Editing Commodity market (section)

===Standardization===
{{confusing|section|date=March 2022}}
US [[soybean]] futures do not qualify as "standard grade" if they are "GMO or a mixture of GMO and Non-GMO No. 2 yellow soybeans of Indiana, Ohio and Michigan origin produced in the U.S.A. (Non-screened, stored in silo)". They are of "deliverable grade" if they are "GMO or a mixture of GMO and Non-GMO No. 2 yellow soybeans of Iowa, Illinois and Wisconsin origin produced in the U.S.A. (Non-screened, stored in silo)".  Note the distinction between states, and the need to clearly mention their status as GMO ([[genetically modified organism]]) which makes them unacceptable to most [[organic farming|organic]] food buyers.

Similar specifications apply for cotton, orange juice, cocoa, sugar, wheat, corn, barley, [[pork belly|pork bellies]], milk, feed stuffs, fruits, vegetables, other grains, other beans, hay, other livestock, meats, poultry, eggs, or any other commodity which is so traded.

Standardization has also occurred technologically, as the use of the FIX Protocol by commodities exchanges has allowed trade messages to be sent, received and processed in the same format as stocks or equities. This process began in 2001 when the Chicago Mercantile Exchange launched a FIX-compliant interface that was adopted by commodity exchanges around the world.<ref name="FIXGlobal2011"/>