Are you trying to find palm oil spot rates? Then use an API!
Palm oil is an edible vegetable oil derived from the fruit of the oil palm tree. The oil palm tree, which originated in West Africa, is currently most typically grown in Southeast Asia’s tropics. It is the most widely produced vegetable oil in the world, and it is used in a broad variety of goods, including various foods, cosmetics, and biofuels.
According to the United States Department of Agriculture (USDA), global yearly oil output was about 81.6 million tons from 2018 to 2019, and is predicted to reach 264 million tons by 2050. According to the USDA, global yearly output of soybean oil, the world’s second most produced oil, was around 63 million tons from 2018 to 2019.
This shows how big the palm oil industry is and how convenient it can be to invest in this industry. However, to do that, you’ll need to stay updated on different types of rates so you can know how your investments go and what steps to take after. It sounds hard to do, but not impossible since it can be achieved thanks to an API.
This is a technology used by many different websites and can be helpful for many things. It is an interface that connects two computers or applications and allows them to communicate and share information. When you make an API request, you’ll get an answer almost instantly.
How To Get An API
APIs can be found online since there are a lot of softwares that provide you with it. However, not every single one of them works the same way, so you have to be careful with which one you use and how.
To explain this better and to help you find a good tool, we will use Commodities-API, one of the most complete and precise APIs available for palm oil spot rates. These are the current market value of an item that is available for immediate delivery at the time the quote is made.
To get these prices, you have to:
- Visit www.commodities-API.com to get started. You will then be given your own API key.
- Search for palm oil and the currency symbols of your choice.
- Using these symbols, locate the commodity and money in the list. After you’ve settled on them, make the API call.
- The website will provide an API in a variety of computer languages that you may change, use, and adapt as required.
The result will look something like this:
{
"success": true,
"timestamp": 1519296206,
"base": "CPO",
"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 About This API
This API collects commodity pricing data every minute from over 15 reputable data sources, including banks and financial data. Keep in mind, however, that the Commodities-API API only gives midpoint data for commodities and currency rates. The average median rate of Bid and Ask at a particular time is used to compute midpoint rates.
Also published on Medium.