Staying updated on commodities rates is not easy, but it’s always more difficult to access that information from a specific period in time. Here, we explain to you how to get cotton historical rates with a free API.
Cotton is a soft, fluffy staple fiber that forms in a boll, or protective casing, around the seeds of cotton plants. The fiber is frequently spun into yarn or thread, which is then used to make soft, breathable fabrics. With over 24 million tons of cotton produced in 2019, China was the country with the largest cotton output in 2019. It was followed by India, which had about 19, and the United States, which had nearly 13.
Since this is an industry that changes constantly, it’s key to stay updated on different rates to get a good profit. This is why it could be really useful to use an AP, which is an interface that connects two computers or programs that may interact with one another. An API answers a request with a response, which is generally in JSON.
There are several softwares that will supply you with this API in order to obtain various data. However, not all of them will provide you with historical rates. These reflect the accounting cost recorded in the books, which indicates the cost of the item at the time of purchase rather than its current value.
Where To Get Historical Rates
Like we said, not every software provides you with historical information. That’s why we highly recommend that you use Commodities-API, This is a free application that enables you to make API calls that return commodity pricing data. It allows you to monitor a wide range of commodities, including oil, coffee, rice, sugar, and wheat.
To get the API you need to:
1. Go to www.commodities-API.com and sign up to obtain your personal API key.
2. Look for cotton symbols and the money you desire.
3. Locate the commodity and money in the list using these symbols, then choose the period of time you want. Make the API call after you’ve decided on them.
4. The website will deliver an API in a variety of programming languages that you may modify and use any way you see fit.
The result of historical rates will look something like this:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Benefits of Commodities-API
Commodities-API gathers information from banks and stock exchanges and uses it to provide you with the most up-to-date and secure information. Furthermore, it employs bank-grade 256-bit SSL encryption to protect your connection’s security at all times. Only midpoint data for commodities and currency rates is provided via the API. The average median rate of Bid and Ask for a particular period is utilized to compute the midpoint.
This application offers exact commodity and exchange rate data for almost any commodity, as well as 170 global currencies, including Bitcoin and other major cryptocurrencies. Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, and other commodities are all covered.
Also published on Medium.