Commodity is are basic goods used in commercial activity throughout the world and history. One type of commodity can be exchanged with others. When traded, they are classified in accordance with standard rules. Worldwide there are two kinds of commodities: Soft and hard.
Soft commodities refer to those grown or produced such as agricultural products and livestock. Wheat, soybean, coffee, sugar, pork, etc. All are soft commodities. Supplies, demands and thus prices of those products change depending on the climatic conditions.
Hard commodities are those that need to be mined or extracted from the Earth’s crust or underseas, e.g. oil, natural gas, diamonds, silver, and gold.
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