Wheat has been cultivated since prehistoric times, and it’s the world’s most important crop since the beginning of agriculture. It is a staple food for many people in Asia and Africa, where it is grown on a large scale. The crop is also widely grown in North America and Europe, where it is used to make flour for bread, cakes, and other baked goods. Wheat is a very versatile crop that can also be used to make biofuels or be turned into biogas.
Wheat prices, like any other asset, fluctuate under supply and demand, which can be affected by several factors. For instance, climate change has had a significant impact on wheat production around the world over the past 30 years. A new study from the University of California, Davis (UC Davis) found that wheat yields declined by an average of 0.38% per year between 1981 and 2010 as a result of climate change.
Because of this, monitoring wheat prices can provide you with a general idea of the overall production of wheat. Several tools can help you monitor wheat prices but the most simple and effective is to use a wheat prices API. This kind of API usually provides information on wheat yields in real-time. This information can be used to track changes in wheat yields over time, as well as predict future yields based on historical data. From several options, we would like to introduce one of the most complete and straightforward prices API in the market, the commodities API.
Commodities API
The commodities API serves a great wheat prices API that helps you access several sets of data. Thankfully, this applies to other highly demanded commodities, such as coal, sugar, and others, in addition to wheat. The system’s endpoints include fluctuation data endpoints, currency data endpoints, historical data endpoints, and others.
The beautiful thing about this API is that it makes it simple to access this information and incorporate it into any application or website. Particularly for developers, this is a huge benefit. By using the commodities API, they can easily maximize productivity, raise revenue, and offer consumers simple and dependable solutions.
Use The Commodities API
Using the commodities API is not complicated. Simply, register by setting up an account on the commodities API website. Right after that, decide on the asset code, base currency, and endpoint. Lastly, click “run” to start the API call so you can receive all the information on the chosen asset.
For example, in this case, we try “WHEAT” as the symbol, select the “Latest rates” endpoint, and select “USD” as the base currency. After performing the API call, we received the following information:
{"data":{"success":true,"timestamp":1685161620,"date":"2023-05-27","base":"USD","rates":{"WHEAT":0.0041006803131156},"unit":{"WHEAT":"per metric ton"}}}According to the answer, 0.0041006803131156 metric tons of wheat are equivalent to one US dollar.
Having access to the latest and historical pricing data for wheat can give you a general view of the supply and demand for this asset. In terms of climate change studies, this can be relevant to some extent. Climate change may affect the production of wheat, which is quite sensitive to climate fluctuations. Another advantage of the commodities API is that it can help you make smart decisions when trading wheat futures assets. Furthermore, it allows up to 100.000 API requests per month, with updates occurring every 60 seconds!