Are you interested in entering the rice market? Read this post to know how to start doing it!
Rice is a cereal that is a staple in many civilizations all over the world. Rice is the world’s second-most-produced cereal, after maize but ahead of wheat. Early rice farming has been documented in several cultures, including China, India, and Southeast Asian civilizations.
However, the earliest archaeological evidence is from 7000–5000 BCE and originates from central and eastern China. More than 90% of the world’s rice is produced in Asia, mostly in China, India, Indonesia, and Bangladesh, with minor amounts produced in Japan, Pakistan, and other Southeast Asian countries. Rice is grown in portions of Europe, North and South America, and Australia as well.
In fact, this last-mentioned country, Australians are predicted to consume over 300,000 tonnes of rice. Imports (mainly long grain rices like basmati and jasmine) account for around half of this amount, while domestic production accounts for the other half (mostly medium grain rice).
Furthermore, rice is Australia’s third-largest cereal grain export as well as its ninth-largest agricultural export. The rice sector brings in roughly $800 million per year, with value-added exports accounting for around $500 million of that. Although the country’s climate is not ideal for harvesting this grain, medium grain rice types thrive in Australia’s environment, surviving in high summer temperatures without the humidity of tropical climes, where long grain rice is typically produced.
Due to this, the Australian rice market has had a great expansion in the last decade, being attractive for those who want to invest in it. So when investors start following metrics and analyzing old stock reports, they use the Commodities-API
What Is Commodities-API?
It’s a free web API service that delivers real-time statistics on commodities including coffee, rice, and maize. Similarly, Commodities-API provides an exchange in any currency, with two decimal places of precision and a list of 170 items on the market. In fact, if you want to see how prior months or years’ statistics were, it contains data on them as well, so you can figure out the best method to finance your money and move in the market.
What Makes It Different From Other Platforms?
Safety
On the one hand, their API collects data on commodity prices from over 15 credible data sources every minute. Banks and financial data companies are among the sources. They also secures your connection with bank-grade 256-bit SSL security. Commodities-API is used by thousands of developers, small businesses, and huge organizations on a daily basis. Because of its dependable data sources and more than six years of expertise, this API is the most popular site for commodity rates.
Easy to use
The registration form is very easy. You just have to follow these three simple steps.
- Log in
- Get an API-key
- Choose the currency (AUD) and the commodity (RICE)
Quality
Another thing to remember is that they are genuinely interested in engaging with their customers, with a Customer Support Team available 24/7 from 10 a.m. to 7 p.m. (EST time). Send them an email or use the contact form, and their team will get back to you as soon as possible. Urgent inquiries are normally dealt with in a matter of minutes.