The definition of a commodity is any natural resource that holds/carries a value in commerce.
Corn, wheat, soybeans, sugarcane, coffee, cotton, rice, cocoa, and lumber are examples of agricultural commodities.
Precious metals, including gold, silver, platinum, palladium, and copper are another commodity type. Crude oil and natural gas are a type of energy commodity.
A livestock commodity would include live cattle and lean hogs.
Any natural resource that can be harvested, mined, or extracted; is fungible with another of the same type (i.e., one bushel of corn can be easily interchanged for another bushel of corn elsewhere); has a use and value in commerce, is a commodity.
In today’s world, the value of a commodity can be tracked through commodity futures.
