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The phrase "the commodity" is correct and usable in written English
It can be used when referring to a specific item or product that is being bought, sold, or traded, often in an economic context.
Example: "In the market, the commodity prices fluctuate based on supply and demand."
Alternatives: "the product" or "the item"
Dictionary
the commodity
noun
Convenience; usefulness, suitability.
synonyms
Exact(60)
The commodity price?
The commodity exporters are flailing.
Charlie Hustle, the commodity.
Celebrity is the commodity.
(Wu called it "the commodity economy").
We don't invest in the commodity".
The commodity itself is rare".
Men hardly have more of the commodity.
But often, this year, the commodity won.
I'm in the commodity trade scene".
Enter the commodity vigilantes, he said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com