Obtain Palm Oil Rates In Japanese Yen With An API

Do you wish to obtain palm oil rates in Japanese Yen? Then use an API!

Palm oil is a vegetable oil obtained from the oil palm fruit’s mesocarp. This one grows exclusively in the tropics and provides high-quality oil, which is mostly used in underdeveloped nations for cooking. It can also be found in food, detergents, cosmetics, and, to a lesser extent, biofuel.

The plant originated in West Africa and made its way to global markets five centuries ago via the Atlantic slave trade. As European nations recognized its utility, it evolved from a luxury item to a less costly alternative for tallow in soaps and cooking oils. Demand eventually outstripped supply, forcing increased output. This was the beginning of the expansion of company-owned oil palm farms in Southeast Asia.

With 34.5 million tons produced, Indonesia is the world’s largest producer of palm oil (2016 output). By the end of 2010, this amount had climbed to 51.8 million tons, with 60 percent of the output exported as crude palm oil. By the end of 2030, this country hopes to have more than doubled its output.

After Indonesia, Malaysia, and Singapore, Japan is the fourth largest funder of oil palm concessions. Between 2013 and 2019, Japanese financial institutions invested USD 6.2 billion in the Southeast Asia palm oil business. 96 percent was accounted for by Mitsubishi UFJ Financial, Mizuho Financial, and SMBC Group. They also supplied 63 percent of finance to timber-related businesses.

As a result, maintaining current palm oil pricing in Japanese Yen may be critical for making sound investing selections. If you do not monitor the commodity and observe how it performs in the market, you may end up with poor outcomes and lose money.

How To Obtain This

This may be accomplished through the use of an API, which is a user interface that accepts data from a location and provides it to the person who made the API call. This is prevalent on many websites and is really handy when you need up-to-date information right away.

After initiating an API request, you will receive data in a matter of seconds (or, more correctly, making an API call). This response is delivered in a number of computer languages, depending on the API, including JSON, PHP, and Python.

If you’re searching for Japanese Yen palm oil prices, we propose Commodities-API, a free web API that gives real-time data on commodity prices such as coffee, rice, sugar, and wheat.

You must do the following to make advantage of it:

1. To obtain your own API key, go to www.commodities-API.com.
2. Find the symbols you wish to put to the test (CPO and JPY)
3. Locate the commodity and money in the list using these symbols. Make the API call after you’ve decided on them.
4. Look for the most up-to-date price. The website will provide you with an API in a variety of computer languages that you may modify and use anyway you see appropriate.

You will be given the following API:

{
"success": true,
"timestamp": 1519296206,
"base": "CPO",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}  

Additional Information About This Software

Commodities-API can provide real-time commodities data with an accuracy of 2 decimal points and a frequency of 60 seconds. Exchange rates for almost every commodity, as well as Precious Metals, currency conversion, Time-Series data, and volatility statistics, are all available.

Rice, wheat, coffee, corn, sugar, Brent crude oil, West Texas Intermediate crude oil, soybeans, gold, silver, and other commodities are all rising in price. This API delivers precise commodity and exchange rate data for over 170 currencies, including Bitcoin and other major cryptocurrencies.

---

Also published on Medium.