How are various commodities prices quoted in a futures contract?

Various commodities prices in a futures contract are typically quoted in terms of a specific unit of measurement, such as bushels for grains, barrels for oil, or ounces for precious metals. The price reflects the cost per unit of the commodity for delivery at a future date. Futures contracts are standardized, meaning they specify the quantity and quality of the commodity, as well as the delivery date and location. This allows traders to lock in prices and hedge against market fluctuations.