Do you want to know what soft commodities are and how to obtain their rates with an API? If so, keep reading to find out!
The two fundamental categories of commodities are primary commodities and soft commodities, so let’s start there. While primary commodities are those that are obtained directly from nature utilizing labor and capital; soft commodities are those that can be produced from other materials. For instance, bread is a soft commodity since it is created from wheat, which is a primary commodity, using labor and capital.
Typically, soft commodities are agricultural products that cannot be easily stored, such as coffee beans, cocoa beans, cotton, sugarcane, and orange juice concentrate. Thus, these commodities tend to be more volatile than hard commodities because of their high price elasticity of demand; meaning they are more sensitive to changes in supply and demand conditions than hard commodities (e.g., coal).
So, if you want to keep track of this volatility in order to make wise financial judgments; you’ll need a way to access reliable commodity data. Thankfully, soft commodity data can now be acquired quite easily thanks to contemporary technologies. That is, with the help of a commodities API, you will be able to obtain commodity rates in a matter of seconds!
Obtain Soft Commodity Rates With An API For Commodities Prices
A software mediator called an application programming interface, or API for short, allows two apps to communicate with one another in order to send and receive data requests and responses. In light of this, a commodity price API enables your software to easily access current commodity price data that has been collected from a number of trustworthy financial sources.
There is no doubt that the best approach to obtain a specific piece of data is using an API, but you must know which web service has the greatest API. This is due to the fact that not all Internet-based APIs are reliable. Thus, we advise using Commodities-API, a trustworthy API with more than six years of market experience. This one provides accurate commodities rates in real time, with a frequency of up to 60 seconds and precision to two decimal point!
How To Use This API To Obtain Soft Commodities Rates
- First of all, you will need an API key to use Commdoities-API. To get one, just register at Commodities-API by creating an account. In this phase, you can also select the plan you want to use. Commodities-API now provides three plans: no-cost, basic, and professional. Choose the one that best meets your needs after taking their differences into account. For instance, if you choose the first plan, you will receive hourly commodity updates without spending a cent!
- The second step is to verify your API key. Using simple entry, enter your bearer token into the permission header.
- Next, select the currency you want to view your pricing in, and then select the commodity symbol you desire (in this case, any soft commodity). There are 170 different currencies accessible, so keep that in mind!
- The last step is to make the API and wait a short while for Commodities-API’s response.
And that’s basically it! The remainder will be handled by Commoditties-API for you. You can observe how user-friendly this API is. However, for further information or if you need help getting started, go to https://www.commodities-api.com/.
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