These two grains are, by far, the most consumed ones on a worldwide scale. Both belong to daily routines for occidental and oriental cultures. So, markets tend to move fast because of demands and a variety of factors that can affect their prices.
Routine
As said before, these raw materials are highly used by many people on a daily basis. In fact, it’s calculated that the US population takes at least one cup of coffee per capita, per day.
Moreover, wheat flour is used by industries to make biscuits, pasta, and other edible products and it’s bought alone to cook at home.
That is, you can find a pack of coffee or flour in almost every grocery store.
Investments
Although coffee and wheat traders can predict the trend’s course, the following elements have the most impact on price:
- In fact, supply and demand are important aspects to consider when calculating their rates.
- In addition, weather conditions have an impact on production levels.
- Consider the policies of other countries’ businesses, such as import and export assistance and tax rates.
- Finally, long-term agricultural commodity pricing, such as wheat and other grains, is influenced by the world population increase.
The easiest way to get fresh and historical data is by using an automated system that brings us the information in a simple way. Besides, doing it with a programming language will allow the users to merge the information with other software such as apps.
JSON (JavaScript Object Notation)
It’s a text-based standard based on JavaScript object syntax for encoding structured data.
You can use a website that allows you to keep track of the prices of a variety of commodities. Finally, you’ll be able to calculate prices accurately and convert them to your preferred currency.
Commodities-API
This portal collects worldwide data prices in a variety of currencies from a variety of sources and organizations throughout the globe. Commercial sources, particularly for large currencies and commodities, are often preferred because they better reflect market exchange rates.
Commodities-API began as a simple, minimalist Open-Source API for recent and historical commodity prices from financial institutions.
Precision
With a two-decimal-point accuracy and a 60-second frequency, the API can offer real-time commodities data. Commodities-API is built on a strong back-end architecture that ensures high availability and response times of less than 50 milliseconds for defined API calls.
Safe
The website uses bank-grade 256-bit SSL security to encrypt your connection.
Thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. This API is the most popular due to its dependable data sources and 6+ years of experience.
Use The API To:
There are several endpoints in the API, each of which provides a certain use case. Get the most recent commodity rates data for all or a specific set of currencies, convert quantities between currencies, retrieve Time-Series data for one or more currencies, and query the API for daily fluctuation data are all endpoint functions.
Also published on Medium.