Wheat futures are traded on various commodities exchanges around the world. The most important wheat futures market is the Chicago Board of Trade (CBOT), which trades contracts on wheat and other grains. The CBOT has several different classes of wheat futures contracts, each of which trades at a different time during the year. The front month is the month closest to expiration and is typically more liquid than other months.
There are many advantages to trading futures rather than physical commodities. For example, futures allow you to lock in a price for your commodity before you buy or sell it. This means that you can be sure that you won’t lose money due to a sudden change in prices. There are APIs, or more specifically, wheat futures APIs, that can help you with this task.
Wheat futures APIs usually provide real-time market data on the wheat futures market. This data can help you understand the front-month futures so you can make the right decisions when trading wheat futures. However, there are many options on the market, and not all of them are reliable. Therefore, we suggest the Commodities API. Keep reading to learn more about it.
Commodities API
The commodities API offers precise and current data on sugar and other commodity prices around the world and is simple to use. It also provides a wide range of endpoints, each of which serves a specific purpose and will, in general, assist you in identifying relevant industries and identifying long-term market trends. These endpoints include, among others, the most recent rate data endpoint and the historical data endpoint.
The Commodities API offers data in JSON format, which is supported by all popular programming languages. It saves developers the time and effort of having to construct an API from scratch because it is straightforward to incorporate into applications and websites that already exist. Finally, this API has various subscription plans with up to 100,000 API calls and updates every 60 seconds.
Making Use Of The Commodities API
There are only a few easy steps involved when making use of the commodities API. The most crucial step is registering on the Commodities API website. After that, log in and select the base currency, symbols, and endpoint that best fit your needs. Lastly, click the “run” button to launch the API call. You can acquire all the information you need in a matter of seconds!
For instance, when using the “Latest rates endpoint” with “USD” and “WHEAT” as the base currency and symbol, we got the results that are displayed below:
{"data":{"success":true,"timestamp":1682800260,"date":"2023-04-29","base":"USD","rates":{"WHEAT":0.0037668422580185},"unit":{"WHEAT":"per metric ton"}}}According to the answer, 0.00376684225801 metric tons of wheat are equal to one US dollar.
Overall, the commodities API is your best choice to understand front-month futures. It helps you evaluate how any commodity market will perform over time by providing you with real-time pricing data. By having accurate and reliable information, you can make good decisions when trading sugar futures. Now that you understand front month futures trading, start trying the commodities API and boost your profits.