It had been shown recently that the calculated mαgnonic spectra of two-dimensional periodic ferromagnetic composites can present frequency ranges forbidden for the propagation of magnon excitations throughout the composite. However, those forbidden energy gaps were found to be highly sensitive to the exchange contrast between the component ferromagnetic materials but were very weakly sensitive to the contrast in spontaneous magnetizations of the two materials. Accordingly, in this paper we introduce a r.ew mathematical definition of the exchange field acting in inhomogeneous medium. With this new definition the present theory gives magnonic spectra reasonably sensitive to magnetization contrast, as they should be from the physical viewpoint; moreover, the magnetization contrast now becomes a gap-creating factor as well.PACS numbers: 75.50.GgWe consider a periodic structure composed of infinitely long cylinders made of a ferromagnetic material Α embedded in a ferromagnetic matrix B. The cylinders are assumed parallel to the x3-axis of Cartesian coordinates leading to the existence of a two-dimensional periodic square lattice in the (e 1 , x 2 )-plane (Fig. 1a). The composite is acted on in the x 3 -direction by a static magnetic field H0 ; the magnetization of the two materials Α and B are parallel to H0 . The lattice constant is denoted by α; the filling fraction f is defined as the ratio of the area of the cross-section of a cylinder and that of the two-dimensional elementary cell. The ferromagnetic materials A and B are characterized by two quantities: their spontaneous magnetizations MsA and MSB , and their exchange constants ΑΑ and ΑΒ, both dependent on the position vector x = (x 1 , x2) lying in the plane perpendicular to the axis of the cylinders (whereas all these four quantities are homogeneous in the g3-direction: