If you need to get live cattle prices easily, you should try this API!
Live cattle futures contracts can be used as a hedge and as a way to make predictions about price changes for fed cattle. Since trading in live cattle futures enables cattle farmers, feedlot owners, and merchant exporters to hedge future selling prices for cattle, it is frequently a part of a producer’s price risk management program. However, cattle purchasers like butchers and merchant importers can safeguard their prices going forward. Producers and buyers of live cattle may also enter into production and marketing agreements for the delivery of live cattle in cash or spot markets that include futures prices as a component of a reference pricing formula. Businesses that use beef as an input may also shield themselves from price risk by purchasing futures contracts for live cattle.
For instance, if you’re looking for a business that guarantees high-quality products at affordable costs, it’s important to be aware of its history and reputation in the market. Understanding an animal’s strength will also enable you to estimate how much money you might get from selling it later. This is an essential component because it will determine whether your business is successful or not. Numerous APIs are available that can help you with this process. An API for Commodities Prices has been developed so that you may accurately know the weight and strength of animals before you sell them.
Since futures markets are more accessible and open to the public than the cash market due to lower transaction costs, live cattle futures contract prices offer a platform for cattle price discovery. The futures market contains more buyers and sellers than the cash market, allowing market participants to take into account additional supply and demand information, including weather, disease, imports, exports, and international events.
Let’s Check The Commodities API
The Commodities API is one of the top APIs currently available. You can use it to acquire up-to-date pricing data on a range of assets and commodities. Users of this API can select an asset from a list of options based on their needs and preferences. They will thereafter acquire both real-time and historical pricing data for such assets. There are several choices, such as grains, wheat, sugar, natural gas, and even pig parts.
When using the Commodities API, developers won’t have to start from scratch. This technology is a great option for developers because it can be incorporated into current websites and applications with relative simplicity. The API also returns data in JSON format, which works with all popular computer languages.
As an example, let’s attempt the “Latest rates endpoint,” which provides information on the most recent commodity rates for a certain currency. Using the base currency (USD) and the symbol (LCG24), the following information was found:
{"data":{"success":true,"timestamp":1687789380,"date":"2023-06-26","base":"USD","rates":{"LCG24":0.0054787015477332},"unit":{lb}}}
The answer states that 0.0054097917230187 lbs of live cattle equals one US dollar.
The user-friendly Commodities API offers accurate data. Simply register for an account on the internet to maintain tabs on the cost of live cattle. After logging in, pick the base currency, symbols, and endpoint that best meet your requirements. Click “run” at the very end to start the API call. This API will immediately reply with all the details you require!