Are you looking for cocoa rates? You should use an API! In this post, we’ll explain how to get one.
Cocoa beans have been enjoyed for thousands of years and are cultivated on cocoa plants. Chocolate may now be made from dried and fermented seeds, and the fat from the beans – or cocoa butter – can be removed and utilized for many reasons, including moisturizing the skin and hair and cooking. In what is now Central America, cocoa was initially harvested. However, it quickly gained international popularity, and it is currently made in many countries.
While many countries produce cocoa beans, there is a select handful that stands out. Cote d’Ivoire is one of them. This country produces 30 percent of all cocoa around the globe. Cocoa is mostly sourced from this nation by well-known companies like Cadbury and Nestle. Ghana is another major cocoa producer. Brazil, Cameroon, the Dominican Republic, Ecuador, Mexico, Nigeria, and Peru are among the leading cocoa producers.
In Europe, over 40% of the yearly harvest is ground. In the Netherlands alone, 600,000 tons of beans are ground, accounting for 13% of the total. Switzerland processes around 46,000 tons of cocoa, accounting for less than 1% of worldwide cocoa production.
Over the last 40 years, cocoa output has steadily increased. Cocoa beans are traded on global commodities markets to the tune of 95%. Political instability, weather-related production shortages, and overproduction all contribute to the unpredictable booms and busts that characterize the cocoa market. The 2016/2017 cocoa season had a record-breaking yield, causing prices to plummet to levels not seen in 10 years. Nevertheless, prices have begun to rebound since that low point.
Having all of these factors in mind, if you want to invest in the cocoa market, you should be updated about its price every day. Watching fluctuating prices you can evaluate the best moment to invest in this commodity to optimize your revenue. To do this, your task will be easier with an API.
What Is An API?
It’s a system that connects two or more devices to send information between them. It’s used in ATMs, online banking, social networks, and others. Programmers can incorporate it into their web designs.
In this case, the API that you can use is Commodities API. It is an agriculture rates API that provides cocoa prices every minute, from the most reliable sources in the world. In addition, you can access historical rates to analyze the best market opportunities.
To use it, follow these steps:
- To receive your API key, first, create an account at www.commodities-api.com.
- Look up the commodities and currencies you’re interested in, in this example cocoa.
- Once you have acquired both, call the API with both.
- You will receive a response from the software, which you may change and use as required.
Commodities-API It’s a straightforward open-source API for getting current and historical commodity rates from banks and stock exchanges. The API may provide commodity data in real-time with a resolution of two decimal points and a frequency of 60 seconds. Commodities-API is built on a solid back-end architecture that offers high availability and response times for defined API requests of fewer than 50 milliseconds.
Commodities-API uses bank-grade 256-bit SSL security to protect your connection. The Commodities-API is used by thousands of developers, small enterprises, and major organizations regularly. It’s a CME Group rates API, and it’s the most popular site for commodity rates because of its reputable data sources and six years of expertise.