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Technical Forum: Predictive Price Model for Uruguay

Technical Forum: Predictive Price Model for Uruguay

Technical Forum: Predictive Price Model for Uruguay

July 17, 2020

On June 30th, the Model Market team in Uruguay presented to the MIOA delegates the project: “Design and application of a predictive model of prices of fresh fruits and vegetables for wholesale trade in Uruguay”. This project aims to develop information tools on fruit and vegetable marketing, and optimize the existing ones; for the decisions made by the actors of the commercial chain.

Juliana Bruzzone, Project Coordinator, explained that three components will be developed:

  1. Price prediction models for fruit and vegetable products for the decision of trading and supply policies.

  2. A unified information platform to optimize the price and volume data in the Model Market.

  3. Adjust the indicator of anomalous behavior of prices in fruits and vegetables.

Pablo Pacheco, MIOA Delegate in Uruguay, clarified that the predictive model is possible since the Model Market concentrates the consumption of fruit and vegetable products throughout the country, being the excellent place for price formation. Likewise, Juliana Bruzzone indicated that the project will enhance the business and operation of the new Model Market which, in November, 2020, will move to the new Agri-Food Park in Montevideo.

This initiative is developed by a multidisciplinary team and supports the participation of various institutions such as the Ministry of Livestock, Agriculture and Fisheries, the University of the Republic of Uruguay, IICA (Inter-American Institute for Cooperation on Agriculture), the Metropolitan Agrifood Unit, and was channeled through the National Agency of Research and Innovation.

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