Commodity Contract
A commodity contract is an agreement to buy or sell a specified quantity of a commodity at a certain price on or before a certain date. Commodity contracts are traded on futures exchanges and can be used to hedge against price fluctuations or speculate on future price movements.
A futures contract is an agreement to buy or sell a specific quantity of a commodity at a specified price on or before a specified date in the future. Futures contracts are standardized so that they can be traded on futures exchanges.