This refers broadly to any forum where the purchase and sale of physical commodities are transacted. The use of the term “market” in this context should be construed broadly and liberally and does not require the existence of a formal, organized market. Accordingly, a physical market could be:
1. an organized, self-regulated central market;
2. a decentralized over-the-counter market; or
3. a local organization, such as a grain elevator or meat processor, which provides a market for a small region