When you’re investing in commodities, the first crucial thing to know is the current price of the product you’re interested in. That is to say if you’re tracking wheat rates with software, using an API is the key to success.
Ancient Commodity
Wheat has been cultivated for almost ten thousand years, and it first arrived in Great Britain about 5,000 years ago. The first time wheat flour was produced was in the 12th century. On the other hand, this had become the most significant grain grown for human consumption in the UK by the early nineteenth century.
Investments
Wheat traders can use a variety of factors to forecast the trend’s direction over the medium to long term. The following are the most important elements that influence the price:
- Of course, supply and demand are important aspects to consider while analyzing the wheat rate.
- Moreover, the level of production is influenced by weather conditions.
- Also, stock levels are compared to the supply and output figures.
- Mind the policies of various countries’ businesses, such as help for import or export and the level of taxation.
- Finally, global population increase is a secondary strong factor influencing the long-term pricing of agricultural commodities like wheat and other cereals.
Nevertheless, getting fresh information about wheat or other commodities prices is not impossible using simple technology
JSON (JavaScript Object Notation)
This is a text-based standard used for encoding structured data that is based on JavaScript object syntax.
To summarize, Commodities-api.com is an online tool for tracking wheat and other commodity prices.
JSONP Callbacks
Example Call:
https://commodities-api.com/api/latest ? access_key = API_KEY & callback = MY_FUNCTION
Example Response: Your API response will be wrapped inside your preferred callback function.
({
"success": true,
"timestamp": 1519296206,
"base": "EUR",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
})
Commodities-API
This online API delivers precise rate data in a variety of currencies for a large range of commodities.
Commodities-API consists of a basic, minimalist Open-Source API for recent and historical commodity prices from financial institutions.
Accuracy
The API can provide real-time commodity data with a precision of two decimal points and a frequency of up to every 60 seconds. Commodities-API is built on a robust back-end architecture that guarantees high availability and response times of less than 50 milliseconds for certain API calls. Delivering commodity exchange rates, converting single currencies, and returning Time-Series and Fluctuation data are only a few of the features.
Secured
The Commodities-API uses bank-grade 256-bit SSL encryption to protect your connection.
Thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. Our API is the most popular site for commodity rates because of its reliable data sources and 6+ years of experience.
Also published on Medium.