Do you know what cocoa powder is? Did you know that you could invest in it as if it were another commodity? Read this article and find out how to do it through this API for commodity data!
Cacao beans (or seeds) from the Theobroma cacao tree are used to make chocolate. This plant produces huge pod-like fruits with 20–60 beans encased in a sticky, sweet-tart white pulp.
Chocolate goods are made from the contents of the beans. However, there is some disagreement over when to use the names cacao and cocoa. Some experts refer to the beans’ pods, beans, and ground-up contents as “cacao,” while “cocoa” refers to the powder remaining after squeezing the fat out of the crushed beans.
Cocoa futures on ICE dipped below $2,430 a tonne in May, the lowest level in over 5 months, on predictions of increased supply from the world’s top cocoa growers. Higher rainfall in the Ivory Coast’s producing areas has brightened the prospects for the mid-crop in the world’s top producer. Ghanaian farmers also reported good growth conditions. Meanwhile, price declines coincided with decreasing worldwide demand as a result of rising inflation and recession worries.
A total of 4.8 million tons of cocoa were produced globally in the 2018/2019 cocoa season. Côte d’Ivoire and Ghana are by far the two main cocoa producers, accounting for over 60% of world production, with Ecuador contributing for 7%. Indonesia is Asia’s leading cocoa producer.
Due to these numbers, investors focused on cocoa production in 2022. To do this, they use various platforms that provide the user with monetary information about the product in question and the currency to be invested. In particular, we recommend the use of the Commodities-API.
What Is An API?
First off, you have to know what an API is. An API it´s an Application Programming Mechanism, which is the communication interface between computer programs. Developers’ main objective is to save time and money by reducing the amount of work they have to do.
What Is Commodities-API?
It’s a free web API that provides real-time data on commodities such as coffee, rice, and maize. Commodities-API, on the other hand, offers an exchange in any currency, with two decimal places of precision and a list of 170 market items.
How Does It Function?
The website Commodities-API has the advantage of being highly user-friendly. Take the following steps to do so:
• Visit the website and register for an account.
• Pick a currency and a product to offer.
• On the dashboard, make an API call, and the application will respond with an API response, and you’re good to go!
Is The Information That Provides Reliable?
With an accuracy of 2 decimal points and over 170 different options, Commodities-API allows you to access data in whatever currency you choose. You may also get data updates every 60 seconds and make 100.000 API queries every month.
What Is The Information’s Origin?
The Commodities-API receives commodity price data from over 15 reliable data sources every minute. Among the sources are banks and financial data businesses.