What is Commodity Future?

Alternative Forms: Commodity futures
Legal Definition
A FUTURES contract, bought or sold via an EXCHANGE, that references a nonfinancial physical commodity such as chemicals, energy, base and precious metals, livestock, GRAINS, and SOFTS. See also COMMODITY DERIVATIVE, CURRENCY FUTURE, INDEX FUTURE, INTEREST RATE FUTURE.
Legal Definition
A contract to buy or sell commodities at a fixed rate before a date. The terms are in quantity, quality, and delivery time. The price is chosen based on demand. They are resold as closeouts. AKA security futures.