When it comes to commodity investment, the first thing you need to know is the price of the product you’re interested in. That is to say, if you’re using software to track wheat rates, an API is essential.
Moreover, wheat rates may change constantly because of many reasons. So it’s not just about current prices but historical ones too.
Origins
Wheat has been cultivated for about ten thousand years, and it was initially introduced to the Uk over 5,000 years ago. Moreover, wheat flour was first made in the 12th century. By the early nineteenth century, however, this had become the most important grain farmed for human use in Britain.
Grain Investments
Although wheat traders can forecast the trend’s direction, the following are the most important price-influencing factors:
- In fact, when calculating the wheat rate, supply and demand are essential factors to consider.
- Furthermore, meteorological conditions have an impact on production levels.
- Take into account the policies of other countries’ firms, such as import or export assistance and taxes amounts.
- Finally, global population growth is a secondary strong element impacting long-term agricultural commodity pricing, such as wheat and other grains.
Data
Commodities-api.com is a website that allows you to keep track of the prices of a variety of commodities. Finally, you’ll be able to calculate prices accurately and convert them to your preferred currency.
Commodities-API
This portal collects worldwide data prices in a variety of currencies from a variety of sources and organizations throughout the globe. Commercial sources, particularly for large currencies and commodities, are often suggested because they better reflect market exchange rates.
Commodities-API began as a simple, minimalist Open-Source API for recent and historical commodity prices from financial institutions.
Precise
With a two-decimal-point accuracy and a 60-second frequency, the API can offer real-time commodities data. Commodities-API is built on a strong back-end architecture that ensures high availability and response times of less than 50 milliseconds for defined API calls.
Safe
The website uses bank-grade 256-bit SSL security to encrypt your connection.
Thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. This API is the most popular due to its dependable data sources and 6+ years of experience.
Fluctuation Endpoint
There are several endpoints in the API, each of which offers a certain use case. Get the most recent commodity rates data for all or a specific set of currencies, convert quantities between currencies, retrieve Time-Series data for one or more currencies, and query the API for daily fluctuation data are all endpoint functions.
API Request:
https://commodities-api.com/api/fluctuation ? access_key = API_KEY & start_date = 2015-12-01 & end_date = 2015-12-24
API Response:
{
"success":true,
"fluctuation":true,
"start_date":"2018-02-25",
"end_date":"2018-02-26",
"base":"EUR",
"rates":{
"USD":{
"start_rate":1.228952,
"end_rate":1.232735,
"change":0.0038,
"change_pct":0.3078
},
"JPY":{
"start_rate":131.587611,
"end_rate":131.651142,
"change":0.0635,
"change_pct":0.0483
},
[...]
}
}
Also published on Medium.