Do you want to know how to monitor wheat futures data in real-time? In this post, we’ll teach you how to do it with an API.
As you may already know, wheat is a cereal grain that is very common in our daily lives. This is because it is one of the most important food crops in the world. Since wheat is cultivated for commercial purposes, it is divided into three types: durum, common, and pastry wheat. Pastry wheat is the variety that is used to make bread and noodles.
Wheat futures are a type of futures contract that allows producers and consumers to hedge against future price movements. The futures market allows producers and consumers to manage their risk by locking in a price for the commodity they are buying or selling before it is delivered. These futures are traded on the Chicago Board of Trade (CBOT) and the Kansas City Board of Trade (KCBOT). Both markets trade wheat futures contracts that are settled in cash and are typically settled in USD. But they can also be settled in Euros.
Monitoring Wheat Futures Data In Real Time With An API
There are many ways to monitor wheat future contracts in real-time. One way is to use a website or app that provides this information. However, this method can be unreliable because websites and apps often go down or have issues with their data. Fortunately, there’s another way that’s more accurate and fast. We are talking about using a wheat futures API.
A wheat futures API is an API-powered tool that you can use to get data on wheat current rates, as well as other information that may be useful for you. For instance, you can get historical data, time-series data, and fluctuation data, in just seconds. There are many APIs on the Internet, but one of the best for monitoring commodities prices is Commodities API.
Commodities API
With Commodities API you can monitor wheat futures data, as well as more than 110 other commodities, in more than 170 currencies. This JSON API is currently the first choice for thousands of developers, SMEs, and large companies. It aims to provide investors and traders with various commodity data so they can analyze the market and decide what is best for their business. But in addition, developers use this API to enhance their own projects, as Commodities API offers an easy-to-use interface as well as simple integration.
With an accuracy of two decimal places and a frequency of 60 seconds, it can give commodity information in real-time. This means that you can view up-to-date information on wheat futures prices as they happen throughout the day! Additionally, Commodities API provides information on historical wheat futures prices so you can see how these prices have moved over time. This information can be very useful when making future trading decisions.
How To Monitor Real-Time Wheat May 2023 Rates With Commodities API
- Register for Commodities API and receive an API key.
- Verify your API key.
- Choose the endpoint, base currency, and symbol (in this case ZWK23).
- Finally, click “run” to start the API call. And that’s it, Commodities API will reply to you with all the information!
This is an example of an API response with the “Latest rates endpoint,” which provides information on the most recent commodity rates for a particular currency. We received the following data after entering the base currency (USD) and the symbol (ZWK23, which means Wheat May 2023):
{"data":{"success":true,"timestamp":1682793960,"date":"2023-04-29","base":"USD","rates":{"ZWK23":0.0016051364365971},"unit":{}}}According to Commodities API answer, 0.0016051364365971 metric tons of wheat are equal to one US dollar.
Read more: Wheat Jul 2023 Future Rates Tracking Made Easy With API Integration