If you’re thinking about investing in rice, we recommend sticking with us since we may be able to save you some time and money.
Rice has long been the staple diet of roughly half of the world’s population, as well as a major source of calorie intake. Rice’s economy is wildly distorted. Rice production has accounted for the majority of agricultural output and employment in most growing Asian nations, with Asia being by far the greatest grower of this essential foodgrain. Surplus production originates from a few nations, especially in Asia, whereas import demand comes from a variety of places across the world.
Even though rice production has grown in recent decades, with self-sufficiency in rice food security, rice availability has not been stable. As a result, day-to-day and even minute-to-minute swings in rice prices have become widespread in Bangladesh. Furthermore, the rice supply chain fails to fulfill demand at the appropriate time and in the right location, resulting in a manufactured crisis and price instability. Furthermore, natural disasters such as drought and flood have a substantial impact on paddy supply.
You probably don’t give much thought to the price of rice when you go to the grocery store. It’s not something most of us need to worry about daily. But in India, it’s a different story. According to an article on Business Insider that cited a report by Russian news agency TASS, there is a “trader crisis” in the country, forcing residents to wait “possibly hours in queues outside shops” and the average price of rice has risen between 18% and 22%. We live in a global economy and sometimes it seems like the countries are merging into each other.
As a result, if you’re going to invest in this business, being up to speed on its pricing is critical. That’s why we recommend using Commodities-API
What is Commodities-API and how does it work?
Commodities-API is a software that collects its data from banks and the stock market, making it 100% reliable. Once you make the API call, it gives it to you with a precision of 2 decimal points and in different programming languages for you to use. Furthermore, this program leverages bank-grade 256-bit SSL encryption to safeguard your connection.
Rice data is provided by Commodities-API in real-time, with update speeds of up to every 60 seconds. It also gives historical data, allowing you to examine what happened in the past and aiding in the analysis of your next moves.
The data may be given in any currency you choose (there are 170 alternatives) with a 2 decimal point precision. Up to 60 seconds of data may be updated, and up to 100.000 API calls can be made every month. To get the information, go to the website, get an API key, and then choose your desired currency and commodity.
JSON API, or JavaScript Object Notation, is an encoding strategy used by Commodities-API, which is aimed to minimize the need for each application to create its ad-hoc code to connect with servers that communicate in a predefined way. The JSON API module implements entity types, bundles, and fields, as well as data storage and data structures.
To obtain the API, you must first:
- Navigate to www.commodities-API.com and sign up to obtain your API key.
- Look for the symbols of rice (RICE) and your preferred currency.
- Look for the live prices. The website will deliver an API in a variety of programming languages that you may modify and use any way you see fit.
What is the source of information?
Commodities-API gathers data from banks and the stock market and then utilizes it to provide you with the most trustworthy and secure data. Apart from that, this API employs bank-grade 256-bit SSL encryption, ensuring that your connection remains safe at all times.
Also published on Medium.