Bhartiya Krishi Anusandhan Patrika

  • Year: 2023
  • Volume: 38
  • Issue: 3

Agricultural commodity price prediction using long short-term memory (LSTM) based neural networks

  • Author:
  • Ronit Jaiswal1,2, Girish K. Jha1,*, Kapil Choudhary1, Rajeev Kumar Ranjan3
  • Total Page Count: 5
  • Page Number: 218 to 222

1ICAR-Indian Agricultural Research Institute, New Delhi-110 012, India

2ICAR-Central Institute of Temperate Horticulture, Srinagar-191 132, Jammu and Kashmir, India

3ICAR-Indian Agricultural Statistics Research Institute, New Delhi-110 012, India

Abstract

Agricultural price forecasting is one of the research hotspots in time series forecasting due to its unique characteristics. In this paper, we develop a standard long short-term memory (LSTM) for accurately predicting a nonstationary and nonlinear agricultural price series.

An LSTM model effectively analyses and captures short-term and long-term temporal patterns of a complex time series due to its recurrent neural architecture and the memory function used in the hidden nodes.

The empirical results using the international monthly price series of maize demonstrate the superiority of the developed LSTM model over other models in terms of various forecasting evaluation criteria. Overall, LSTM model shows great potential for improving the accuracy and reliability of agricultural price predictions, benefiting farmers, traders and policymakers in making informed decisions.

Keywords

Long short-term memory, Price forecasting, Time-delay neural networks