In the coffee industry, is always important to stay updated on different types of prices, since they change constantly and can be damaging to your business. Here, we will explain to you how to get spot prices with an API.
Coffee is part of our everyday life. Mostly every person we know drinks a cup of it in the morning, afternoon or night, just to keep themselves woke and warm when the weather is bad. Because of the caffeine concentration, this is a brewed drink prepared from roasted coffee beans that have a stimulating effect. Because individuals experiment with it more each year, the number of different ways it may be presented is endless.
Brazil was the world’s top coffee producer in 2019, producing over 45 million 60-kilogram bags. This comes as no surprise given that Brazil has held the top spot for nearly 150 years. It is followed by Vietnam (almost 25 million) and Colombia (nearly 14 million). If you’re looking to invest in this industry, you should be aware that understanding the most recent coffee prices is critical to your success. This is why you should keep an eye on spot prices.
These terms are most frequently used to describe the price of commodity futures contracts, such as those for oil, wheat, or gold. This is due to the fact that shares are always traded at the current price. You purchase or sell a stock at a predetermined price and then cash out
An API is the most convenient way to obtain such information. This is an interface that connects two computers or programs and enables them to communicate with one another. When you make a call to an API, for example, for spot prices of coffee, the interface will return the desired response.
Keep in mind that not all APIs work the same way while looking for the ideal one to use for this purpose. We feel that Commodities-API, a free public API that provides commodity pricing for a wide range of commodities such as coffee, rice, sugar, and wheat, is the best alternative at the moment.
How To Use It
To use it, go to this website, sign in, and get an API key, after which you may choose the symbols of the currency and commodity of interest. The software will then give you the desired data, and you are free to alter the API in any manner you see suitable. Commodities-API supports over 170 currencies and offers data with an accuracy of 2 decimal points, so you can get this information in many different ways, but always being very accurate.
For all commodities and currency rates, the API offers midpoint data. The midpoint rate is calculated by averaging the median bid and ask rates for a certain time period. Commodities-API uses the same API endpoints to convert currency and commodity prices and may be used to convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency.
Is It Safe To Use?
Yes! This API gathers information from banks and stock exchanges and uses it to provide you with the most accurate and secure data. Aside from that, Commodities-API employs bank-grade 256-bit SSL encryption to protect the security of your connection at all times.
Also published on Medium.