If you’re thinking about investing in Wheat, then we might have just what you need to stay updated on its rates in Australian Dollars.
The wheat market had a significant and volatile presence in the commodity market in the year 2015. From 18 to 20 July, 2015, the main Chicago wheat futures dropped almost $4.37 (8%), their lowest level in about 3 years. The price rebound came to an end on 21 July, when it registered its highest level at $6.73, raising a total of $0.23 from its low. This downward trend was caused by reports of a large G20 wheat crop projected for the year 2016. After this news broke out, prices have been fluctuating between levels around $5 and $6 since then, with occasional spikes up to around $7 per bushel.
Wheat (also known as grain in Australia) is grown all over the world. The most important producers of wheat are the European Union, the USA, India and China. It is traded on several commodity exchanges across the world including the Chicago Mercantile Exchange and London International Financial Futures and Options Exchange. When you invest in wheat futures or options, you are basically betting on the future price of wheat. Different types of stocks and commodities have different effects on your portfolio depending on how they perform. You should compare stocks to commodities before deciding which ones you should include in your portfolio.
What is an application programming interface (API)?
An API is a programmatic interface that collects data from a location and delivers it to you practically instantly. This allows you and your clients to verify the price of wheat whenever it is required.
To obtain access to this, you’ll need to locate a suitable product that includes an API for retrieving wheat prices. This might be a difficult undertaking because not all software operates in the same manner or can provide you with the information you want. You must proceed with caution since making the incorrect decision might cost you a lot of money and time.
To utilize an API, you’ll need software that allows you to make API calls.
Commodities-API
Commodities-API is a free public API that shows commodity prices for a variety of products, including coffee, rice, sugar, and wheat. Over 170 currencies are supported by Commodities-API, which delivers data with a 2 decimal point precision.
It might update every ten minutes or every 60 seconds. Historical data is also provided, allowing you to reflect on previous events and set objectives for the future.
It uses the same API endpoints as Commodities-API to convert currency and commodity prices, allowing you to convert any amount between currencies, any commodity between commodities, and any currency between currencies.
To get the information, you’ll need to do the following:
- Create an account at www.commodities-api.com to obtain your API key.
- Look for the symbols for wheat and the Australian dollar (AUD).
- Once you have both of them, input them and call the API.
- The program will provide a JSON response, which you may modify and use as needed.
The following is an example of a response:
{"data":{"success":true,"timestamp":1643831280,"date":"2022-02-02","base":"AUD","rates":{"WHEAT":0.0027001083564864616},"unit":"per metric ton"}}
How precise is this?
100%! This application obtains data from banks and the stock market via an API, making it totally trustworthy. It then provides you with this data, which is accurate to two decimal places and adaptable to JSON, PHP, and Python. Furthermore, Commodities-API protects your connection with bank-grade 256-bit SSL encryption.
Also published on Medium.