Are you an agricultural producer and want to find out how your production is positioned in the market? Do you want to start in the soybeans business? In this article you will learn about an API that will make things easier for you!
Soybeans are high in protein and may be used to produce tofu, soy milk, and a variety of dairy and meat alternatives. Miso and tempeh, for example, are fermented foods that contain them. When cultivating soybeans, farmers have always had to control weeds, and in the past, they did it by plowing their fields to eradicate weeds.
When herbicide-tolerant soybeans were introduced to the market in the late 1990s, soybean output altered substantially. Herbicides might now be used to manage weeds without hurting the soybean crop. This protects the crop without plowing the soil, allowing nutrients and water to remain in the ground and increasing soil fertility. It also means fewer equipment runs over the fields, lowering fuel consumption and greenhouse gas emissions.
Before that, Canadian farmers have grown soybeans for more than 70 years but only locally, without intervening in the global market. Two decades ago, advances in genetics and agricultural engineering on the breeding of the soybean plant paved the way for a new type of production, creating even 60% production of genetically modified soybeans, that is, a more resistant grain than the others. Today soybeans have become an important crop in Quebec and Manitoba, as well as parts of the Maritimes, southeast Saskatchewan and southern Alberta.
In 2021, Canada exported $1.57B in Soybeans. The main destinations of Canada exports on Soybeans were Iran ($236M), Japan ($202M), Bangladesh ($193M), Italy ($116M), and Netherlands ($93.7M). Because of this, investors have drawn their eyes with interest to the soybean market in Canada since, in part, it is a growing and economically stable country. To monitor Canadian currency and soybean metrics in the market, they use Commodities-API
How Does Commodities-API Works?
It’s really simple, just follow this steps:
- Go to www.commodities-API.com
- Receive an API key
- Look for the commodity and currency you want, this case CAD and SOYBEAN.
After that, you’ll receive the API in JSON format, which you may use whatever you like. JavaScript Object Notation is an encoding approach that eliminates the need for each application to develop its own ad-hoc code in order to interface with specified servers. Entity types, bundles, and fields, as well as data storage and data structures, are all supported by the JSON API module.
Where Does The Data Come From?
Commodities-API gathers data from banks and stock exchanges, which it then uses to provide you with the most trustworthy and secure data available. Apart from that, this API employs bank-grade 256-bit SSL encryption to keep your connection safe at all times.
Currency and commodity prices are converted using the same API endpoints which may convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency.
The API provides midpoint data for all commodities and currency rates. The average median rate of Bid and Ask during a certain period is used to compute midpoint rates.
For more information, check their website