Title: Identify the basics of commodity markets.
Course: Agricultural Business Management III (18201-36) > Section: Investigating Commodity Markets, Futures Markets, and Hedging Contracts

Identification should include

- defining a commodity market and explaining the differences between hard and soft commodities
- explaining how investors can gain exposure to commodities
- identifying the major U.S. commodity exchanges
  - Chicago Board of Trade
  - Chicago Mercantile Exchange
  - New York Board of Trade
  - New York Mercantile Exchange
  - Kansas City Board of Trade
  - Minneapolis Grain Exchange
- explaining how commodity markets work
- the types of commodity markets
- commodity market requirements
- advantages and disadvantages of commodity markets.

Process/Skill Questions:

- What is the difference between hard and soft commodities?
- What are the objectives of the commodities market?
- What is a commodity product?
- What are the major agricultural commodities?
- Why are agricultural commodities important?
- How does one purchase an agricultural commodity?