If you are an investor or you are part of a company that works with large volumes of money, you should take into account the Wheat futures. In this article, we will tell you everything about it and how to know its price in real time with an API. 

Wheat futures are a financial product that allows you to buy and sell a particular amount of wheat at a predetermined price on a future date. The futures contract’s price is determined by the current value of the underlying commodity, but it is fixed when the contract is acquired. This means that if the price of wheat rises, you will earn less money than if you sold it when the futures contract was purchased. If the price falls, you will receive more than if you had sold it when you purchased the futures contract.

An API is a communication interface that allows two separate systems to communicate and share information in an automatic manner. In this scenario, we want to use an API that will let us know the price of wheat futures in real time. We recommend using the WFM Prices API for this purpose, which allows you to access information on numerous commodities such as wheat from all around the world in seconds.

In this way, these instruments allow producers and buyers to hedge their risk in case the price of wheat increases or decreases. In addition, they also allow producers to sell their crops before they actually grow them. In this way, they can guarantee a certain income for their work.  On the other hand, it also allows investors to speculate on the price of wheat and its derivatives. This is a very popular instrument in the world of finance because it allows people to invest in different commodities such as corn or soybeans. 

The Chicago Board of Trade (CBOT) is responsible for trading futures contracts on wheat and its derivatives. This exchange operates 24 hours a day and 7 days a week, except for holidays. The CBOT calculates its futures prices based on the futures index price for wheat (W-CBT), which is calculated based on the prices of No. 1 Northern Spring Wheat futures (W-N), No. 1 Hard Red Winter Wheat futures (W-H), No. 1 Soft Red Winter Wheat futures (W-S), No. 2 Soft Red Winter Wheat futures (W-2S), and No. 2 Spring Wheat futures (W-2).

How Can The Commodities API Help You?

The Commodities API, which is powered by 10+ exchange rate data sources for commodities prices, can deliver real-time precious commodities data. The API includes a number of endpoints, each of which serves a different purpose. Endpoint functionality includes retrieving the most recent commodity rate data for all or a specific set of currencies, converting amounts from one currency to another, retrieving Time-Series data for one or more currencies, and querying the API for daily fluctuation data.

This API is used to display the pricing of many commodities, including wheat, rice, coffee, and sugar. It instantly gathers and presents price information from over 15 credible data sources, including banks and other financial institutions. Commodities-API also delivers data in over 170 currencies with a two-decimal place precision. You can receive data updates every 60 seconds and send up to 100.000 API requests every month, depending on the subscription you choose.

Here are some definitions that will help you understand the response from this API:

• API Key: A unique key assigned to each API account used to authenticate with the API.
• Symbol: Refers to the three-letter currency code or metal code of a given currency.
• Base Currency: The currency to which exchange rates are relative to. (If 1 USD = X EUR, USD is the base currency)
• Target Currency: The currency an amount is converted to. (If 1 USD = X EUR, EUR is the target currency)
• Base URL: Refers to URL which all API request endpoints and URLs are based on.

Based on the product you’re looking for, this is the kind of response you will get from this API in this situation where we’re seeking to get the prices of Wheat Futures in DEC 2023:

{"data":{"success":true,"timestamp":1681320420,"date":"2023-04-12","base":"USD","rates":{"ZWZ23":0.0013932427725531}}}

As you can see from the response, 1 USD is equal to 0.0013932427725531 grs of wheat.

All You Have To Do To Utilize It Is:

• Go to Commodities API and simply sign up, when you are done you’ll be ready to start using the API!
• Employ the different API endpoints using the symbols given by the API depending on what you are looking for.
• Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.

You must authenticate with the Commodities-API using your API Key, which is a special key that is given into the access key argument of the API base URL. A 7-day free trial of this API is also available to you.