Do you want to invest in the future in corn, sugar, coffee, among other commodities? Did you know that you could achieve it through a commodities prices API? Read this article and find out how to do it!
Futures contracts for soft commodities are those in which the actuals are cultivated rather than harvested or mined. Soft commodities are among the earliest forms of futures that have ever been actively traded. Soybeans, chocolate, coffee, cotton, sugar, rice, and wheat, as well as many kinds of cattle, fall under this category of agricultural products. Soft commodities are also known as tropical commodities, food and fiber commodities, and so on.
Futures contracts on underlying agricultural items that are cultivated rather than harvested or mined are known as soft commodities. Soft commodities are among the world’s oldest traded items, and they are still traded on regulated exchanges. Livestock, cotton, sugar, corn, and wheat are among examples today, however different markets describe “soft” commodities differently.
The futures market is dominated by soft commodities. Farmers who want to lock in future crop prices and speculative investors looking to make a profit both utilize them. Soft commodity futures are more volatile than other futures due to the uncertainty of weather, infections, and other hazards associated with farming.
Weather and seeding/harvesting reports, for example, can create large price fluctuations in grains and oilseeds, affecting contract values differently based on delivery dates. Hard commodities have a better definition than soft commodities. Grown commodities are the finest way to understand soft commodities. Coffee, chocolate, orange juice, sugar, canola, maize, timber, wheat, lean pigs, feeder cattle, and other crops all have a life cycle that culminates in harvesting. If you are interested in invest in any of these commodities you have to use the Commodities-API platform which works through a API.
What Is An API?
First off, you have to know what an API is. An API it´s a software mediator that allows two programs to interact with one another is known as an application programming interface (API). When you use a social networking app like Facebook or Instagram, send an instant message, or check the weather on your phone, you’re using an API.
So, What Is Commodities-API?
Commodities-API is a free and open website that uses an API to receive real-time data in a variety of currencies on up to 170 different goods on the market. We suggest it the most since the service receives data from financial institutions every 60 seconds and works with two decimal places of precision.
How Can You Get Log Into The Site?
Commodities-API it’s quite simple to use; all you have to do is follow this guide:
1- Make an account.
2 – Look for symbols that match your commodities and currency searches.
3 – Make an API request with your selected commodity as symbols and the currencies you want to use as the base currency.
Can You Get Previous Reports?
Yes, “historical rates” are available for most currencies, and have been since August 2021. You may query the Commodities-API API for historical rates by adding a date (format YYYY-MM-DD) to the basic URL.