Time series modelling for forecasting of maize prices in Nandurbar market of Maharashtra

Abstract

Maize is one of the most versatile emerging crops having wider adaptability under varied agro-climatic conditions. In Maharashtra, it is grown throughout the year for various purposes including consumption, food & feeds to industrial products. In light of this, the feasibility and probability of adopting maize as a key crop have been determined by analysing time series modelling for forecasting of maize prices in Nandurbar market of Maharashtra. The time series data on monthly prices of maize were collected from MSAMB, Pune for Nandurbar market. ARIMA stochastic modelling was used to anticipate maize prices in Nandurbar market, with the goal of identifying the best effective model for forecasting prices up to September 2024. The forecasted results indicated that there might be increase in the maize prices in the Nandurbar market. This requires the government to take appropriate measures to ensure farmers and end user get benefited.