The role of news sentiment in salmon price prediction using deep learning

Christian-Oliver Ewald and Yaoyu Li

Journal of Commodity Markets, 2024, vol. 36, issue C

Abstract: This paper employs deep learning models and sentiment analysis to predict salmon spot prices. Our data includes historical price data and sentiment scores from 2018 to 2022. We extract sentiment scores from salmon-related news headlines by using FinBERT and TextBlob. We begin with price prediction using only historical price data and then introduce sentiment scores to improve the prediction accuracy of deep learning models. We find that the prediction performance of deep learning models outperforms traditional prediction methods in the salmon market. Our primary hybrid CNN-LSTM model outperforms other deep learning models and traditional models. Additionally, deep learning models incorporating sentiment scores exhibit reduced prediction errors. Our findings confirm the value of sentiment information in improving forecasting performance. These findings highlight the effectiveness and robustness of our CNN-LSTM model combined with sentiment analysis for price prediction in the salmon market.

Keywords: Price prediction; Deep learning; Sentiment analysis (search for similar items in EconPapers)
JEL-codes: G13 G17 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jocoma:v:36:y:2024:i:c:s2405851324000576

DOI: 10.1016/j.jcomm.2024.100438

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