section_path: Economics/Commodity market
section_name: Commodity market
paragraph_text: Commodity market
  
  Coffee is bought and sold as green coffee beans by roasters, investors, and price speculators as a tradable commodity in commodity markets and exchange-traded funds. Coffee futures contracts for Grade 3 washed arabicas are traded on the New York Mercantile Exchange under ticker symbol KC, with contract deliveries occurring every year in March, May, July, September, and December. Higher and lower grade arabica coffees are sold through other channels. Futures contracts for robusta coffee are traded on the London International Financial Futures and Options Exchange and, since 2007, on the New York Intercontinental Exchange.
  
  Dating to the 1970s, coffee has been incorrectly described by many, including historian Mark Pendergrast, as the world's "second most legally traded commodity". Instead, "coffee was the second most valuable commodity exported by developing countries," from 1970 to circa 2000. This fact was derived from the United Nations Conference on Trade and Development Commodity Yearbooks which show "Third World" commodity exports by value in the period 1970–1998 with crude oil in first place, coffee in second, followed by sugar, cotton, and others. Coffee continues to be an important commodity export for developing countries, but more recent figures are not readily available due to the shifting and politicized nature of the category "developing country". Coffee is one of seven commodities included in the EU Regulation on Deforestation-free products (EUDR), which aims to guarantee that the products European Union (EU) citizens consume do not contribute to deforestation or forest degradation worldwide.
  
  International Coffee Day, which is claimed to have originated in Japan in 1983 with an event organized by the All Japan Coffee Association, takes place on 29 September in several countries. There are numerous trade associations and lobbying and other organizations representing the coffee industry.