Spain: Open source AI model accurately predicted olive oil prices

게시됨 2024년 8월 7일

Tridge 요약

Global olive oil prices have hit record highs due to poor harvests in key producing countries like Spain, leading to changes in consumer behavior. Despite origin prices falling from their peak, retail prices remain high and an AI program developed by Diego Hueltes, CEO of TADA.ai, is used to predict olive oil prices. The program, which makes predictions based on historical price, meteorological, and production data, was found to accurately predict price directions 76% of the time. The research, published openly, has the potential to benefit various stakeholders in the olive oil industry, including farmers, retailers, consumers, investors, and traders, by allowing for better planning, inventory management, and investment decisions. While the research may not directly address climate change, which is contributing to production declines, it could provide insights into how climate factors affect olive oil production.

면책 조항: 위의 요약은 정보 제공 목적으로 Tridge 자체 학습 AI 모델에 의해 생성되었습니다.

원본 콘텐츠

Olive oil prices around the world have reached historic highs due to poor harvests caused by drought and high springtime temperatures in key producing countries, most notably Spain. While prices at origin have fallen from their mid-January record high, retail prices remain well above average, leading to changes in shopper behavior in traditionally heavy olive oil consumers. Leading experts in the sector anticipate prices to decline based on expectations of global olive oil production returning to about three million tons in the 2024/25 crop year. However, the future direction of prices remains far from certain. To that end, a researcher in the southern Spanish autonomous community of Andalusia, the world’s largest olive oil-producing region, developed an artificial intelligence (AI) program to predict olive oil prices. Diego Hueltes, a computer engineer and the chief executive of TADA.ai, an AI consultancy, developed three predictive price models, including a one-week forecast, a ...

출처: Olive Oil Times