While Brazil is the biggest coffee-producing country, the United States seems to be the country to import it the most.
Coffee has developed its own industry since it has become such an important part of people’s lives all across the world. The coffee industry includes roasters, packers, farmers, and so on.
Coffee Lovers
US Citizens aren’t afraid to say that there’s at least one cup of coffee in their daily routines. In fact, in 2019 the United States imported 5.84 billion dollars of coffee. Moreover, the average amount of coffee consumed per capita is 1.87 cups of coffee per day.
It’s not surprising, then, that the biggest known coffee chains originated in this country.
Investment
For people who purchase coffee as a commodity, it’s key to know not only updated and historical prices but also the factors that may influence the market
- Political crises and instability affect industries.
- Climate: Cherry coffee plants are highly susceptible to weather variations.
- Demand fluctuates with the economy and people’s ability to buy and spend money because this isn’t a basic need.
- Furthermore, grains are shipped all over the world, so transportation and energy costs play a role.
Access data
Commodities-api.com is a service that lets you track the prices of a wide range of commodities. Finally, you’ll be able to precisely estimate prices and convert them to the currency of your choice.
Commodities-API
This platform gathers global data prices in a range of currencies from various sources and organizations all over the world. Commercial sources are also recommended, especially for large currencies and commodities, because they better reflect market exchange rates.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Accurate
The API can provide real-time commodity data with a two-decimal-point precision and a 60-second frequency. Commodities-API is designed on a solid back-end architecture that guarantees high availability and response times for defined API calls of fewer than 50 milliseconds.
Protected
The website encrypts your connection with bank-grade 256-bit SSL security.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its reliable data sources and 6+ years of experience, this API is the most popular.
Endpoint
The API has a number of endpoints, each of which covers a certain use case. Endpoint functions include getting the most recent commodity rates data for all or a specific set of currencies, converting quantities between currencies, retrieving Time-Series data for one or multiple currencies, and querying the API for daily fluctuation data.
API Request:
https://commodities-api.com/api/latest ? access_key = API_KEY & base = USD & symbols = GBP,JPY,EUR
API Response:
{
"success": true,
"timestamp": 1519296206,
"base": "USD",
"date": "2018-09-10",
"rates": {
"GBP": 0.72007,
"JPY": 107.346001,
"EUR": 0.813399,
}
}
Also published on Medium.