Forecasting Soy Oil with DecisionNext
Published: February 21, 2023
In response to demand from customers in the bakery, retail, foodservice, and distribution sectors, the DecisionNext platform has expanded it’s out-of-the-box modeling capabilities to cover series for various grains and grain derivatives including but not limited to:
- Soy Beans
- Soy Oil
- Red Winter Wheat
- Corn
- Etc.
Consider soybean oil, one of the most widely produced and consumed edible oils in the U.S. Figure 1 shows a chart comparing the forecast accuracy of various different models predicting the price of soybean oil. Using a time period of ten weeks into the future, the CBOT model has a 11 cents/lb error while the DecisionNext Soy Oil Model has a 7 cents/lb error, which is a 37% improvement in forecast accuracy 10 weeks out.
Notably, the DecisionNext Soy Oil Model shows significant accuracy advantages over the entire 26 week time horizon depicted.
To talk with one of our industry experts and to get a full list of out-of-the-box grains and grains derivative models available on the DecisionNext modeling platform, click here.
