When you are investing in a commodity, the main thing you need to know is the everyday prices of the product that is important to you. Because of that, using an API is probably the key to your growth in that industry.
When you invest in soybeans, a kind of legume that originated in East Asia and has a variety of uses, you know you’re under a commodity that changes constantly and is highly consumed. Soybeans may be found in a variety of processed foods and others like soy milk, tofu, fermented bean paste, etcetera. They also provide oil and protein and are useful in the prevention of illnesses like cancer.
Brazil produced the most soybeans in 2018, with more than 125 million tonnes. It was followed by the United States, which had over 120, and Argentina, which had almost 40. Because of the extensive use of soybeans and their production, soybean ETFs have shown to be extremely dependable and simple to learn about for future investments. So, if investing in soybeans is something you’ve been considering, you should think about using an API to receive real-time price rates in JSON.
An API is a link that allows two computers or programs to interact with one another. That’s how, whenever the price changes, you get the most up-to-date information. This is given in Javascript Object Notation format (JSON), which is the most commonly used data format for web data transport. This data interchange might take place between two computer programs that are running in different geographical locations or on the same system.
How Can I Get This Information?
You’ll need to access a software that allows you to make an API request, often referred to API call. For this example, we will use Commodities-API, a free web API that provides real-time data on commodity pricing for many commodities, including soybeans. This program delivers exact commodity and exchange rate data for almost any commodity as well as 170 global currencies, including Bitcoin and other major cryptocurrencies.
To get the data, you need to enter www.commodities-API.com and make an account. When you subscribe to this website, you’ll get an API key that is only for you to use. Once you are in, you can check on any commodity and currency you want. When you make the API call, the website will provide you with the answer in JSON format. And that’s it! Now you can use that data however you want.
Is The Information Accurate?
Commodities API data may be given in any currency and with a two-decimal point precision. You can also get data updates every 60 seconds and run 100.000 API requests each month.
This API collects data from banks and stock exchanges and uses it to offer you with the most reliable and secure data. Aside from that, Commodities-API uses bank-grade 256-bit SSL encryption to ensure your connection’s security 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.