Do you want to know how much coffee costs per pound? Make use of an API!
It’s hardly surprising that you’d want to invest in coffee, as it’s one of the world’s most significant commodities. It is present in many drinks and foods, especially when the weather is cold, and it is present in everyone’s lives. Coffee is a brewed beverage made from coffee beans that has a stimulating effect owing to the caffeine content.
Brazil is the world’s largest coffee producer. In 2019, it produced around 45 million 60-kilogram bags. This is unexpected given that Brazil has held the top spot for more than 150 years. Vietnam (almost 25 million) and Colombia (nearly 25 million) rank in second and third, respectively (nearly 14 million).
The most common unit of measurement for this commodity is per pound (or per lb). The pound, sometimes known as the pound-mass, is a unit of mass used in the imperial and customary measurement systems of the United Kingdom and the United States. The international avoirdupois pound is the most often used word today, and it is formally defined as 0.45359237 kilograms divided into 16 avoirdupois ounces.
So, if you invest in this sort of stuff, you should understand how critical it is to stay current on daily price changes. This might be the event that shifts the trajectory of your investments. If you do not monitor the commodity and observe how it performs in the market, you may end up with poor outcomes and lose money.
This may be done with the use of an API, which is an interface that receives data from a location and then returns it to the person who performed the API request. This is popular on many websites and is quite useful when you want up-to-date information immediately.
How to Make the Most of an API
If you want coffee rates per pound, we feel Commodities-API, a free web API that delivers real-time data on commodity prices such as coffee, rice, sugar, and wheat, among others, will be very useful.
To get the API with spot pricing per lb, you must first do the following:
- Visit www.commodities-API.com to get your own API key.
- Look for the coffee symbol (COFFEE) as well as the money symbol.
- Using these symbols, locate the commodity and money in the list. After you’ve settled on them, make the API call.
- Look for the most recent pricing. The website will provide an API in a number of computer languages that you are free to alter and use in any way you see suitable.
The response will be something along the lines of:
{
"success": true,
"timestamp": 1519296206,
"base": "COFFEE",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
More Details about This Software
Commodities-API can provide real-time commodity data with a 2 decimal point precision and a frequency of up to 60 seconds. Exchange rates for practically every commodity are available, as well as Precious Metals, currency conversion, Time-Series data, and volatility statistics.
Rice, wheat, coffee, corn, sugar, Brent crude oil, West Texas Intermediate crude oil, soybeans, gold, silver, and other commodities all see price increases. This API delivers precise commodity and exchange rate data for nearly every commodity, as well as 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.