Commodity Future. A futures contract tied to the movement of a particular commodity. This enables contract buyers to buy a specific amount of a commodity at a specific price on a particular date in the future.
The price of the contract is determined using the "Open Outcry" system on the floor of a commodity exchange such as the Chicago Board of Trade or the Commodity Exchange in New York. There are commodity futures contracts based on meats such as cattle and pork bellies; grains such as corn, oats, soybeans and wheat; metals such as gold, silver and platinum; and energy products such as heating oil, natural gas and crude oil.
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