Commodities are objects that come out of the Earth such as wheat, cattle, soybeans, corn, oranges, gold, uranium, copper, aluminum, coal, cotton, and oil. Commodities of the same grade are considered fungible —that is, interchangeable with other commodities of the same grade regardless of who produced or farmed it. For example, if a mining company in Colorado produces high-quality copper, and a different mining company in Wyoming also produces high-quality copper, the copper produced by both mining companies is fungible as long as it receives the same grade.
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