Agricultural Commodity futures value
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To promote trade in United States agricultural commodities, livestock, and value-added products, and to prepare for future bilateral and multilateral trade negotiations.
Commodity Prices - Current or Future Value?
When it says in the Wall Street Journal that oil is at 102.53 dollars a gallon, is that the price of a current barrel of oil, or the price of a futures contract for a barrel of oil at the current time?
If they were quoting the price of a future contract, you should quote it as July oil being 102.53 a barrel. Otherwise they should be quoting the current spot price of Light Sweet Crude. Various different grades of oil have different prices. And these prices are quoted at different delivery points including futures. And different contract months also have different prices.