Do you work in finance? Do you have clients who invest or produce in the field of agriculture? Read in this post how to obtain a commodities prices API that will help you to facilitate your work!
Agricultural commodities are a type of soft commodity that relates to futures contracts in which the actuals are cultivated rather than mined or extracted. 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 various 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. 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 tend to be volatile because to weather, infections, and other hazards associated with cultivation.
Alternative classifications have emerged as a result of the lack of a precise list of what constitutes a soft commodity. Meat, cattle, cereals, grains, and oilseeds are commonly referred to as agricultural commodities, whereas cocoa, orange juice, and other soft commodities are classified as soft commodities. This isn’t usually a good idea since timber is crammed into one of the two categories, resulting in an agricultural and forestry category or a softs, food, and fiber grouping.
Coffee, sugar, cocoa, and cotton futures, for example, are the only soft commodities listed by CME Group under the larger category of agricultural futures. The Intercontinental Exchange (ICE), on the other hand, classifies chocolate, coffee, sugar, cotton, and orange juice as soft commodities, along with cereals and agricultural goods. In order to have accurate data on these commodities, we recommend this commodities rates API platform called Commodities-API.
What Is Commodities-API?
Commodities-API is a free and open website that provides real-time data on 170 different currencies and items via an API. The seek time is short, less than 60 seconds, and it has two decimal places of fidelity.
What Is The Platform’s Function?
Commodities-API It’s a really simple platform to use; simply follow the instructions below:
- At www.commodities-API.com, you may generate your own API key.
- Look up the symbols for the commodities and currencies you’ll be dealing with.
- Locate the product and money in the list using these symbols. Make the API call after you’ve decided on them.
- Get the most up-to-date information about changes in price. The website will provide you with an API in a number of programming languages, which you may tweak and use whatever you want.
Is It Possible For Me To See Financial Statements?
Yes, you certainly can. For most currencies, “historical rates” have been available 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.