Soybean is a kind of legume that originated in East Asia and has a wide range of applications. Soy milk, tofu, fermented bean paste, and a variety of others are among the most popular. They also offer oil and protein and are beneficial in the prevention of diseases such as cancer. Soybeans are found in a wide range of processed foods.
In 2018, the country that most soybeans produced was Brazil, with more than 125 million tonnes. It was followed by the United States with more than 120, and Argentina with almost 40. Soybean ETFs have shown to be quite reliable and simple to learn about for future investments, owing to the widespread usage of soybeans and their production. So, if soybeans are an investment plan you’ve been thinking about, then you should consider using an API for getting real-time price rates.
An API is a connection between two computers or applications that allows them to communicate with each other. That’s how every time the price varies, you get the right information updated. However, this depends on what API you access. For this situation, we will use Commodities-API, a free web API that provides real-time data on commodity pricing such as coffee, rice, sugar, and wheat, among others.
How Does It Work?
It’s easy, you just enter www.commodities-API.com, get an API key and search for the commodity and currency you desire. Then, you’ll get the API in JSON and you can use it however you like. JavaScript Object Notation is an encoding technique designed to eliminate the need for each application to write its own ad-hoc code in order to interact with servers that communicate in a predefined manner. The JSON API module includes support for entity types, bundles, and fields, as well as data storage and data structures.
Commodities-API data may be supplied in any currency, with a precision of two decimal points, from a broad range of over 170 choices. You may also get data updates every 60 seconds and conduct 100.000 API requests each month. To obtain the data, first, log in to the website, obtain an API key, and then select the currency and commodity of interest. That’s all there is to it, and you may use the API anyway you see fit.
Where Does The Information Come From?
Commodities-API collects data from banks and the stock exchange and then uses it to offer you the most reliable and secure data. Aside from that, this API uses bank-grade 256-bit SSL encryption, which ensures that your connection is secure at all times.
The same API endpoints are used to convert currency and commodity prices, and they may be used to convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency.
For all commodities and currency rates, the API delivers midpoint data. Midpoint rates are calculated using the average median rate of Bid and Ask during a specified period.
Also published on Medium.