Editing Commodity market (section)

===Agriculture===
{{See also|Hedge (finance)#Agricultural commodity price hedging}}
Agricultural commodities include grains, food and fiber as well as livestock and meat, various regulatory bodies define agricultural products.<ref>''See'' the [[Futures Trading Act of 1921]], Declared unconstitutional in [[Hill v. Wallace]] 259 U.S. 44 (1922), the [[Grain Futures Act]] of 1922 and [[Board of Trade of City of Chicago v. Olsen]] 262 US 1 (1923).</ref>

In 1900, corn acreage was double that of wheat in the United States. But from the 1930s through the 1970s soybean acreage surpassed corn. Early in the 1970s grain and soybean prices, which had been relatively stable, "soared to levels that were unimaginable at the time". There were a number of factors affecting prices including the "surge in crude oil prices caused by the Arab Oil Embargo in October 1973 (U.S. inflation reached 11% in 1975)".<ref name=CRB>{{cite web
|title=Encyclopedia of Commodity and Financial Prices: Grains and Oilseeds
|url=http://www.crbtrader.com/pubs/enc/grains.pdf
|publisher=Commodity Research Bureau (CRB)
|pages=172–187
|access-date=25 April 2013
|archive-url=https://web.archive.org/web/20120617101346/http://www.crbtrader.com/pubs/enc/grains.pdf
|archive-date=17 June 2012
|url-status=dead
}}</ref>

On 21 July 2010, [[United States Congress]] passed the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] with changes to the definition of agricultural commodity. The operational definition used by Dodd-Frank includes "[a]ll other commodities that are, or once were, or are derived from, living organisms, including plant, animal and aquatic life, which are generally fungible, within their respective classes, and are used primarily for human food, shelter, animal feed, or natural fiber". Three other categories were explained and listed.<ref name=DoddFrankdefinition2010>
{{cite web
|url=http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/acd_factsheet_final.pdf |archive-url=https://web.archive.org/web/20110813042609/http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/acd_factsheet_final.pdf |archive-date=2011-08-13 |url-status=live
|title=Final Rule Regarding the Definition of Agricultural Commodity
|publisher=Commodity Futures Trading Commission Office of Public Affairs
|date=21 July 2010
}}</ref>

In February 2013, [[Cornell Law School]] included lumber, soybeans, oilseeds, livestock (live cattle and hogs), dairy products. Agricultural commodities can include lumber (timber and forests), grains excluding stored grain (wheat, oats, barley, rye, grain sorghum, cotton, flax, forage, tame hay, native grass), vegetables (potatoes, tomatoes, sweet corn, dry beans, dry peas, freezing and canning peas), fruit (citrus such as oranges, apples, grapes) corn, tobacco, rice, peanuts, sugar beets, sugar cane, sunflowers, raisins, nursery crops, nuts, soybean complex, aquacultural fish farm species such as finfish, mollusk, crustacean, aquatic invertebrate, amphibian, reptile, or plant life cultivated in aquatic plant farms.<ref name=cornell>
{{cite web
|title=Definition of Agricultural Commodities
|url=https://www.law.cornell.edu/uscode/text/7/1518
|series=Law at Cornell
|publisher=[[Cornell University]]
|date=February 2013
}}</ref><ref name=reuters15april2013>
{{cite news
|title=Gold set for worst two-day loss since 1983
|first=Veronica
|last=Brown
|url=https://www.reuters.com/article/us-markets-commodities-idUSBRE93E0LK20130415?feedType=RSS&feedName=topNews
|work=Reuters
|date=15 April 2013
}}</ref>