A good that is supplied by many different producers and is considered to be equivalent by the market. One of the characteristics of a commodity is that its price is determined as a result of being actively traded by its market. Soft commodities are goods that are grown, for example coffee beans, wheat and sugar. Hard commodities are the goods that are extracted through processes such as mining, for example gold and crude oil. See also Category.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.