Are you new to the wheat market? Don’t you want to make false moves? Read this post to learn how to use an API to measure your movements in the market.
Wheat is a grass family member that produces a dry, one-seeded fruit known as a kernel. Humans began gathering and eating plant seeds around 17,000 years ago. Early humans eaten the kernels uncooked, dry, or boiled after wiping off the husks. Wheat evolved in the Tigris and Euphrates River basin, near what is now Iraq, at the “cradle of civilization.” This grain has been the primary grain crop since the 18th century, and it is used to make white bread, pastries, spaghetti, and pizza.
2021 global wheat consumption is approximately 787.4 million metric tons, so 2022 annual production was expected to be a similar or higher estimate, but since Russia is one of the world’s largest wheat producers and is currently in war conflict with Ukraine, the rates of wheat prices on the market fell sharply.
In fact, the vast majority of products made or produced in Russia suffered a drop. This gives us an idea of how the world economy can be mobilized. For this reason, several experts decided to bet on cryptocurrencies such as bitcoin, which, although they are more volatile, do not depend directly on the economy of a country. In this way, the same bitcoin users can raise or lower the price of the currency.
What Is A Bitcoin?
Bitcoin is frequently referred to as a cryptocurrency. It’s a virtual money, often known as a digital currency, that functions similarly to cash online. It may be used to purchase more virtual money, items, and services. Each Bitcoin is essentially a computer file that is saved on a smartphone or computer in a “digital wallet” program. The only problem with bitcoin is that it is very volatile and its movements on the stock market are fast and abrupt, so in order to have an exhaustive analysis about this digital currency, experts use Commodities-API.
What Is Commodities-API?
Commodities-API is a free and open website that gives you access to an API that gives you real-time data on 170 types of currencies and products. The seek time is fast, almost less than 60 seconds, and it has a fidelity of two decimal places. To access for the first time you must:
- Log in https://commodities-api.com/
- Get an API-key, each API account has a unique key that is used to authenticate with the API.
- Select the type of currency and the type of product (WHEAT) you want.
Can I See The Old Bitcoin Financial Reports?
Yes, you can. Since August 2021, “historical rates” have been accessible for most currencies. By attaching a date (format YYYY-MM-DD) to the basic URL, you may query the Commodities-API´s API for historical rates.