Do you want to know the live price of Wheat Jun 2023 Futures? Well, you can do it with an API. In this post we will tell you more about it.

A futures contract is an agreement between two parties to buy or sell a commodity at a predetermined price on a specified date in the future. The futures market allows producers and consumers to manage their risk by locking in prices for commodities that they plan to buy or sell in the future. The futures market enables producers and consumers to hedge against future price fluctuations by locking in prices for commodities that they plan to buy or sell in the future. Futures contracts are standardized contracts that are traded on an exchange. These contracts are standardized agreements that are traded on an exchange. They are agreements between two parties that agree to buy or sell a commodity at a specific price on a specific date in the future.

A communication interface known as an API enables automatic information sharing and communication between two distinct systems. In this situation, we wish to use an API that will provide real-time information about wheat futures prices. For this, we advise making use of the WFM Prices API, which provides quick access to data on a wide range of commodities, including wheat, from around the globe.

These tools enable producers and purchasers to manage their risk in the event that the price of wheat rises or falls. They also enable farmers to sell their crops before they are even planted. They are able to ensure a fixed wage for their labor in this way. 

Yet, it also enables investors to make predictions about the price of wheat and its derivatives. The ability to invest in several commodities, such as corn or soybeans, makes this an extremely well-liked financial product. In this sense, if you want to know the live price of Wheat in May 2023 Futures you should use the Commodities API.

Commodities API

The Commodities API can give real-time precious commodities data because it is powered by more than ten different exchange rate data sources for commodities pricing. There are various endpoints in the API, each of which has a specific function. The endpoint’s capabilities includes getting the most recent commodity rate information for all or a particular set of currencies, converting quantities, getting Time-Series information for one or more currencies, and asking the API for information on daily fluctuations.

In this case, where we’re trying to find the prices of Wheat Futures in May 2023, this is the kind of response you will receive from this API depending on the commodity you’re looking for:

{"data":{"success":true,"timestamp":1681341660,"date":"2023-04-12","base":"USD","rates":{"ZWK23":0.0014738393515107}}}

One US dollar is equal to 0.0014738393515107 grams of wheat, as you can see from the response.

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.

Wheat, rice, coffee, and sugar are just a few of the commodities whose prices are displayed using this API. About 15 reliable data sources, including banks and other financial institutions, are instantaneously gathered and presented, providing price information. Moreover, Commodities-API provides data in over 170 currencies with a precision of two decimal places. Depending on the subscription you select, you can receive data updates every 60 seconds and send up to 100.000 API requests monthly. You can also try out this API for free for a week.