With more than 700 million tons produced annually, rice is the main meal of more than 50% of the worldwide population. Although most rice is consumed in the nations where it is grown, the worldwide rice trade demand is rising.
The majority of rice is farmed and consumed in Asia. However, because it is a net exporter of rice, its present percentage of global rice consumption is lower (87 percent ).
Moreover, rice cultivation is a source of food and money for millions of people throughout the world. Besides, rice is farmed in over a hundred nations, with a total mined area of about 158 million hectares.
That is, it is reliant as a source of foreign exchange and government revenue in several Asian and African countries.
As this is the third most-produced grain in the entire world, knowing updated prices is highly important to companies, governments, and investors.
The API: Commodities-API
The value of emerging investments fluctuates from one moment to the next. That’s why using an API like Commodities-API can be quite useful.
This web API provides precise rate data for a wide range of commodities in a variety of currencies.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
The Commodities-API encrypts your connection with bank-grade 256-bit SSL security.
Also, this is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its dependable data sources and 6+ years of expertise, this API is the most popular site for commodity rates.
With a precision of two decimal points and a frequency of up to every 60 seconds, the API can provide real-time commodity data.
Finally, Commodities-API is designed on a solid back-end architecture that guarantees high availability and response times for specified API calls of less than 50 milliseconds.
A basic jQuery.ajax example for getting exchange rate data from the newest endpoint of the Commodities-API API:
Also published on Medium.