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Please also see the separate page on U.S. and International Commodities and Futures Market Supervision and Regulation, the separate page on U.S. and International Commodities and Futures Market Exchanges, and the separate page on Futures Contracts
Standard & Poor's GSCI Index
Dow Jones-UBS Commodity Indexes (2009 Close: 139.1873; 2010 Close: 122.024; 2011 Close 140.6802)
Reuters-Jefferies CRB Index (2009 Close: 283.38; 2010 Close: 248.79; 2011 Close 305.30)
Merrill Lynch Commodity Index eXtra (MLCX / MLCXER)
Rogers International Commodities Index
Astmax Commodity Index (AMCI)
Cash Prices - Markets Data Center - WSJ.com
The cash price is the price today for immediate sale / purchase / delivery, and the futures price is for sale / purchase / delivery after today, usually at a minimum of one month ahead and then every month thereafter. The difference between the cash price and the futures price is first influenced by the cost to carry, which means that there are additional storage and insurance costs that will be incurred if the commodity is not sold / delivered today. That is why the cash price is usually less than the futures price because the futures price must first factor in the additional storage and insurance expense, and then factor in the future demand and supply forecast. Contango means that the near futures prices exceed the spot prices, which is usually a reflection of ample supply in the market, and it is the premium paid for futures over spot prices, again based on the cost to carry and demand / supply forecast. The contango can be reversed if there is suddenly a shortage of supply for immediate sale / delivery, either by a natural occurrence or market squeeze (participants in the specific commodity market control supply).
Credit Issues
It is very important to look at the level of business activity and financial health of companies that consume raw commodities as part of their primary business (extraction or production) or as part of their manufacturing process. The results of that research gives some indication of the supply and demand for commodities.
Commodities have become and investment asset class of itself. In 2008, there was substantial speculative, short-term investment in the commodity markets that contributed in the increase in futures contract prices beyond what the actual price should have been based on projected consumption and production demand.
Will consumption demand related to population growth, urbanization and industrialization result in the continued long-term increase in commodity prices? Will continued yield, production and extraction gains, along with alternative energy development be sufficient enough to meet and / or offset the demand?
Will geopolitical issues and / or increased national control result in less commodities being exported across national boundaries or result in pricing pressure, especially during times of crisis?
Cash / Spot prices are established in recognized local markets where producers interact with wholesale and retail clients. The cash price is the price offered to producers for a commodity not under contract for sale or delivery to a processor, packer or distributor.
Minneapolis Grain Exchange cash market operates from 9:30am to 1:15pm, Monday thru Friday.
Please also see the separate page on U.S. and International Commodities and Futures Market Exchanges
In the Futures Market, the prices are actually established by the interaction of the various participants (producers, suppliers, distributors, traders and consumers) in each respective commodity market and those prices are merely reported by the respective exchange. The exchange provides an organized and regulated forum for those participants to interact and also provides futures and traded options contracts for those participants to lock-in pricing. These exchanges may also have some oversight for the warehousing of a physical commodity and the approval process of commodities for "good delivery" against contracts. Not every commodity has a futures market. The interaction between these parties is an attempt by each respective group to make an educated estimate, based on both public and proprietary information, on just what the cash price for a particular commodity may be at some point in the future.
Please also see the separate page for the Livestock Industry & Market
In the United States, beef cattle (live) futures contracts are quoted and traded on the Chicago Mercantile Exchange (CME Group).
Please also see the separate page for the Cocoa Commodity Market
In the United States, the cocoa futures contract price is quoted and traded on the ICE US Exchange (former New York Coffee, Sugar and Cocoa Exchange / CSCE / division of the former New York Board of Trade / NYBOT).
Please also see the separate page for the Coffee Commodity Market
The washed Arabica beans futures contract price is quoted and traded on the ICE US Exchange (former Coffee, Sugar and Cocoa Exchange CSCE division of the New York Board of Trade / NYBOT). The contract is known as the Coffee "C" contract. The contract size is 37,500 pounds (approximately 250 bags) and the price is quoted in cents per pound. Approved growers include Mexico, Salvador, Guatemala, Costa Rica, Nicaragua, Kenya, New Guinea, Panama, Tanzania, Uganda, Colombia, Honduras, Venezuela, Peru, Burundi, India, Rwanda, Dominican Republic and Ecuador. Delivery months are March, May, July, September, December. Delivery points include Exchange licensed warehouses in the Port of New York District (at par), the Port of New Orleans, the Port of Bremen/Hamburg, the Port of Antwerp, and the Port of Miami (at a discount of 1.25 cents/lb).
The Robusta beans futures market is with the NYSE LIFFE in the United Kingdom.
In the United States, Copper futures contracts are quoted and traded on the CME Group (COMEX division of the New York Mercantile Exchange / NYMEX). The contract size is 25,000 pounds and the price is quoted in cents per pound.
Please also see the separate page for the Corn Commodity Market
In the United States, Corn futures contracts are traded on the CME Group (Chicago Board of Trade / CBOT).
Please also see the separate page for the Cotton Commodity Market
In the United States, Cotton futures contracts are quoted and traded on the New York Cotton Exchange (NYCE). The contract is known as the Cotton No. 2 contract. The contract size is 50,000 pounds (100 bales at 500 pounds per bale) and prices are quoted in cents per pound. Delivery points include Galveston, TX; Houston, TX; New Orleans, LA; Memphis, TN; Greenville/Spartanburg, S.C.
Please also see the separate page for the Electricity Commodity Market
In the United States, electricity futures contracts are quoted and traded on the CME Group member exchange New York Mercantile
Exchange / NYMEX (open outcry / pit trading); CME ClearPort (traded off-exchange for clearing only). The PJM Western Hub Peak Calendar Month Real Time LMP Swap futures contract offers opportunities for risk
management of electricity pricing in the Midwest, New York State, and other areas in the mid-Atlantic states.
Please also see the separate page for the Frozen Concentrated Orange Juice (FCOJ) Commodity Market
In the United States, Frozen Concentrated Orange Juice futures contracts are quoted and traded on the ICE Futures US (former New York Board of Trade / NYBOT). The contract is knwon as the FCOJ-1 contract. The contract size is 15,000 pounds (orange solids) and the price is quoted in cents per pound. On the FCOJ-1 contract there is no specific country of origin for the orange solids. On the FCOJ-2 contract, only growth from either Florida (United States) or Brazil are allowed. There is a FCOJ-Differential contract that represents the price difference between the FCOJ-1 and FCOJ-2 contracts.
Please also see the separate page for the Gold Industry & Market
In the United States, Gold futures contracts are quoted and traded on the COMEX division of the CME Group member
exchange New York Mercantile Exchange / NYMEX (open outcry / pit trading); CME Globex (electronic trading platform);
CME ClearPort (traded off-exchange for clearing only). This is a benchmark contract (sets the price for this specific resource worldwide).
In the United Kingdom, London Bullion Market Association specifies bars for good delivery as minimum 350 fine oz. to a maximum of 430 fine oz., minimum .995 fine. The bars must be stamped with the mark that clearly identifies weight, fineness, bar number/serial number and identifying stamp of the issuer / assayer.
In Japan, the Tokyo Commidity Exchange specifies bars for good delivery as minimum one kilogram, minimum 99.99 fine. The bars must be stamped with the mark that clearly identifies weight, fineness, bar number/serial number and identifying stamp of the issuer / assayer.
In Switzerland, the Zurich Gold Pool specifies bars for good delivery as minimum 350 fine oz. to a maximum of 430 fine oz., minimum .995 fine. The bars must be stamped with the mark that clearly identifies weight, fineness, bar number/serial number and identifying stamp of the issuer / assayer.
Please also see the separate page for the Pork Industry & Market
In the United States, Hogs (Lean and Pork Bellies) futures contracts are quoted and traded on the Chicago Mercantile Exchange (CME). The contract size for both is 40,000 pounds and the price is quoted in cents per pound. The Mid-American Exchange also quotes and trades futures contracts on Lean Hogs.
Please also see the separate page for the Lumber Industry & Market
In the United States, Lumber (softwoods) futures contracts are quoted and traded on the Chicago Mercantile Exchange (CME). The contract size for both is 110,000 board feet (random length, 8' to 20', 2 x 4) and the price is quoted in dollars per 1,000 board feet.
In the United Kingdom, non-ferrous metals are traded on thr London Metal Exchange (LME). The LME trades primary aluminium, aluminium alloy, copper grade A, high grade zinc, tin, primary nickel, standard lead and North American Special Aluminium Alloy (NASAAC). It also trades TAPOs (Traded Average Price Contracts) for primary aluminium, copper grade A, aluminium alloy, standard lead, primary nickel, tin, NASAAC and high grade zinc.
Actual trading is conducted by either open outcry on the LME floor or by the LME Select electronic trading system (LME member only).
In the United States, Oats futures contracts are quoted and traded on the Chicago Board of Trade (CBOT). The contract size is 5,000 bushels and the price is quoted in cents per bushel.
Please also see the separate page for the Petroleum Industry & Market
In the United States, Crude Oil (Light Sweet) futures contracts are quoted and traded on the CME Group's member exchange
New York Mercantile Exchange / NYMEX) by open outcry / pit trading; CME Globex (electronic trading platform); CME ClearPort.
This is a benchmark contract (sets the price for this specific resource worldwide) and is the world's largest-volume futures
contract on a physical commodity (approximately 600,000 contract per day worldwide). WTI means West Texas Intermediate, a
naturally low sulfur crude petroleum (maximum sulfur is 0.42% or less by weight as determined by A.S.T.M. Standard D-4294, or its latest revision)
In the United Kingdom, Crude Oil (Brent North Sea) futures contracts are quoted and traded on the International Petroleum Exchange (IPE). The contract size is 1,000 barrels (bbl) and the price is quoted in dollars per barrel (bbl).
In the United States, Heating Oil No. 2 (the standard heating oil for delivery to residential and commercial buildings) futures contracts are quoted and traded on the CME Group (New York Mercantile Exchange / NYMEX) division of the New York Board of Trade. The contract size is 42,000 gallons and the price is quoted in dollars per gallon.
In the United States, automotive Gasoline (Unleaded) futures contracts are quoted and traded on the CME Group (New York Mercantile Exchange / NYMEX) division of the New York Board of Trade. The contract size is 42,000 gallons and the price is quoted in dollars per gallon.
In the United States, Natural Gas futures contracts are quoted and traded on the CME Group (New York Mercantile Exchange / NYMEX) division of the New York Board of Trade. The contract size is 10,000 million British thermal units (MMBtu) and the price is quoted in dollars per million British thermal units (MMBtu).
In the United States, Platinum futures contracts are quoted and traded on the CME Group (New York Mercantile Exchange / NYMEX). The contract size is 50 troy ounces and the price is quoted in dollars per troy ounce.
In the United States, Silver futures contracts are quoted and traded on the CME Group (COMEX division of the New York Mercantile Exchange / NYMEX). The contract size is 5,000 troy ounces and the price is quoted in cents per troy ounce.
Please also see the separate page for the Soybean Commodity Market
In the United States, Soybean futures contracts are quoted and traded on the Chicago Board of Trade (CBOT). The contract size is 5,000 bushels and the price is quoted in cents per bushel.
In the United States, Soybean meal futures contracts are quoted and traded on the CME Group (Chicago Board of Trade / CBOT). The contract size is 100 short tons (one short ton equals 2,000 pounds) and the price is quoted in dollars per ton.
In the United States, Soybean meal futures contracts are quoted and traded on the CME Group (Chicago Board of Trade / CBOT). The contract size is 60,000 pounds and the price is quoted in cents per pound.
Please also see the separate page for the Sugar Commodity Market
In the United States, the domestic raw centrifugal cane sugar futures contract is quoted and traded on the ICE Futures US (New York Coffee, Sugar and Cocoa Exchange / CSCE / New York Board of Trade / NYBOT) as the Sugar Number 14 (domestic) Contract (based on the price of sugar delivered to New York, Baltimore, Galveston, New Orleans and Savannah with the CIF / Cost, Insurance, Freight duties paid or the Buyer is responsible for the FOB expense). The contract size is 112,000 pounds (50 Long Tons) and the price is quoted in cents per pound. Delivery months are January, March, May, July and November.
There is also a world futures contract (an option) for raw centrifugal cane sugar, stowed in bulk, FOB (Free On Board / The Seller pays the cost of loading the bulk sugar on board the transport ship) from any twenty-eight foreign countries of origin as well as the United States (Sugar Number 11). Approved nations are Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, French Antilles, Guatemala, Honduras, India, Jamaica, Malawi, Mauritius, Mexico, Nicaragua, Peru, Republic of the Philippines, South Africa, Swaziland, Taiwan, Thailand, Trinidad, United States, and Zimbabwe. The minimum contract is 112,000 pounds (50 Long Tons) and the price is quoted in cents per pound. Delivery months are January, March, May, July and October.
There is no futures market for U.S. refined beet sugar, but a price for wholesale Midwest and Pacific refined beet sugar, f.o.b. factory, is quoted each week (cents per pound) in Milling and Baking News (Sosland Publishing). The price is closely correlated with price movements of the raw cane sugar price.
In the United Kingdom, there is a London daily spot market price for refined sugar in free-on-board ship (FOB / the Seller pays the loading costs) in European ports (Number 5 Contract) quoted on the London International Financial Futures and Options Exchange (LIFFE).
Please also see the separate page for the Wheat Commodity Market
In the United states, wheat futures contracts are quoted and traded on the CME Group (Chicago Board of Trade / CBOT), Kansas City Board of Trade (KCBOT) and the Minneapolis Grain Exchange. On the Chicago Board of Trade and the Minneapolis Grain Exchange the contract size is 5,000 bushels and the price is quoted in cents per bushel.
In Canada, wheat futures contracts are quoted and traded on the Winnipeg Commodity Exchange.
Dow Jones-AIG Index (futures contracts on 20 physical commodities traded on U.S. exchanges)
Reuters-Jefferies CRB Futures Index (17 commodities)
