Do you want to get soybean oil futures with the help of an API? If the answer is yes, you are in luck! Keep reading to find out how!
Commodity prices change over time, so it’s important to keep track on how these changes affect your portfolio. Commodities are usually considered “hard assets” because they have value in themselves and aren’t dependent on anything else (like stocks).
Commodity prices are also affected by supply and demand dynamics. For example, when there is an increase in demand for soybean because another crop has not gone well; soybean prices will rise accordingly because there isn’t enough supply available to meet this increased demand.
Why Is Important To Get Soybean Oil Futures?
Thus, soybeans compete for land, since they are grown in similar circumstances as corn. Conventional farmers choose between planting corn; or soybeans at the start of the planting season. They use the current futures prices for each crop and examine the “corn-soybean spread,” or the ratio between the prices of corn and soybeans; in order to reach this conclusion. When workers decide to grow soybeans, they line up the seedlings.
This is why it’s important for them, as well as investors and traders, to keep track on what is happening in commodity markets so they can make great financial decisions based on real-time data rather than speculation about what might happen next week or next month. Fortunately, modern technology has made this really easy when you have access to an API for commodities prices.
Which API For Commodities Prices Is Best To Use Today?
It is well known that an API allows two programs to connect with one another and exchange data (API). This is so that data from various sources can be accessed directly thanks to an API. So, when it comes to a commodities prices API, the tool quickly and accurately obtains information about commodities.
As a result, we suggest using Commodities-API, one of the most dependable APIs on the market right now with more than six years of market experience. With a frequency of up to 60 seconds, this one provides precise real-time commodity pricing down to the second decimal points!
Commodities-API retrieves commodity pricing information every minute from more than 15 reliable data sources; including international banks and financial data providers. Additionally, 256-bit bank-grade SSL encryption is used to protect your connection.
How To Get Soybean Oil Futures With This API
Thousands of developers, small enterprises, and huge corporations use Commodities-API on a daily basis. If you want to get started with it, just follow these simple steps:
- To get an API key, first register on Commodities-API.
- You will be given an API key after enrolling that you can use each time you communicate with the API. However, you must authenticate it first by supplying your bearing token in the authorization header before using it.
- Simply choose the commodity symbol of your choice (in this case, soybean oil); then the currency you want to view the rates in.
- Finally, send the API request and, wait a few seconds for the answer.
And that’s pretty much it! The rest is up to Commodities-API. So, what are you waiting for? Get started with this amazing API right away!
Related post: How To Use An API For Cheese Cash-Settled Future Rates (2023)
Also published on Medium.