What is the meaning of Commodity?

Commodities are bulk goods and raw materials, such as grains, metals, livestock, oil, cotton, coffee, sugar, and cocoa, that are used to produce consumer products. The term also describes financial products, such as currency or stock and bond indexes, that are the raw materials of trade. Commodities are bought and sold on the cash market, and they are traded on the futures exchanges in the form of futures contracts.' Commodity' prices are driven by supply and demand: When a commodity is plentiful tomatoes in August, for example prices are comparatively low. When a commodity is scarce because of a bad crop or because it is out of season, the price will generally be higher.