Do you want to know why companies should use an API for commodity data in 2023? In this article, we say why and which one is the best.

In the coffee industry, the price of a commodity is the most important factor. It is the only factor that can significantly influence the value of a product. The price of a commodity is determined by a variety of factors, including supply, demand, and market trends. The price of a commodity can vary significantly over time, depending on these factors. The price of coffee is determined by a number of factors, including supply and demand, market trends, and the quality of the beans. The price of coffee can vary significantly over time, depending on these factors.

Supply and demand continuously impact coffee pricing, as you certainly already know if you run a robusta coffee business. This suggests that you should continually examine the price of your goods to make sure you’re getting the best deal. APIs, which stand for “Application Programming Interface,” allow two pieces of software to communicate with one another if you’re not already familiar with them. You should utilize a Robusta Coffee API in this circumstance to get up-to-date information. You can keep an eye on the market and make sure you’re getting the best deal by doing this.

Coffee futures are traded on various commodities exchanges. The most active market for coffee futures is the New York Board of Trade (NYBOT). Coffee futures are traded in contracts representing 37.5 kilograms (kg) or 1 metric ton (t).

There are many reasons why a company should use an API for commodity data in 2023. One reason is that it allows you to have all the information about a certain product in one place without having to spend time searching for it. You can also use it to compare different products and see how they are related to each other.

In addition, you can also use it to get information about different markets so that you can plan your strategy better. That’s why we recommend using the Commodities API if you want to get all this information in an easy way.

Commodities API

The Commodities API, which is provided by more than ten distinct exchange rate data providers for commodities pricing, allows users to get real-time information on commodity prices. The API offers a wide variety of endpoints, and each one serves a unique purpose. The endpoint offers value conversions, time-series data retrieval for one or more currencies, access to the most recent commodity rate data for all or a particular group of currencies, and API queries for data on daily changes.

Here are some definitions that will help you understand the response from this API:

• API Key: A unique key assigned to each API account used to authenticate with the API.
• Symbol: Refers to the three-letter currency code or metal code of a given currency.
• Base Currency: The currency to which exchange rates are relative to. (If 1 USD = X EUR, USD is the base currency)
• Target Currency: The currency an amount is converted to. (If 1 USD = X EUR, EUR is the target currency)
• Base URL: Refers to URL which all API request endpoints and URLs are based on.

This API will provide you with a different form of response depending on the commodity you’re looking for. For this example, we are looking for information on Robusta coffee. While searching for information about Robusta Coffee, the API provided us with the symbol (ROBUSTA) to use:

{"data":{"success":true,"timestamp":1681396200,"date":"2023-04-13","base":"USD","rates":{"ROBUSTA":0.00041753653444676},"unit":"per tonne"}}

As you can see from the answer, 1 USD is equivalent to 0.00041753653444676 tonnes of Robusta Coffee.

All You Have To Do To Utilize It Is:

• Go to Commodities API and simply sign up, when you are done you’ll be ready to start using the API!
• Employ the different API endpoints using the symbols given by the API depending on what you are looking for.
• Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.

Furthermore, Commodities-API provides data in more than 170 different currencies with a precision of two decimal places. You can send up to 100.000 API requests each month, and you can get data updates every 60 seconds, depending on the subscription you select. Moreover, you have a 7-day free trial of this API.