Wheat is a major commodity that closely tracks the global economic situation. It is the largest commodity in terms of production and consumption. Wheat is used to make bread, cakes, pastries, biscuits, porridge, pasta, cookies, crackers, beer, and whiskey.
The most popular futures contracts are based on the Chicago Board of Trade (CBOT) wheat futures contract. This contract has a fixed delivery date and a fixed price and is used by traders to speculate on the future price of wheat. The wheat market offers traders many opportunities to make profits by trading futures or options on futures contracts. Traders can use this information to make informed decisions about their trading activities.
To make the right trading decisions, it is important to have the right information at the right time. Wheat is a highly demanding asset, which causes its price to fluctuate. Therefore, having the appropriate information is crucial to avoiding danger and making profitable investments. The best tools at our disposal are APIs, or in this case, wheat futures APIs.
Wheat futures APIs commonly provide real-time and historical data on wheat futures. This kind of API might allow you to retrieve data from anywhere on the internet in just a few seconds. Although there are several APIs online, a great and reliable tool is the commodities API.
Commodities API
The commodities API is a website that provides up-to-date and historical pricing information for futures contracts. Fortunately, this not only includes wheat but also other high-demand assets such as coal, sugar, and more. on commodities like wheat, gasoline, and coal. It has different endpoints, each of which delivers a specific set of data. For example, the most recent information on wheat pricing is available at the latest rate endpoint. Overall, it provides reliable information that can be used to make investment decisions or track the performance of your investments over time.
The commodities API can be a handy resource for developers. By using the commodities API, they will avoid having to restart API-building for every single project. Additionally, it returns data in JSON format, which facilitates the integration process into different platforms and applications.
Start Retrieving Data With The Commodities API
On the commodities API website, register by creating an account. Then, make your selections for the asset code, base currency, and endpoint. Finally, initiate the API call by pressing the “run” button. It won’t take long for you to get all the facts.
As an example, we choose the “Latest rates” endpoint, enter “USD” as the base currency, and enter “WHEAT” as the symbol. Then we got the following response:
{"data":{"success":true,"timestamp":1684894680,"date":"2023-05-24","base":"USD","rates":{"WHEAT":0.0041042710583735},"unit":{"WHEAT":"per metric ton"}}}This response states that 0.0041042710583735 metric tons of wheat are equal to one US dollar.
Many companies use wheat futures APIs for historical data because they want to provide their customers with information about past trends and patterns. This information can be used to predict future trends and patterns. The commodities API is the ideal solution to forecast wheat and other asset futures prices. You can make up to 100.000 API queries per month, with updates every 60 seconds. Make better trading decisions with the commodities API!