Wheat is grown in nearly every country in the world and is the most widely grown cereal, with about 60% of global production. It is an important food crop for humans and animals, and it is also a major ingredient in many industrial products, such as alcohol and plastics. Because it is a global commodity, wheat futures are highly liquid and are traded heavily on several platforms.
However, to successfully trade wheat, you need to understand the factors that affect its price, which are supply and demand. The demand for wheat fluctuates depending on whether it is being used for human consumption or animal feed. Demand also varies depending on how much wheat is being used for industrial purposes such as making alcoholic beverages or plastics. The supply of wheat also varies depending on how much is being produced by farmers and whether any major weather events have affected the harvest.
Fortunately, today’s technology provides you with tools that allow you to be one step ahead, such as wheat futures APIs. These APIs might help you improve your trading decisions on wheat. However, not all APIs are the same. You might also want to think about an API that offers you more than standard details. So we suggest trying the Commodities API. To learn more about it, keep reading!
Commodities API
The Commodities API allows you to improve trading decisions not only on wheat but also on different commodities. It mainly provides you with real-time data on commodity prices from more than 10 different exchange rate data providers. Additionally, the Commodities API responses are given in JSON format, which can be easily understood by any computer language.
Due to its user-friendly features and trustworthy data, this API has become one of the best choices for entrepreneurs and developers. In the case of developers, they can offer their clients a quick and dependable solution without having to create an API from scratch. Additionally, this API has several different endpoints, and each one has a different function.
Available Endpoints
Please be aware that certain API endpoints may or may not be available, depending on your membership package.
- Latest rates endpoint
- Convert endpoint
- Historical rates endpoint
- Time-Series data endpoint
- Fluctuation data endpoint
The Commodities API: How to Get Started
Starting using this API is quite simple, just register for an account at the Commodities API and begin using it immediately after. Choose from the various API endpoints and the symbols of the API depending on what you’re looking for. Then, press the “run” button to start an API call and see the results on the screen.
If you are interested in testing it, you can check the commodities API main page and test the “latest rates endpoint“. When we entered the base currency (USD) and symbol (wheat), we received the following data:
{"data":{"success":true,"timestamp":1682286720,"date":"2023-04-23","base":"USD","rates":{"WHEAT":0.0036966697626276},"unit":{"WHEAT":"per metric ton"}}}As you can see from the response, one US dollar is equivalent to 0.0036966697626276 tonnes of wheat.
Overall, the commodities API gives you all the information that you need to make smart trading decisions on wheat and any other commodity. It has many different plans available, with up to 100,000 API queries and 60-second data updates per month. Choose the one that better satisfies your needs and start making use of this API!