Do you know that commodities haves different types of commodities? Check this post about these soft commodities and how to get info about them with these three options of commodities prices API!
A soft commodity is a contract for which the actuals are cultivated rather than harvested or produced. Soft commodities are among the longest forms of futures contracts known to have been regularly traded. This category of agricultural items may comprise soybeans, cocoa, coffee, cotton, sugar, rice, and wheat, as well as various livestock. Soft commodities are also known as tropical commodities or food and fiber commodities.
Futures contracts on soft commodities are based on fundamental agricultural items that are cultivated rather than extracted or mined. Soft commodities are among the world’s oldest adds more value and are still exchanged on publicly traded markets. Nowadays, such instances contain cattle, cotton, sugar, corn, and wheat; however, different exchanges describe “soft” commodities in distinct manners.
The futures market is heavily reliant on soft commodities. They are utilized by both landowners who want to secure in related to crop prices and adventurous investors who want to make money. Soft commodity futures are more volatile than other futures due to the uncertainty of weather, infections, and other hazards associated with agriculture.
Climate and sowing data, for example, may cause wheat and soybean costs to change dramatically, influencing contract values differently depending on the delivery dates.
Soft commodities have fewer definitions than hard commodities. Mature commodities are the finest way to understand soft commodities. Coffee, cocoa, orange juice, sugar, canola, corn, timber, wheat, lean pigs, feeder cattle, and other commodities all go through a development cycle that culminates in harvest.
That is why we bring you these three open access code platforms, with memberships with different types of plans that will be of great help when it comes to finding the type of soft commodities in which you want to invest since they give accurate market data and its movements:
Commodities-API
Commodities-API It is a publicly funded API that displays commodity prices for wheat, rice, coffee, and sugar. Visit the website, obtain an API key, and then select the appropriate currency and commodity to obtain the data. That’s all there is to it, and one may use the API anyway you see fit. The Commodities-API can provide data in whatever currency you choose, with two decimal places of precision, from a database of over 170 possibilities. Per monthly, users may perform up to 100.000 API requests and receive data updates every 60 seconds.
Barchart
Among the earliest companies to supply commodity and futures market information was Barchart, a world banking technology company that provides market data and services to the financial, media, and commodities industries. Whereas its multimedia companies provides online content, news, and periodicals to access financial and commodities experts make choices, Barchart’s unique data, software, and technology solutions power the operations of its varied client base from front to backend.
CommoPrices
This API connects directly to over 10,000 commodities and indexes’ prices and values. Based on the source, the data may be updated daily, weekly, or monthly. A market’s flexibility is determined by the amount of data it contains. Anyone may discover more about a commodity by visiting www.api.commoprices.com.