Do you wish to obtain hourly rice prices? Then use an API!
Rice is a cereal grain consumed by more than half of the world’s population, with the majority of people living in Asia, Latin America, and Africa. It is the third-most-produced agricultural crop in the world, following only sugarcane and maize. Besides, it is the most significant food crop in terms of human nutrition and caloric consumption, accounting for more than one-fifth of all calories consumed globally.
Flooding the fields during or after establishing the young seedlings is the traditional way for farming rice. This basic strategy necessitates careful irrigation planning, but it restricts the development of weaker weed and pest plants that do not have a submerged growth condition and deters rodents. While flooding is not required for rice production, it is the most effective and fast way to do so.
The country that most rice produces is China, and it’s followed very close by India. In 2019, these countries produced 200 million and 177 million tons respectively. With this, you can clearly see that the rice industry moves extremely fast every day so it makes its price vary almost every hour.
If you invest in this sort of stuff, you should understand how critical it is to keep up with daily price changes. This might be the event that shifts the trajectory of your assets. 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 An API Can Help
This last thing we mentioned can be achieved thanks to an API, which is an interface that receives data from a location and returns it to the person who performed the API request. This is common on many websites and is really helpful when you need up-to-date information straight soon.
You must first identify software that offers this information in order to obtain an API that exposes it. There are several of them available online, but they all function differently. As a consequence, in order to avoid losing time and money while acquiring software, you should approach with prudence.
For this example and to explain how APIs work, we’ll utilize Commodities-API, which we feel is the most complete one available online. This is a free public API that gives commodity rates in several currencies, such as coffee, rice, and sugar. It has an accuracy of 2 decimal points and over 170 currencies to pick from, making it the most helpful tool available at the present.
To get the API with hourly pricing, you must first do the following:
- Go to www.commodities-API.com and sign up to get your own API key.
- Look for the rice (RICE) and your choice currency symbols.
- Using these symbols, locate the commodity and money in the list. After you’ve settled on them, make the API call.
- Look for the most recent pricing. The website will give an API in a variety of computer languages, which you may modify and use in any way you see fit.
The answer will be something along the lines of:
{
"success": true,
"timestamp": 1519296206,
"base": "RICE",
"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,
[...]
}
}
About Commodities-API
Currency and commodity price conversions use the same API endpoints and may be used to convert any amount from one currency to another, from one commodity to any commodity, or from any currency to any currency. This API gives you a precise conversion in your chosen language.
Commodities-API is a straightforward and dependable API that provides commodities pricing, currency and price conversions, historical data, leasing contracts, and other services. You no longer have to be concerned about the dependability or quality of your data. This broad API may be used to trade, watch markets, and learn what the next big commodity will be.
Also published on Medium.