Do you want to find how much palm oil costs per gallon? If that’s the case, you should use an API.
Palm oil is a vegetable oil made from the fruit of the oil palm tree. It is used in the production of food, cosmetics, and biofuel. Furthermore, palm oil accounted for almost 33% of all global oils produced from oil crops in 2014.
In addition, crude palm oil and palm kernel oil are the two types of oil that can be generated. Squeezing the fleshy fruit yields crude palm oil, whilst crushing the kernel, or the stone in the middle of the fruit, yields palm kernel oil. Despite the fact that Indonesia and Malaysia produce more than 85% of the world’s palm oil, there are 42 other countries that produce it.
Literally, palm oil is found in everything, accounting for more than half of all packaged products in supermarkets, including food, personal care, and cleaning supplies. It’s also used in animal feed and as a biofuel in various parts of the world.
This type of product is frequently sold and advertised by the gallon. A gallon is a volume unit, or a measure of capacity, that has Anglo-Saxon origins. It is used to measure liquid quantities, with palm oil being one of the most common goods. The imperial or British gallon and the international or US gallon are the two sorts of gallons.
In the United States, Canada, Puerto Rico, Colombia, Panama, and Peru, one gallon equals 3.7854118 liters. One liter, on the other hand, is equal to 0.26417205 US gallons. The British version has a different pricing structure.
If you are interested in this type of industry, you’ll need to use an API, which is an interface that joins two computers and allows them to communicate and share data. In this regard, Commodities-API is one of the most well-known systems for tracking the commodity market.
Why Commodities-API?
Commodities-API, a free online API that provides real-time data on commodity prices such as coffee, rice, sugar, and wheat, among others, will come in handy if you need the price of palm oil per gallon.
Also, Commodities-API can deliver real-time commodity data with a 2 decimal point precision and a 60-second frequency. Precious metals, currency conversion, time-series data, and volatility statistics are all available, as well as exchange rates for nearly every commodity.
Furthermore, this software obtains data from banks and the stock market via an API, making it entirely trustworthy. The data is then provided with two decimal places of precision and can be converted to JSON, PHP, or Python. Furthermore, Commodities-API uses bank-grade 256-bit SSL encryption to secure your connection.
How to utilize it?
1- Go to www.commodities-API.com and sign in to obtain your personal API key.
2- Look for the symbols of Palm Oil and the currency you wish for (in this case, per gallon).
3- Once you find both of them, make the API call.
4- The program will respond with a JSON response that you can adapt and use however you like.
Also published on Medium.