Commodities Definitions

Commodity

A commodity, as defined in the Commodity Exchange Act, includes the agricultural commodities enumerated in Section 1a(4) of the Commodity Exchange Act and all other goods and articles, except onions as provided in Public Law 85-839 (7 U.S.C. § 13-1), a 1958 law t

Commitments of Traders Report (COT)

A weekly report from the CFTC providing a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC. Open interest is broken down by aggregate commercial, non-commer

Commercial Grain Stocks

Domestic grain in store in public and private elevators at important markets and grain afloat in vessels or barges in lake and seaboard ports.

COMEX

COMEX is a division of the New York Mercantile Exchange- the world’s largest physical commodity futures exchange. Commodities traded on COMEX include precious metals such as gold, silver, copper and aluminium.

Winter Wheat

Wheat that is planted in the fall, lies dormant during the winter, and is harvested beginning about May of the next year.

OPEC

OPEC is an acronym for The Organisation of Petroleum Exporting Countries.

West Texas Intermediate

West Texas Intermediate (WTI) also known as Texas Light Sweet, is a premium type of crude oil that is used as a  benchmark in global oil pricing along with North Sea Brent Crude. It is extracted from a region in West Texas that produces high grade, low sulphur crude. Petroleum is considered “

Grain Futures Act

Federal statute that provided for the regulation of trading in grain futures, effective June 22, 1923; administered by the US Department of Agriculture; amended in 1936 by the Commodity Exchange Act.

Grading Certificates

A formal document setting forth the quality of a commodity as determined by authorized inspectors or graders.

Grades

Various qualities of a commodity.