 as a guide, the evidence suggests that an exchange guarantee program probably should not be adopted.