When you’re trying to get a price API it’s important to always get the best one that adapts to your needs. Since wheat is one of the most important staple food in the world and one of the most produced and traded commodities globally, its price changes constantly, and not being updated on it can damage your investments.
In 2017, wheat production was 772 million tonnes, with a forecast in 2019 at 766 million tonnes. This product is distinctive since its adhesive characteristics of gluten proteins allow the manufacture of processed foods, whose consumption is rising as a result of the global industrialization process and the westernization of the diet. So we can notice that we are talking about one of the major industries of all time.
The moment you want to invest in wheat, staying updated on its real-time prices is key. That can be done through an API, which is an interface that connects two computers or applications and allows them to communicate, so they can give you an answer whenever you send a request. However, an API might not help you with getting historical prices. These describe the accounting cost recorded in the books, representing the cost of the item at the time it was acquired rather than its current worth.
So, is there a way to get these prices? Of course, you just need to use a software that allows you to access this information. Since there are not a lot of these online, we recommend using Commodities-API, a free and good online API.
How Can You Get Historical Prices With This API?
To obtain the data, go to www.commodities-API.com, join up, and acquire an API key. Then you choose the commodity’s symbol, in this example wheat, and the currency in which the data should be shown. For most currencies, historical rates are available all the way back to the year 2020. By adding a date (format YYYY-MM-DD) to the basic URL, you may query the Commodities-API API for historical rates.
Then, it will send the following request:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = GBP & symbols = USD,CAD,EUR
Request Parameters:
| Parameter | Description |
|---|---|
YYYY-MM-DD | [required] A date in the past for which historical rates are requested. |
access_key | [required] Your API Key. |
base | [optional] Enter the three-letter currency code or metal code of your preferred base currency. |
symbols | [optional] Enter a list of comma-separated currency codes or metal codes to limit output currencies. |
And you will get the following answer:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
This program delivers exact commodity and exchange rate data for almost any commodity as well as 170 global currencies, including Bitcoin and other major cryptocurrencies. Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, and many other commodities are on the list.
Where Does The Information Come From?
Commodities-API gathers information from banks and stock exchanges and uses it to provide you with the most accurate and secure data. Aside from that, it employs bank-grade 256-bit SSL encryption to protect the security of your connection at all times. Only midpoint data for commodities and currency rates is provided via the API. The average median rate of Bid and Ask at a particular time is used to determine midpoint rates.
Also published on Medium.