If you’re interested in investing in rice, we recommend you stick with us because we might just save you some headaches.
Rice has long been the staple food item, as well as a major source of caloric intake, for about one-half of the world’s population. The rice economy is sharply skewed. Rice cultivation has provided the bulk of agricultural output and employment in most developing economies in Asia, by far the largest grower of this staple foodgrain. Surplus production comes from a handful of countries mostly located in Asia, while the sources of import demand are numerous and spread across the world.
Despite rice production having increased in the last couple of decades with self-sufficiency in rice food security, the availability of rice to consumers has not been stabilized. As a result, fluctuations have been seen as a common phenomenon in the price of rice by days and even by minutes in Bangladesh. Additionally, the supply chain of rice does not meet the requirement at the right time at the right place, which creates an artificial crisis and price volatility. Moreover, the supply of paddy is significantly affected by natural calamities such as drought and flood.
For this reason, if you’re going to invest in this industry it’s crucial to stay updated on its price. Commodities-API provides real-time data on rice, with update speed up to every 60 seconds. It also provides historical data, so you can see what happened, and to help you analyze your next steps. An API is a connection between two computers that allows them to communicate, and share information.
How does Commodities-API work?
The data can be provided in whichever currency you prefer, (there are 170 options) with a precision of 2 decimal points. The data can be updated up to every 60 seconds and make up to 100.000 API calls per month. To obtain the data one must simply log onto the website, obtain the API key, and then select the preferred 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 own ad-hoc code in order 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.
Where does the information come from?
The information is collected from banks and the stock market, and then Commodities-API uses it to give you the most reliable and safest data. Apart from that, this API uses bank-grade 256-bit SSL encryption, so your connection will always be secure.
Also published on Medium.