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History Of Commodities Market

The world's oldest established futures exchange, the Chicago Board of Trade, was founded in 1848 by 82 Chicago merchants. The first of what were then called "to arrive" contracts were flour, timothy seed and hay, which came into use in 1849. "Forward" contracts on corn came into use in 1851 and gained popularity among merchants and food processors.

In 2007, CME and CBOT officially merged, and are now collectively known as CME Group Inc., the world's largest and most diverse derivatives exchange.

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