Do you want to obtain soybeans rates in USD but don’t know how? Here, we explain to you how to get that information through an API.
Soybeans originated in East Asia and have a wide range of applications. It’s a legume that may be found in a variety of processed foods, as well as tofu, fermented bean paste, and soy milk, among other foods. They also provide oil and protein and can aid in the prevention of illnesses such as cancer.
As a result of all of this, it is a highly traded commodity on a global scale. Brazil, the United States, and Argentina were the top three soybean-producing countries in 2018. Seeing that the USA is one of the biggest producers of soybeans worldwide, it’s understandable that you’d want to know the price of this commodity in USD.
You may accomplish this by utilizing an API, which is a technology that connects two computers or applications and allows them to communicate with one another. This means that when you submit a request to an API, you will virtually quickly receive a response. In this case, if you ask for the price of a commodity, you will receive a response in JSON format and other computer languages.
How To Get These Rates
There are a few online APIs that can help you with this. However, not all of them work the same way, so you need to be careful. If you chose the wrong one for your investments, it can cost you money and time.
To explain to you better how this works, we will use Commodities-API, a free online software that is at the moment the most complete one. This one allows you to get information about commodities such as rice, corn, soybeans, and wheat, among many others, in more than 170 worldwide currencies.
To obtain the information, you need to:
1. Enter www.commodities-API.com and sign in to get your own API key.
2. Search for the symbols of soybeans and United States dollars. These are SOYBEAN and USD.
3. Use these symbols to find the commodity and currency in the list. Once you choose them, make the API call.
4. The website will return you an API in various programming languages that you can adapt and use and adapt however you like.
The result you’re given will look something like this:
{
"success": true,
"timestamp": 1519296206,
"base": "SOYBEAN",
"date": "2018-09-10",
"rates": {
"USD": 1.23396,
[...]
}
}
Is This Information Accurate?
Commodities-API obtains its data from banks and the stock market. Then, it provides it to its user with a precision of two decimal points. It also employs bank-grade 256-bit SSL encryption to safeguard your privacy.
This API offers midpoint data, which is produced by averaging the median bid and ask rates during a certain time period. Currency and commodity price conversions use the same API endpoints and may be used to convert any amount from one currency to another, from one commodity to any commodity, or from any currency to any currency.
Also published on Medium.