Agricultural Commodity Indices
Indices are designed in order to measure the price performance of a single agricultural commodity or a group of agricultural commodities by using the prices quoted in Electronic Warehouse Receipt trades in TMEX EWR Market.
Commodities and commodity groups included in the indices are given in the following table:
Corn 1. Grade
Corn 2. Grade
The following are calculated and published is agricultural commodity indices:
Index name Short code
|TMEX Grain Index||TMXGRN|
|TMEX Barley Index||TMXBRL|
|TMEX Wheat Index||TMXWHT|
|TMEX Wheat Bread Index||TMXWHTBRD|
|TMEX Wheat Durum Index||TMXWHTDRM|
|TMEX Corn Index||TMXCRN|
|TMEX Corn 1. Grade Index||TMEXCRN1GR|
|TMEX Corn 2. Grade Index||TMEXCRN2GR|
Design Purpose of Indices
Indices are designed for the following purposes:
- To monitor the price performance of a single agricultural commodity or a group of agricultural commodities by using Electronic Warehouse Receipts;
- To enable the stakeholders to collect information and conduct analyses about price movements, thus increasing the predictability;
- To make it possible to trace and observe the relations between Turkey and global agricultural commodity markets and
- To present the price dynamics in TMEX EWR Market instantly, comprehensibly and transparently.
Benefits of TMEX Agricultural Commodity Indices
Included among the basic benefits of indices are:
- To determine the main direction of agricultural commodity markets in Turkey;
- To represent comprehensively and correctly the opportunities emerging in trade of agricultural commodities for the stakeholders engaged in agricultural activities;
- To form and create differentiated and wide-ranging commodity price index series (composite commodity group indices, simple commodity indices);
- To create comparison indicators on the basis of commodity groups, commodities and commodity sub-groups by using prices quoted for the same commodities represented by thousands of different commodity codes (ISIN);
- To monitor the prices and returns on investment of a commodity basket;
- To provide the opportunity of correct and transparent representation on commodity basis of the prices quoted in different commodity classes by different geographical regions;
- To apply a transparent and rule-based methodology;
- To provide high data quality and flexible data distribution alternatives regarding the publication of data.
Use of TMEX Agricultural Commodity Indices as a Benchmark
The use of TMEX Agricultural Commodity Indices as a benchmark for financial instruments is subject to a license that must be obtained from TMEX. Within this scope, it is necessary to sign the “Licensing Agreement for Using TMEX Agricultural Commodity Indices as Benchmark.” with TMEX. The use of indices as a benchmark for financial instruments is subject to a fee. The fee policy applied for licensing is as follows:
- No fees will be charged until December 31, 2023.
- Starting from January 1, 2024, for licenses obtained during the year 2024, a monthly fee of TRY 4,000 (Four Thousand Turkish Liras) (excluding VAT) per issue will be applicable.
- The license fee tariff that is valid on the issuance date will continue to be applied for the period between the issuance date and the maturity date.
For further information or to sign the Licensing Agreement, please contact TMEX via email@example.com.
TMEX Agricultural Commodity Indices Commodity Selection Criteria
Please find below 3 selection criteria employed in determination of products to be included in the index:
Average production and import quantity of the last 3 years being above 1 million tons.
Average annual trading volume of the last 3 years being above 100 thousand tons.
Average daily trading volume of the last 3 years being above 500 tons.
Days of Trading
Number of trading days of the last 1 year being equal to 60% of total number of business days per annum
TMEX Agricultural Commodity Indices Calculation Components
Calculation components of indices are presented hereinbelow:
Barley, Wheat, Corn
Dynamically throughout the session; current weighted average prices of trades of index products
TURKSTAT based on crop production and import statistics for the last 3 years
On the basis of trading volume of the last 3 years
Conceptual market value within the Production Factor (2/3)
Conceptual market value within the Liquidity Factor (1/3)
Initial Value and Starting Time of TMEX Agricultural Commodity Indices
Initial Value of TMEX Agricultural Commodity Indices: 1000
Index Calculation Starting Date: April 1, 2021
TMEX Agricultural Commodity Index Types and Calculation Methods
TMEX Agricultural Commodity Indices are formed in 2 separate types:
- Simple Commodity Index and its calculation method: Index where only liquidity factor is used in the calculation method of a commodity covered by the index (For example: Bread Wheat, Durum Wheat, Corn 1. Class, Corn 2. Class).
- Composite Commodity Index and its calculation method: Index where liquidity and production factors are used jointly in the calculation method of a commodityand/or a commodity category covered by the index (For example: Grain, Barley, Wheat, Corn)
Simple Commodity Index
Corn 1. Class
Corn 2. Class
Composite Commodity Index
TMEX Agricultural Commodity Indices Calculation and Publishing Time
First Calculation Date of TMEX Agricultural Commodity Indices is 01/04/2021.
Indices are periodically calculated every 10 seconds throughout the session of TMEX EWR Market and are published concurrently.
Calculation and publishing of indices are started at the starting time of TMEX EWR Market session, in the case of indices which are covered by 3 trades and 20.000 kg of the commodity.
Calculation and publishing of indices are stopped as of the ending time of TMEX EWR Market session. In the case of cancellation of a trade after the ending time of a session, the end-of-day index value is recalculated by considering such cancellation(s) of trade, and the resulting value is published.
TMEX Agricultural Commodity Indices Valuation Period
It is the period of periodical review in March every year in respect of determination of scopes of indices by taking into consideration both the seasonality of agricultural commodities and the then-current market conditions.
Valuation Day is the day when periodical review is conducted after the end of exchange settlement/clearing trades in the last trading day of March every year and the new weightings are put into use as of April 1st.
Data to be taken as a base for valuation purposes and to be used in determination of new weightings are based upon the last 3 years’ period. Parameters determined as above are applied for the period of 12 months between April 1st and March 31st.
TMEX Agricultural Commodity Indices Publishing Notation Rules
If and when an index value calculated as above is higher than the closing value of the previous day, then and in this case, index value is shown in green colour, and green coloured up arrow symbol is used thereinfor.
If and when an index value calculated as above is lower than the closing value of the previous day, then and in this case, index value is shown in red colour, and red coloured down arrow symbol is used thereinfor.
If the index calculation and publishing conditions are not met, the previous day closing index value is shown in grey colour.
TMEX Agricultural Commodity Indices Publishing Sites
TMEX Agricultural Commodity Indices are published in the data broadcasting organizations contracted by TMEX , as well as in certain determined platforms belonging to our Commodity Exchange.
- For access to TMEX Agricultural Commodity Indices and EWR Market Data during the session, please click
- For access to daily bulletins containing TMEX Agricultural Commodity Indices, please click
- For access to Historical Index Data, please click
TMEX Agricultural Commodity Indices Legislation
For TMEX Agricultural Commodity Indices Calculation and Publishing Procedure, please click.
TMEX Agricultural Commodity Indices Initial Valuation Period Data
For TMEX Agricultural Commodity Indices Initial Valuation Period Data, please click.
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