If you want to know how an API can help you get corn spot prices, then here we explain it step by step.
Corn is a cereal plant and edible grain that originated in Mexico and nowadays is the most significant commodity in the United States. It is currently one of the world’s most extensively distributed commodities. It may be eaten, used as a biofuel, and even used as a raw material. In 2018, it was produced 1.15 billion tons of corn in the whole world, which shows how big and important it is.
Because of all this, investing in corn is probably a wise decision. However, you have to do it right to see the number of profits you desire. One thing you need to know is that staying updated on different rates of the same commodity is the key to success. You may accomplish this by utilizing an API.
This 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.
If you choose the correct API, you’ll stay updated on the real-time, spot, and historical rates every time you need it.
Why Spot Prices?
We place so much focus on this pricing because they are critical to your future as an investor. The price of commodities futures contracts is referred to as “spot prices.” This is because shares are always traded at the current price. You buy or sell a stock at a fixed price and then cash out. This enables you to have a better understanding of the business and forecast what will happen in the future with that specific product.
How To Get This Information
There are a few APIs online that will help you to get these prices. However, not everyone works the same, so you should be careful before you choose.
For this example and to show you better how spot prices work, we will use Commodities-API, one of the most complete commodities softwares that allows you to get different rates in JSON format.
To get the spot prices, you have to:
1. Enter www.commodities-API.com and sign in to get your own API key.
2. Search for the symbols of corn and the currency of your preference.
3. Use these symbols to find the commodity and currency in the list. Once you choose them, make the API call.
4. Search for the spot rates. The website will return you an API in various programming languages that you can adapt and use however you like.
And that’s it! You have now your corn spot prices API to use freely
Is This Information Accurate?
Yes! Commodities-API collects data from banks and stock exchanges and uses it to give you with the most up-to-date and secure data. Furthermore, 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. The midpoint is determined by taking the average median rate of Bid and Ask for a certain time period.
Also published on Medium.