If you are looking for an API to get live and historical Soybeans spot prices, then this article is for you. Here, we explain to you how important spot prices are and how you can get them.
Soybeans may be found in a range of processed meals, as well as foods like soy milk, tofu, fermented bean paste, and so on. It’s a kind of legume that originated in East Asia and has a variety of uses. They also offer oil and protein and can help prevent diseases like cancer. Because of all this, it’s a highly traded commodity worldwide. In 2018, the first three countries that most soybeans produced were Brazil, the United States, and Argentina.
So, it wouldn’t be a surprise if you are thinking on investing in this commodity. To do this, you’ll have to stay updated on different rates. For that, you can use an API, a technology that connects two computers or programs and allows them to speak with one another. This implies that when you submit a request to an API, you will receive a response almost immediately. If you ask for the price of a commodity in this situation, you’ll get a response in JSON format and other computer languages.
Why Spot Prices?
We’re putting so much emphasis in this type of prices because they are important to your future as an investor. The word “spot prices” refers to the price of commodities futures contracts such as 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. This allows you to better understand the business and predict what will happen in the future with that specific product.
Where To Get This Information
To get soybeans spot rates, we highly recommend the following APIs:
1. Commodities-API
Commodities-API is a free public API that provides commodity pricing for commodities such as coffee, rice, sugar, and wheat. It can provide data in whatever currency you want, with an accuracy of 2 decimal points, from a list of over 170 options. You may also receive data updates every 60 seconds and make 100.000 API queries each month.
The API provides midpoint data for all commodities and currency rates. The midpoint rate is produced by taking the average median rate of Bid and Ask for a certain time period. Currency and commodity prices are converted using the same API endpoints, and they may be used to convert any amount from one currency to another.
2. Barchart
Barchart is a global leader in financial technology that delivers market data and services to the financial, media, and commodities industries. It has direct access to the markets it serves, including stocks, futures, options, indexes, and foreign currency, as well as dozens of news and data suppliers. Traders Cheat Sheet and Barchart Opinion are two data-driven analytical tools that can aid in trading management and success.
3. CommoPrices
CommoPrices provides access to pricing and value data for over 10,500 commodities and indices. The data may be updated daily, weekly, or monthly, depending on the source. The more liquid the market, the more often the data is released. It also utilizes HTTPS to secure the requests between your browser and its servers. To obtain the information, go to www.api.commoprices.com and search for the commodity you’re seeking for.
Also published on Medium.