Do you want to start in the wheat business? If that is the cse, keep on reading because we will discuss a Wheat From Month API and its application to supply chain management in this post.
When it comes to food, a few things are critical to us. For example, we are interested in the origins of our food and whether it is safe to consume. Because of this, businesses spend a lot of time and money managing their supply chains. This technique ensures that the food arrives at your table both safe and fresh. One of the most important components of this process is determining the provenance of the food. This is so you can see if it’s fresh and if it was delivered correctly.
A WFM API is a fantastic tool for improving supply chain management. You may get all the information you need about an item by just entering the product name or number. If you do it this way, you won’t have to waste time looking for information or worry about buying poor things. It also allows you to track pricing changes over time, which is useful for forecasting future price changes and making preparations.
Therefore, getting information on wheat will be quicker and simpler than ever if you use an API. Although there are many APIs available online, not all of them are trustworthy or accurate. As a result, the Commodities API, the best API currently in use, is what we advise.
Commodities API
Initially, banks and the stock exchange delivered commodities rates via Commodities-API, a straightforward, lightweight Open-Source API. This API provides programmers with real-time commodity data at a frequency of up to every 60 seconds and with a precision of two decimal places. Among the capabilities are the ability to provide exchange rates for virtually any good, convert between single currencies, provide time-series data, and generate volatility statistics.
Using this API, you can get data from a wide range of products. To obtain a response that looks like this, you must enter a certain symbol that the API provides into the endpoint. Every item has a unique symbol.
We need price and information about Wheat From Month on this specific occasion, and this API responded with the “WFM” symbol. This states that one US dolla equals 0.0016359918200409 grammes of wheat.
Divide all commodity rates by 1, using the USD as the base currency. The values are given back in the base currency. The return in this case consists of 0.0016359918200409 grams of Wheat From Month (WFM) for 1 USD. To get 611.25 US dollars, divide the price of wheat per gram by 0.0016359918200409.
To Use It, Just Adhere To These Steps:
- You only need to register at Commodities API in order to utilize the API straight immediately.
- In your search, look for the symbols that correspond.
- Make an API call to them with your chosen commodities in the symbol field and your base currency of choice in the base currency field.
For all commodities and currency rate data, the API only gives midpoint data. Midpoint rates are established by averaging the bid and asking median rates for a given time period.