Commodities are the raw materials that we use to make things such as corn, beef, copper, angd even coffee.
These commodities are constantly traded between producers and consumers.
The price of these commodities is determined by the supply and demand.
Where the supply meets the demand is called the equilibrium point. This is where the current price is. The supply and demand are always changing.
The supply and demand curves aren't always that simple. There are A lot of things that can influence prices.
This brings us to a need for a platform where everyone can know what the commodity is currently worth.
Trading companies like CME provide a platform for everyone to buy and sell commodities
Less than 5% are actually delivered though. Producers and consumers use CME to lock in a price for a future date, thus why they are called commodity futures.
People that aren't producers or consumers, but still buy or sell a commodity are called speculators. If speculators buy, they are bullish. If they sell, they are said to be bearish.