Do you want to find a good API to get the latest wheat futures price? You should keep reading this post!

Wheat futures are used by farmers, grain traders, and others to hedge against changes in the price of wheat. Wheat producers use wheat futures contracts to lock in a guaranteed price for their crop before they harvest it. Wheat producers can use these contracts to ensure that they receive an adequate return on their investment, even if the market price drops below their production cost. On the other hand, wheat consumers can use these contracts to protect themselves against rising prices.

An API is a type of communication interface that enables automatic information sharing and communication between two different systems. In this case, we wish to leverage an API that provides real-time access to wheat futures prices. For this, we advise using the WFM Prices API, which gives you instant access to data on a wide range of products, including wheat, from all around the world.

Wheat is a cereal grain that is widely grown for its seed and is used in many foods and beverages. It is one of the most important cereal grains in the world, and is grown on more than 5.6 million hectares (14.3 million acres) worldwide. Wheat is grown in more than 90 countries and is the fifth-largest food crop in terms of production. It is one of the most important food crops in the world. Wheat futures are traded on the Chicago Board of Trade (CBOT) and are the most widely traded futures contract in the world. The CBOT began trading wheat futures in 1882, but trading was halted during World War I and II.

In 1958, wheat futures were reintroduced on the CBOT, and trading has been continuous since then. Wheat futures are traded on the CBOT under the symbol W. Trading hours for wheat futures are from 8:30 a.m. to 3:00 p.m. Central Time (CT). The CBOT uses a 360-day calendar year, so there are always three days that are not trading days.

So if you need an API that can help you get information about this important grain, we recommend using the Commodities API.

Commodities API

The price of various commodities, including wheat, rice, coffee, and sugar, is displayed using this API. With more than 15 reliable data sources, including banks and other financial institutions, it immediately compiles and delivers price information. Moreover, Commodities-API provides data with a two-decimal place precision in over 170 different currencies. Depending on the subscription you select, you can submit up to 100.000 API queries each month and receive data updates every 60 seconds.

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.

In the case when we are attempting to obtain the prices of Wheat Futures in SEP 2023, the type of response you will receive from this API will depend on the product you are looking for is as follows:

{"data":{"success":true,"timestamp":1681346580,"date":"2023-04-13","base":"USD","rates":{"ZWU23":0.0014367816091954}}}

One US dollar is equal to 0.0014367816091954 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.

You must enter your API Key, a unique key that is provided into the access key parameter of the API base URL, in order to authenticate with the Commodities-API. You can also try out this API for free for a week.