If you need to obtain Live Cattle prices, keep reading!
The Chicago Mercantile Exchange (CME) offers conventional exchange-traded contracts for live cattle. In accordance with the contracts, full-grown calves that have weighed between 1,200 and 1,400 pounds and are prepared to be sold to meat processors will be delivered. Because futures were then solely traded on storable commodities like grain, the introduction of live cattle futures in 1964 was a novel idea.
Here, we’re talking about an API for Commodities Prices that allows you access to information about live cattle; these APIs contain information about other animals, such as cattle, pigs, and chickens. This information might cover a range of things, like current prices, future prices, and more. This information can be used by anyone with an interest in the cattle sector, whether they are farmers who wish to keep track of their own animals or businesses that need to know what prices are currently being paid for various types of livestock.
When cattle attain their full weight potential and weigh between 1,050 and 1,500 pounds, they are referred to as fed or live cattle. The CME Live Animals (LC) contract applies to these animals. Live cattle futures transactions include physical deliveries. The production cycle from pasture to plate typically lasts two years.
The cattle sector is impacted by a number of variables, including the herd’s health, the environment, feed costs, and others. It is essential to monitor both of these elements in addition to others in order to remain competitive in this market. Although a single person or business might find it challenging to complete this activity on their own, there are technologies available that could make the process much simpler.
Commodities API
Commodities-API is used daily by thousands of developers, SMBs, and big businesses. Because of its trustworthy data sources and more than six years of experience, our API is the greatest source for commodity rates.
When using this Commodities API, developers are given preference. The API offers detailed documentation, clear code examples, and a simple API design. It can take 10 minutes or less to create the API.
How To Use This API:
You may use the Commodities API right away by signing up for a free trial, selecting “SIGN UP,” and then “GET API KEY.”
You will receive a special Access Key for this API, which acts as your individual Commodities-API.com API password. Protect it! It can always be reset in your Account Dashboard.
You can access different types of data via the five primary API Endpoints (Latest, Historical, Convert, Time-Series, and Fluctuation), each of which starts with this Base URL. Just add a query parameter to one of the endpoints that is responsible for managing your specific Access Key.
Each product has a unique logo that helps with correct product information. The data type in this example is Live Cattle, and its code is “LCM24.” Once the API call has begun, you will receive a response similar to this.
{"data":{"success":true,"timestamp":1687542720,"date":"2023-06-23","base":"USD","rates":{"LCM24":0.0055532417048452},"unit":{lb}}}
As you can see, one USD is equal to 0.0055532417048452 pounds of live cattle.