Nowadays, an API is probably the most useful way to get rates for any product, no matter the industry. If you still don’t know how it works, here we explain to you how to get historical soybeans rates API.
Soybeans, a type of legume that originated in East Asia and has a wide range of applications, may be found in a range of processed foods as well as others such as soy milk, tofu, fermented bean paste, and so on. They also offer oil and protein, and are beneficial in the prevention of diseases like as cancer. When you invest in soybeans you know you’re dealing with a volatile and heavily consumed commodity.
In 2018, Brazil produced more than 125 million tonnes of soybeans. It was followed by the United States (with over 120) and Argentina (with almost 40). Because of the widespread usage and production of soybeans, soybean ETFs have shown to be very trustworthy and simple to understand for future investments. So, if you’ve been thinking about investing in soybeans, you should consider using an API to get real-time and historical rates.
An API is a connection that enables two computers or programs to communicate with one another. That way, you’ll always have the most up-to-date information whenever the price changes. This is provided in the Javascript Object Notation (JSON) format, which is the most frequently used data format for web data transmission. This data exchange might occur between two computer programs running in separate geographical areas or on the same machine.
There are a lot of softwares that will provide you this API to get different data. However, not all of them can give you historical rates. These reflect the accounting cost recorded in the books, which represents the cost of the item at the time of acquisition rather than its current worth.
To obtain these prices, all you need to do is utilize software that allows you to access this information. Because there aren’t many of these available online, we will use Commodities-API, a free and reliable web API, to explain the subject better.
Get The Data
To obtain the data, go to www.commodities-API.com, join up, and acquire an API key. Then you choose the commodity’s symbol, in this example wheat, and the currency in which the data should be shown. For most currencies, historical rates are available all the way back to the year 2020. By adding a date (format YYYY-MM-DD) to the basic URL, you may query the Commodities-API API for historical rates.
Then, it will send the following request:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = SOYBEAN & symbols = USD,CAD,EUR
Request Parameters:
| Parameter | Description |
|---|---|
YYYY-MM-DD | [required] A date in the past for which historical rates are requested. |
access_key | [required] Your API Key. |
base | [optional] Enter the three-letter currency code or metal code of your preferred base currency. |
symbols | [optional] Enter a list of comma-separated currency codes or metal codes to limit output currencies. |
And you will get the following answer:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "SOYBEAN",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
This application provides precise commodity and exchange rate data for virtually any commodity as well as 170 worldwide currencies, including Bitcoin and other major cryptocurrencies. Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, and a variety of other commodities are included.
Commodities-API collects data from banks and stock exchanges and uses it to offer you with the most up-to-date and secure data. In addition, it uses bank-grade 256-bit SSL encryption to ensure the security of your connection at all times. The API only provides midpoint data for commodities and currency rates. Midpoint rates are calculated using the average median rate of Bid and Ask at a given period.
Also published on Medium.