If you’re looking an alternative to barchart to get canola prices, check out this commodities prices api now!
Canola Summary
Canola futures fell to their lowest level in 15 weeks in mid-June at CAD on expectations of strong supplies. Favorable weather and increased farm activity point to a record canola crop in Australia, forecast by Rabobank to be 11% above the five-year average. The sharp drop in prices was also due to an expected increase in trade activity after China, the world’s largest oilseed importer, lifted its ban on canola seed imports from top producer Canada.
The move was made by Chinese authorities to ease the current shortage of domestic canola, which is widely used as animal feed or to produce cooking oil. Prices hit a record high of CAD 1,226 in May as production in Ukraine, the largest exporter to the EU, was hampered by war and rising fertilizer prices also clouded the outlook for Russian production. At the same time, Canada’s 2021 production fell to its lowest level in 13 years due to the prolonged drought this year, pushing inventories to a new low.
About Commodities
Commodities are basic goods that are used as inputs for the production of other goods and can be used as objects of acquisition in trade or finance. Their main characteristic and advantage is that they have value, a low degree of processing and utility.
Currently, they are an important part of the functioning of the economy and people’s way of life, since the scarcity or abundance in the production of goods and the fluctuations in their prices, among other things, affect different sectors and all social classes. For example, if the price of wheat rises, less bread is consumed.
What Is a Commodity?
Commodities can be divided into four categories:
-Metals (copper, aluminum, iron),
-Energy (petroleum, ethanol, and natural gas),
-Meat (cattle, beef, and others), and a
-Agricultural products (corn, soybeans, rice, cocoa, wheat, and barley, to name a few).
Due to the convenient access to information, the possibility of handling administrative procedures through numerous platforms, and the good connection with other members of the company through various channels, this model offers a great opportunity to strengthen companies today.
As you might know, Barchart, is an international financial technology business that delivers market data and services to the financial, media, and commodities industries, was one of the first websites to provide commodity and futures market data. The same API endpoints can be used to convert currency and commodity prices, and any amount can be converted from one currency to another, and from one commodity to another, and from one currency to another. The API provides midpoint data for all commodities and currencies. The averages of bid and ask prices over time are used to determine midpoints. If you’re looking for an alternative to Barchart, we strongly suggest you to try out this API:
Commodities Prices API
Commodities API It is a free public API that displays the prices of commodities such as coffee, rice, sugar and wheat. To retrieve the data, you go to the website, get an API key, and then select the appropriate currency and commodity. That’s all, and you are free to use the API as you wish.
The Commodities API can provide data in any currency with an accuracy of 2 decimal places from a list of over 170 options. You can retrieve data every 60 seconds and make 100,000 API queries per month.
Is There Any Free API Tool To Track Commodities Prices In JSON Format? – TheStartupFounder.com
Also published on Medium.