When discussing commodities, what does "supply chain" refer to?

The term "supply chain" in the context of commodities encompasses the entire process from production to consumption. This includes all the steps involved in bringing a commodity to market, starting from the raw materials needed for production, through the processes of manufacturing, storage, and distribution, and ultimately reaching the end consumer.

Understanding the supply chain is crucial for comprehending how commodities move through various stages and the factors that can affect their availability and pricing. It considers not only the logistics of transporting goods but also the interactions among different stakeholders, including producers, suppliers, manufacturers, distributors, and retailers. Recognizing the comprehensive nature of the supply chain allows individuals to grasp how various elements influence each other and the final market outcome for commodities.