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Encyclopedia > Commodity markets

Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized Contracts. Chicago Board of Trade pit. ... Chicago Board of Trade pit. ... The Chicago Board of Trade (CBOT) NYSE: BOT, established in 1848, is the worlds oldest futures and options exchange. ... A commodities exchange is an exchange where various commodities and derivatives products are traded. ...


This article focuses on the history and current debates regarding global commodity markets. It covers physical product (food, metals, electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a commodity. Articles on reinsurance markets, stock markets, bond markets and currency markets cover those concerns separately and in more depth. One focus of this article is the relationship between simple commodity money and the more complex instruments offered in the commodity markets. Commodity is a term with distinct meanings in both business and in Marxian political economy. ... The New York Stock Exchange A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... The bond market, also known as the debit, credit, or fixed income market, is a financial market where participants buy and sell debt securities usually in the form of bonds. ... The Currency Market or Foreign Exchange Market is one of the largest markets in the world. ... Commodity money is money whose value comes from a commodity out of which it is made. ...


See List of traded commodities for some commodities and their trading units and places. // Foodstuffs Fuels Precious metals Industrial metals Rare metals Other Source This list is partly adapted from [8] (Consumerium) under the clauses of GFDL External links NYMEX.com London Metal Exchange Euronext - Commodities > Commodities Chicago Board of Trade Category: ... The word commodity has a different meaning in business than in Marxian political economy. ... A fruit stand at a market. ... The former Weights and Measures office in Middlesex, England. ...

Contents

History

The modern commodity markets have their roots in the trading of agricultural products. While wheat and corn, cattle and pigs, were widely traded using standard instruments in the 19th century in the United States, other basic foodstuffs such as soybeans were only added quite recently in most markets. For a commodity market to be established, there must be very broad consensus on the variations in the product that make it acceptable for one purpose or another.


The economic impact of the development of commodity markets is hard to over-estimate. Through the 19th century "the exchanges became effective spokesmen for, and innovators of, improvements in transportation, warehousing, and financing, which paved the way to expanded interstate and international trade."


Early history of commodity markets

Historically, dating from ancient Sumerian use of sheep or goats, or other peoples using pigs, rare seashells, or other items as commodity money, people have sought ways to standardize and trade contracts in the delivery of such items, to render trade itself more smooth and predictable. Sumer (or Shumer, Sumeria, Shinar, native ki-en-gir) formed the southern part of Mesopotamia from the time of settlement by the Sumerians until the time of Babylonia. ... Commodity money is money whose value comes from a commodity out of which it is made. ...


Commodity money and commodity markets in a crude early form are believed to have originated in Sumer where small baked clay tokens in the shape of sheep or goats were used in trade. Sealed in clay vessels with a certain number of such tokens, with that number written on the outside, they represented a promise to deliver that number. This made them a form of commodity money - more than an "I.O.U." but less than a guarantee by a nation-state or bank. However, they were also known to contain promises of time and date of delivery - this made them like a modern futures contract. Regardless of the details, it was only possible to verify the number of tokens inside by shaking the vessel or by breaking it, at which point the number or terms written on the outside became subject to doubt. Eventually the tokens disappeared, but the contracts remained on flat tablets. This represented the first system of commodity accounting. Commodity money is money whose value comes from a commodity out of which it is made. ... Sumer (or Å umer, Sumerian ki-en-gir[1], Egyptian Sanhar[2]) was one of the early civilizations of the Ancient Near East, located in the southern part of Mesopotamia (southeastern Iraq) from the time of the earliest records in the mid 4th millennium BC until the rise of Babylonia in... Commodity money is money whose value comes from a commodity out of which it is made. ... An IOU is a promise of money, goods, services, or other items of value, and may be either written or verbal. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... It has been suggested that Accounting scholarship be merged into this article or section. ...


However, the Commodity status of living things is always subject to doubt - it was hard to validate the health or existence of sheep or goats. Excuses for non-delivery were not unknown, and there are recovered Sumerian letters that complain of sickly goats, sheep that had already been fleeced, etc.


If a seller's reputation was good, individual "backers" or "bankers" could decide to take the risk of "clearing" a trade. The observation that trust is always required between market participants later led to credit money. But until relatively modern times, communication and credit were primitive. Credit money is money that is backed by a promise to pay made by someone other than the state. ...


Classical civilizations built complex global markets trading gold or silver for spices, cloth, wood and weapons, most of which had standards of quality and timeliness. Considering the many hazards of climate, piracy, theft and abuse of military fiat by rulers of kingdoms along the trade routes, it was a major focus of these civilizations to keep markets open and trading in these scarce commodities. Reputation and clearing became central concerns, and the states which could handle them most effectively became very powerful empires, trusted by many peoples to manage and mediate trade and commerce. Military fiat is a process whereby a decision is made and enforced by military means without the participation of other political elements. ...


Forward contracts

Commodity and Futures contracts are based on what’s termed "Forward" Contracts. Early on these "forward" contracts (agreements to buy now, pay and deliver later) were used as a way of getting products from producer to the consumer. These typically were only for food and agricultural Products. Forward contracts have evolved and have been standardized into what we know today as futures contracts. Although more complex today, early “Forward” contracts for example, were used for rice in seventeenth century Japan. Modern "forward", or futures agreements, began in Chicago in the 1840s, with the appearance of the railroads. Chicago, being centrally located, emerged as the hub between Midwestern farmers and producers and the east coast consumer population centers.


Hedging

"Hedging", a common (and sometimes mandatory) practice of farming cooperatives, insures against a poor harvest by purchasing futures contracts in the same commodity. If the cooperative has significantly less of its product to sell due to weather or insects, it makes up for that loss with a profit on the markets, since the overall supply of the crop is short everywhere that suffered the same conditions. It has been suggested that this article or section be merged into Hedge (finance). ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ...


Whole developing nations may be especially vulnerable, and even their currency tends to be tied to the price of those particular commodity items until it manages to be a fully developed nation. For example, one could see the nominally fiat money of Cuba as being tied to sugar prices, since a lack of hard currency paying for sugar means less foreign goods per peso in Cuba itself. In effect, Cuba needs a hedge against a drop in sugar prices, if it wishes to maintain a stable quality of life for its citizens. A developing country is a country with low average income compared to the world average. ... A developed country is a country that is technologically advanced and that enjoys a relatively high standard of living. ... Fiat money or fiat currency, is money that is current or legal tender as satisfaction for money debts by government fiat, that is by law. ... Magnification of typical sugar showing monoclinic hemihedral crystalline structure. ...


Delivery and condition guarantees

In addition, delivery day, method of settlement and delivery point must all be specified. Typically, trading must end two (or more) business days prior to the delivery day, so that the routing of the shipment (which for soybeans is 30,000 kilograms or 1,102 bushels) can be finalized via ship or rail, and payment can be settled when the contract arrives at any delivery point. In a postal system, a delivery point (sometimes DP) is a single mailbox or other place at which mail is delivered. ...


Standardization

U.S. soybean futures, for example, are of standard grade if they are "GMO or a mixture of GMO and Non-GMO No. 2 yellow soybeans of Indiana, Ohio and Michigan origin produced in the U.S.A. (Non-screened, stored in silo)," and of deliverable grade if they are "GMO or a mixture of GMO and Non-GMO No. 2 yellow soybeans of Iowa, Illinois and Wisconsin origin produced in the U.S.A. (Non-screened, stored in silo)." Note the distinction between states, and the need to clearly mention their status as "GMO" ("Genetically Modified Organism") which makes them unacceptable to most "organic" food buyers. Binomial name Glycine max (L.) Merr. ... This article or section does not cite its references or sources. ... Organic cultivation of mixed vegetables in Capay, California. ...


Similar specifications apply for orange juice, cocoa, sugar, wheat, corn, barley, pork bellies, milk, feedstuffs, fruits, vegetables, other grains, other beans, hay, other livestock, meats, poultry, eggs, or any other commodity which is so traded. Pork bellies are the underside of the hog, from which bacon is made. ...


The concept of an interchangeable deliverable or guaranteed delivery is always to some degree a fiction. Trade in commodities is like trade in any other physical product or service. No magic of the commodity contract itself makes "units" of the product totally uniform nor gets it to the delivery point safely and on time.


Regulation of commodity markets

Cotton, kilowatt-hours of electricity, board feet of wood, long distance minutes, royalty payments due on artists' works, and other products and services have been traded on markets of varying scale, with varying degrees of success. One issue that presents major difficulty for creators of such instruments is the liability accruing to the purchaser:


Unless the product or service can be guaranteed or insured to be free of liability based on where it came from and how it got to market, e.g. kilowatts must come to market free from legitimate claims for smog death from coal burning plants, wood must be free from claims that it comes from protected forests, royalty payments must be free of claims of plagiarism or piracy, it becomes impossible for sellers to guarantee a uniform delivery.


Generally, governments must provide a common regulatory or insurance standard and some release of liability, or at least a backing of the insurers, before a commodity market can begin trading. This is a major source of controversy in for instance the energy market, where desirability of different kinds of power generation varies drastically. In some markets, e.g. Toronto, Canada, surveys established that customers would pay 10-15% more for energy that was not from coal or nuclear, but strictly from renewable sources such as wind.


Proliferation of contracts, terms, and derivatives

However, if there are two or more standards of risk or quality, as there seem to be for electricity or soybeans, it is relatively easy to establish two different contracts to trade in the more and less desirable deliverable separately. If the consumer acceptance and liability problems can be solved, the product can be made interchangeable, and trading in such units can begin.


Since the detailed concerns of industrial and consumer markets vary widely, so do the contracts, and "grades" tend to vary significantly from country to country. A proliferation of contract units, terms, and futures contracts have evolved, combined into an extremely sophisticated range of financial instruments. Financial instruments package financial capital in readily tradeable forms - they do not exist outside the context of the financial markets. ...


These are more than one-to-one representations of units of a given type of commodity, and represent more than simple futures contracts for future deliveries. These serve a variety of purposes from simple gambling to price insurance.


The underlying of futures contracts are no longer restricted to commodities. In finance, an underlying is an investment from which a derivative security is derived. ... The word commodity has a different meaning in business than in Marxian political economy. ...


Oil and fiat

Building on the infrastructure and credit and settlement networks established for food and precious metals, many such markets have proliferated drastically in the late 20th century. Oil was the first form of energy so widely traded, and the fluctuations in the oil markets are of particular political interest. A gold nugget A precious metal is a rare metallic chemical element of high economic value. ...


Some commodity market speculation is directly related to the stability of certain states, e.g. during the Gulf War, speculation on the survival of the regime of Saddam Hussein in Iraq. Similar political stability concerns have from time to time driven the price of oil. Some argue that this is not so much a commodity market but more of an assassination market speculating on the survival (or not) of Saddam or other leaders whose personal decisions may cause oil supply to fluctuate by military action. Combatants UN Coalition Republic of Iraq Commanders Norman Schwarzkopf Peter de la Billière Khalid bin Sultan Saleh Al-Muhaya Mohamed Hussein Tantawi Saddam Hussein Strength 883,863 360,000 Casualties 378 dead, 1,000 wounded 25,000 dead, 75,000 wounded The Gulf War or the Persian Gulf War... Saddam Hussein Abd al-Majid al-Tikriti (Arabic: [1]; April 28, 1937[2] – December 30, 2006[3]), was the President of Iraq from July 16, 1979, until April 9, 2003. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... An assassination market is a theoretical market wherein any party can place a bet (using anonymous electronic money, and pseudonymous remailers) on the date of death of a given individual, and collect a payoff if they guess the date accurately. ...


The oil market is, however, an exception. Most markets are not so tied to the politics of volatile regions - even natural gas tends to be more stable, as it is not traded across oceans by tanker as extensively.


Commodity markets and protectionism

Developing countries (democratic or not) have been moved to harden their currencies, accept IMF rules, join the WTO, and submit to a broad regime of reforms that amount to a "hedge" against being isolated. China's entry into the WTO signalled the end of truly isolated nations entirely managing their own currency and affairs. The need for stable currency and predictable clearing and rules-based handling of trade disputes, has led to a global trade hegemony - many nations "hedging" on a global scale against each other's anticipated "protectionism", were they to fail to join the WTO. A developing country is a country with low average income compared to the world average. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... WTO redirects here. ... WTO redirects here. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... WTO redirects here. ...


There are signs, however, that this regime is far from perfect. U.S. trade sanctions against Canadian softwood lumber (within NAFTA) and foreign steel (except for NAFTA partners Canada and Mexico) in 2002 signalled a shift in policy towards a tougher regime perhaps more driven by political concerns - jobs, industrial policy, even sustainable forestry and logging practices.


Non-conventional commodities

Nature's commodity outputs

Commodity thinking is undergoing a more direct revival thanks to the theorists of "natural capital" whose products, some economists argue, are the only genuine commodities - air, water, and calories we consume being mostly interchangeable when they are free of pollution or disease. Whether we wish to think of these things as tradeable commodities rather than birthrights has been a major source of controversy in many nations. This article or section does not cite its references or sources. ...


Most types of environmental economics consider the shift to measuring them inevitable, arguing that reframing political economy to consider the flow of these basic commodities first and foremost, helps avoids use of any military fiat except to protect "natural capital" itself, and basing credit-worthiness more strictly on commitment to preserving biodiversity aligns the long-term interests of ecoregions, societies, and individuals. They seek relatively conservative sustainable development schemes that would be amenable to measuring well-being over long periods of time, typically "seven generations", in line with Native American thought. Environmental economics is a subfield of economics concerned with environmental issues (other usages of the term are not uncommon). ... Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... Military fiat is a process whereby a decision is made and enforced by military means without the participation of other political elements. ... This article or section does not cite its references or sources. ... Rainforests are among the most biodiverse ecosystems on earth Biodiversity or biological diversity is the variation of taxonomic life forms within a given ecosystem, biome or for the entire Earth. ... An ecoregion is a relatively large area of land or water that contains a geographically distinct assemblage of natural communities. ... Sustainable development is a collection of methods to create and sustain development which seeks to relieve poverty, create equitable standards of living, satisfy the basic needs of all peoples, and establish sustainable political practices all while taking the steps necessary to avoid irreversible damages to natural capital in the long... The well-being or quality of life of a population is an important concern in economics and political science. ...


Weather trading

However, this is not the only way in which commodity thinking interacts with ecologists' thinking. Hedging began as a way to escape the consequences of damage done by natural conditions. It has matured not only into a system of interlocking guarantees, but also into a system of indirectly trading on the actual damage done by weather, using "weather derivatives". For a price, this relieves the purchaser of the following types of concerns:


"Will a freeze hurt the Brazilian coffee crop? Will there be a drought in the U.S. Corn Belt? What are the chances that we will have a cold winter, driving natural gas prices higher and creating havoc in Florida orange areas? What is the status of El Niño?" A cup of coffee Coffee is a widely consumed beverage prepared from the roasted seeds—commonly referred to as beans—of the coffee plant. ... Categories: US geography stubs | Belt regions of the United States ... Natural gas is a gaseous fossil fuel consisting primarily of methane but including significant quantities of ethane, butane, propane, carbon dioxide, nitrogen, helium and hydrogen sulfide. ... Chart of ocean surface temperature anomaly [°C] during the last strong El Niño in December 1997 El Niño and La Niña (also written in English as El Nino and La Nina) are major temperature fluctuations in surface waters of the tropical Eastern Pacific Ocean. ...


Emissions trading

Weather trading is just one example of "negative commodities", units of which represent harm rather than good.


"Economy is three fifths of ecology" argues Mike Nickerson, one of many economic theorists who holds that nature's productive services and waste disposal services are poorly accounted for. One way to fairly allocate the waste disposal capacity of nature is "cap and trade" market structure that is used to trade toxic emissions rights in the United States, e.g. SO2. This is in effect a "negative commodity", a right to throw something away. The Green Party of Canada is intending to run a full slate of 308 candidates in the 2006 Canadian federal election. ... Emissions trading is a proposed economic solution to air pollution. ...


In this market, the atmosphere's capacity to absorb certain amounts of pollutants is measured, divided into units, and traded amongst various market players. Those who emit more SO2 must pay those who emit less. Critics of such schemes argue that unauthorized or unregulated emissions still happen, and that "grandfathering" schemes often permit major polluters, such as the state governments' own agencies, or poorer countries, to expand emissions and take jobs, while the SO2 output still floats over the border and causes death.


In practice, political pressure has overcome most such concerns and it is questionable whether this is a capacity that depends on U.S. clout: The Kyoto Protocol established a similar market in global greenhouse gas emissions without U.S. support. Kyoto Protocol Opened for signature December 11, 1997 in Kyoto, Japan Entered into force February 16, 2005. ...


Community as commodity?

This highlights one of the major issues with global commodity markets of either the positive or negative kind. A community must somehow believe that the commodity instrument is real, enforceable, and well worth paying for.


A very substantial part of the anti-globalization movement opposes the commodification of currency, national sovereignty, and traditional cultures. The capacity to repay debt, as in the current global credit money regime anchored by the Bank for International Settlements, does not in their view correspond to measurable benefits to human well-being worldwide. They seek a fairer way for societies to compete in the global markets that will not require conversion of natural capital to natural resources, nor human capital to move to developed nations in order to find work. Anti-WEF grafiti in Lausanne. ... Credit money is money that is backed by a promise to pay made by someone other than the state. ... BIS Headquarters in Basel The Bank for International Settlements (or BIS) is an international organization of central banks which exists to foster cooperation among central banks and other agencies in pursuit of monetary and financial stability. It carries out its work through subcommittees, the secretariats it hosts, and through its... The well-being or quality of life of a population is an important concern in economics and political science. ... This article or section does not cite its references or sources. ... Human capital is a way of defining and categorizing the skills and abilities as used in employment and as they otherwise contribute to the economy. ... A developed country is a country that has achieved (currently or historically) a high degree of industrialization, and which enjoys the higher standards of living which wealth and technology make possible. ...


Some economic systems by green economists would replace the "gold standard" with a "biodiversity standard". It remains to be seen if such plans have any merit other than as political ways to draw attention to the way capitalism itself interacts with life. Green economics loosely defines a theory of economics by which an economy is considered to be component of the ecosystem in which it resides. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... This box:      Capitalism generally refers to an economic system in which the means of production are mostly privately [1] owned and operated for profit and in which distribution, production and pricing of goods and services are determined in a largely free market. ...


Is human life a commodity?

While classical, neoclassical, and Marxist approaches to economics tend to treat labor differently, they are united in treating nature as a resource. This article or section does not cite its references or sources. ...


The green economists and the more conservative environmental economics argue that not only natural ecologies, but also the life of the individual human being is treated as a commodity by the global markets. A good example is the IPCC calculations cited by the Global Commons Institute as placing a value on a human life in the developed world "15x higher" than in the developing world, based solely on the ability to pay to prevent climate change. Green economics loosely defines a theory of economics by which an economy is considered to be component of the ecosystem in which it resides. ... Environmental economics is a subfield of economics concerned with environmental issues (other usages of the term are not uncommon). ... IPCC is science authority for the UNFCCC The Intergovernmental Panel on Climate Change (IPCC) was established in 1988 by two United Nations organizations, the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP) to assess the risk of human-induced climate change. The Panel is open to all...


Is free time a commodity?

Accepting this result, some argue that to put a price on both is the most reasonable way to proceed to optimize and increase that value relative to other goods or services. This has led to efforts in measuring well-being, to assign a commercial "value of life", and to the theory of Natural Capitalism - fusions of green and neoclassical approaches - which focus predictably on energy and material efficiency, i.e. using far less of any given commodity input to achieve the same service outputs as a result. The well-being or quality of life of a population is an important concern in economics and political science. ... FUCKING BULLSHIT!! The value of life is an economic or moral value assigned to life in general, or to specific living organisms. ... Natural capitalism is a set of trends and economic reforms to reward energy and material efficiency - and remove professional standards and accounting conventions that prevent such efficiencies. ...


Indian economist Amartya Sen, applying this thinking to human freedom itself, argued in his 1999 book "Development as Freedom" that human free time was the only real service, and that sustainable development was best defined as freeing human time. Sen won The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1999 (sometimes incorrectly called the "Nobel Prize in Economics") and based his book on invited lectures he gave at the World Bank. Amartya Sen Amartya Kumar Sen CH (Hon) (Bengali: Ômorto Kumar Shen) (born 3 November 1933 in Santiniketan, India), is an Indian philosopher, economist and a winner of the Bank of Sweden Prize in Economic Sciences (Nobel Prize for Economics) in 1998, for his work on famine, human development theory, welfare... Sustainable development is a collection of methods to create and sustain development which seeks to relieve poverty, create equitable standards of living, satisfy the basic needs of all peoples, and establish sustainable political practices all while taking the steps necessary to avoid irreversible damages to natural capital in the long... The Bank of Sweden Prize in Economic Sciences (Swe. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means...


See also

A commodities exchange is an exchange where various commodities and derivatives products are traded. ... The Currency Market or Foreign Exchange Market is one of the largest markets in the world. ... The New York Stock Exchange A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... The bond market, also known as the debit, credit, or fixed income market, is a financial market where participants buy and sell debt securities usually in the form of bonds. ... A futures exchange, is a corporation or organization which provides a marketplace in which to trade derivatives such as futures contracts and options. ... Commodity money is money whose value comes from a commodity out of which it is made. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... It has been suggested that this article or section be merged into Hedge (finance). ... Commodity is a term with distinct meanings in both business and in Marxian political economy. ... In finance, a spread trade refers to the act of buying one security or futures contract and selling another related one, in an attempt to profit from the change in the price difference between the two. ... // Foodstuffs Fuels Precious metals Industrial metals Rare metals Other Source This list is partly adapted from [8] (Consumerium) under the clauses of GFDL External links NYMEX.com London Metal Exchange Euronext - Commodities > Commodities Chicago Board of Trade Category: ... In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives. ...

Commodity Exchanges

The Chicago Board of Trade (CBOT) NYSE: BOT, established in 1848, is the worlds oldest futures and options exchange. ... President George W. Bush at the CME (March 6, 2001). ... Euronext. ... Founded in 1856 and formally chartered in 1876, the Kansas City Board of Trade (KCBT), located at 4800 Main Street in Kansas City, Missouri, is a commodity futures and options exchange regulated by the Commodity Futures Trading Commission (CFTC). ... The London Metal Exchange or LME is the futures exchange with the worlds largest market in options and futures contracts on base and other metals. ... The Minneapolis Grain Exchange (MGEX) was formed in 1881 as a cash market for grains, the exchange launched its first futures contract, hard red spring wheat two years later. ... The New York Mercantile Exchange**** NOTE the AMENX is FAKE, created by york-commodities to scam your money, if you send money you will never see it again**** You have been warned. ... The New York Board of Trade (NYBOT) is a physical commodity futures exchange located in New York, New York. ... Winnipeg commodity exchange is a commodity market based in Canada. ...

Supervising Commission

The Commodity Futures Trading Commission (CFTC) is an independent agency of the United States Government, created by Congress in 1974. ...

Data

  • Futures Quotes & Charts

  Results from FactBites:
 
Commodity markets - Wikipedia, the free encyclopedia (2806 words)
Commodity money and commodity markets in a crude early form are believed to have originated in Sumer where small baked clay tokens in the shape of sheep or goats were used in trade.
Some argue that this is not so much a commodity market but more of an assassination market speculating on the survival (or not) of Saddam or other leaders whose personal decisions may cause oil supply to fluctuate by military action.
Commodity thinking is undergoing a more direct revival thanks to the theorists of "natural capital" whose products, some economists argue, are the only genuine commodities - air, water, and calories we consume being mostly interchangeable when they are free of pollution or disease.
  More results at FactBites »

 
 

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