2023, Vol. 8, Special Issue 5, Part D
Forecasting of wheat prices in the major markets of IndiaAuthor(s):
Udhayan N, AD Naik and GM HiremathAbstract:
The entire world desperately requires a change of the global food system that will result in more nutritious food for everyone and a significant reduction in the environmental impact of agriculture. In the present study, effort was made to build the forecast model and forecasts were determined for the prices of wheat in different markets. Auto- Regressive Integrated Moving Average (ARIMA) method was adopted with the use of E-views software to forecast the prices of wheat for the next six months. Among six markets, the price forecast model for Vidisha market [(12, 1, 1) (0, 1, 0)] was found to be best model and predicted the good results. ARIMA forecasts indicated the prices of wheat would be maximum in December 2023 for all the selected wheat markets. The forecast prices using ARIMA showed an increasing trend, so farmers need to be advised to plan the production and sales accordingly to get a higher price with strengthened basic infrastructural facilities from APMCs.Pages: 253-257 | Views: 104 | Downloads: 3Download Full Article: Click Here
How to cite this article:
Udhayan N, AD Naik, GM Hiremath. Forecasting of wheat prices in the major markets of India. Int J Stat Appl Math 2023;8(5S):253-257.