Commodity Specifications

MI Forecast and MI Procure both offer subscriptions to commodity-specific market intelligence. In any/all cases in which price forecasts (or underlying models and features) are referenced, they are applicable to the appropriate futures contract for the commodity. The MI product line does NOT create  price forecasts or hedging recommendations for cash markets (aka "spot price"), forward contracts, or non-exchange-traded derivatives.

The common name of a commodity, e.g. "Corn," should be interpreted as the corresponding futures contract whenever it used in reference to exchange/market data and derived data outputs from an MI product.

The exchange-traded futures contract for each of the common-name commodities that are offered in the MI product line is listed in the table below. 

Commodity Common Name Futures Symbol Futures Exchange Link to Specification
Corn ZC CBOT Corn on CBOT
Soybean Meal ZM CBOT Soybean Meal on CBOT
Soybean Oil ZL CBOT Soybean Oil on CBOT
White Sugar W ICE Futures Europe White Sugar on ICE
Sugar No. 11 SB ICE Futures U.S.  Sugar No. 11 on ICE
Arabica Coffee KC ICE Futures U.S. Arabica Coffee on ICE
*Robusta Coffee RC ICE Futures Europe Robusta Coffee on ICE
London Cocoa C ICE Futures Europe London Cocoa on ICE
Palm Oil FCPO Bursa Malaysia Crude Palm Oil on Bursa

* Robusta Coffee: anticipated release 2Q2024. 

Units of Measure

In all cases where the price of a commodity futures contract is referenced (e.g. in price forecast charts), the units of price are identical to the units specified by the exchange on which the contract trades. Abbreviations and units are defined as follows:

Currency Abbreviations

USD: U.S. Dollar currency. 

GPP: British Pound Sterling currency.

MYR: Malaysian Ringgit currency. 

CTS: Cents. 1 Cent = 1/100th of a USD. 

Mass, Weight, & Volume

BU: Bushel

Ton: "Short Ton" = 2000 pounds

MT: Metric Tonne = 1000 kilograms

LB: Avoirdupois Pound (mass) = 0.45359237 kilograms

Note: the lowercase version of any of the above is used interchangeably with the uppercase version and should be interpreted as having an identical meaning. 


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