A commodity, in a general sense, is a basic good that is interchangeable with other goods of the same type, where the primary differentiator is price. In the LBM industry, the most common use of this term includes most dimensional framing lumber and panels such as plywood and OSB (oriented strand board). There are many nuances and variations in the use of the term. Most buyers would not consider siding, millwork and similar wood products or engineered wood products to be commodities. And while many framing lumber products can be interchangeable and are considered commodities, they may not be exact substitutes in framing applications. For instance, 2×4 #2 grade framing material may be a commodity, but different species may be required for different applications. Or, within a species, buyers may have a preference for certain manufacturers due to quality.