>Or is the majority of the usage pattern that of a commodity, where people are mostly buying and selling it for fiat currency, and trying to do so at a profit?

>Or is the majority of the usage pattern that of a commodity, where people are mostly buying and selling it for fiat currency, and trying to do so at a profit? This sentence would make sense if you had said "that of a security"! I think you forget that the defining aspect of wheat is that eventually it ends up in people's mouths! (i.e. has some actual usage.) Futures contracts are an afterthought on top of what the definition of a commodity is, in my opinion. https://en.wikipedia.org/wiki/Commodity https://en.wikipedia.org/wiki/Commodity