Agricultural commodities are staple crops and animals produced or raised on farms or plantations. Some agricultural commodities have purely industrial applications ie lumber and others such as corn may have duel uses (ie bio fuel and food). (Source; commodity.com, 2019)
In 2018 Australia had 85,000 agricultural businesses and 378 million hectares of agricultural land with total farm production of $58 billion in 2018/19 (Source; Aus govt. 2019).
Beef was Australia’s most valuable agricultural export commodity in 2018 worth over $8.5 billion (Source; DFAT 2018). Soybeans, wheat, coffee and corn are among the world’s most traded agricultural commodities.
Leading exchanges for trading agricultural commodities include; Chicago Board of Trade and Chicago Mercantile Exchange (CME Group) and the ASX in Australia.